Massachusetts Office of International Trade and Investment International Economic Development Tour of Massachusetts

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MassDevelopment: Who we are• Massachusetts’ finance and development

authority– 175 employees in 12 regional offices

• Provide financial and technical assistance to foster business growth across Massachusetts

• MassDevelopment’s work:– Real estate development and consultation– Lending Department: Industrial development

bonds and loans

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MassDevelopment Finance

• MassDevelopment issues bonds to:– Manufacturers– Affordable rental housing projects– Nonprofits

• MassDevelopment issues loans for:– Real estate acquisition and improvements– Equipment purchases– Emerging technology development– Other special purpose businesses– Brownfield cleanups

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Sample of Finance ProductsBond Program:• Tax Exempt Bonds• Tax Exempt Letters of Credit• Mortgage Insurance GuaranteesLoan Program: • Real Estate loans up to $5 million• TechDollars: 100% loan for tech. equipment• Seafood processing loans• Export loans: 100% loan for businesses involved in

international trade

Kelly Arvidson: VP, Business Development

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Devens, Massachusetts

• Nationally acclaimed model of Army Base reuse and winner of numerous national development awards

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Fort Devens

• From 1917 to 1996 a 10,000 acre Army base• Base closed in 1996: 7,000 jobs lost (2,900

civilian jobs) with an annual payroll of $178 million

• MassDevelopment asked to manage Devens’redevelopment planning and conversion from Army base to mixed use community

• Reuse Plan balances economic sustainability with social and environmental needs

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Devens Redevelopment• MassDevelopment owns 4,400 acres, 2,300 available

commercial development and 2,100 acres preserved as open space

• Devens’ designation as a State Economic Target Area, Federal Enterprise Zone, and Foreign Trade Zone create economic incentive opportunities

• Devens has a supportive business environment: full-time staff assistance, new utility infrastructure, fast track permitting, and financing assistance for many development projects

• Targeted industries include: energy technology, biotech, medical device, defense technology. Sectors expected to lead Massachusetts’ future economic growth

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Devens Unified Fast Track Permitting• Devens development regulations guided by Reuse Plan principles• Devens pre-permitted for state environmental permits• Staff ensures proposed projects are consistent with Reuse Plan• One local Commission issues all permits via a single application• A through review and vote is guaranteed within 75 days• Devens has become a model for statewide permitting reform which

includes Gateway cities

49 days10/25/069/6/061,500,000 SFBristol-Myers Squibb

49 days7/25/006/8/00380,000 SFAmerican Superconductor

41 days8/14/077/5/07475,000 SFEvergreen Solar

Permit Issued

Date of Decision

Application submitted

Project sizeCompany

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Why Choose Devens– Lower business costs– Large land sites with full utility infrastructure– On site training – Center for industry clusters– Diversity of skilled workforce– Region is a manufacturing stronghold– Business amenities: golf, restaurants, hotels, etc…– Lower living costs – Wide range of housing opportunities– Excellent local schools and Parker Charter School

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Devens Smart Growth Principles• Greater development densities to reduce land

consumption and preserve open space • Adoption of innovative technologies• Development located on brownfield sites • Green construction methods for energy and

material cost savings• Housing designed to meet a diverse

population: from affordable starter to executive

• Public transportation availability• Pedestrian friendly

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Where Devens is Today• $2.2 billion public/private investment

– 6.75 million SF of permitted new development• 75+ businesses have located at Devens

– Johnson Mathey, Netstal, Anheuser Busch InBev, Bristol-Myers Squibb, Proctor & Gamble/Gillette, Kraft Foods, American Superconductor, Evergreen Solar

• Job creation exceeds civilian job loss (2,900) when base closed– More then 3,500 jobs generating $220 million annual payroll

• Better paying jobs– Devens average of $51,279 versus MA average of $48,916

and U.S. average of $39,354

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