$50 Million in I-Cubed Funds Approved for Fan Pier
Project is largest commercial lease in Boston’s history & the largest private sector construction project underway in the country
BOSTON – Wednesday, October 19, 2011 - Lieutenant Governor Timothy Murray today announced $50 million in funding approved for Fan Pier through the Innovative Infrastructure Investment (I-Cubed) program, which will support 2,000 new construction jobs and 1,800 long-term positions in Boston and throughout the region. Lieutenant Governor Murray made the announcement during his speech to the Boston Chamber of Commerce Government Affairs Forum this morning.
“Through the I-Cubed program, our Administration is able to partner with the private sector to identify strategic funding dedicated to paying for infrastructure improvements while also supporting economic growth,” said Lieutenant Governor Murray. “As we work towards improving infrastructure for Fan Pier, we are pleased to partner with the Fallon Company to create an inviting and dynamic cityscape that will spur additional economic development for the Innovation District and the city of Boston.”
I-Cubed, a bond-funded program designed to generate private investment and economic growth, creates a partnership among a developer, a host community, and the Commonwealth. This funding tool helps municipalities and developers fund street, sidewalk, water, sewer and other infrastructure projects that ignite private development and stimulate the economy,
"Particularly in these challenging economic times, investments like the Fan Pier Project are vital to the future of the Commonwealth," said Secretary of Administration and Finance Jay Gonzalez. "I am encouraged to see that our innovative I-Cubed program is working to help create new jobs and set Massachusetts on course for growth."
“This grant shows that not only does Boston continue to drive the state’s economic engine but that we are truly still growing despite these tough economic times,” said Boston Mayor Thomas M. Menino. “Fan Pier is one of Boston’s premiere business destinations and this money will help to further improve its infrastructure encouraging further development in the area.”
The I-Cubed funds will support public infrastructure improvements at Fan Pier, primarily streets, sidewalks, and public parks. By the completion of the project, it is expected to create and retain 1,800 of permanent jobs and spur long-term economic growth for the region. The funding will also support the construction of Fan Pier’s second and third office buildings and the future home to the 1.1 million square foot global headquarters for Vertex Pharmaceuticals.
“This $50 million in I-Cube funding will create jobs and enhance the growth of a rapidly-developing district in the City of Boston,” said House Speaker Robert A. DeLeo. “I am proud that this innovative legislation is fostering economic growth as we envisioned.”
This lease is the largest commercial lease in the history of Boston and the largest private sector construction project in the country. Vertex currently has approximately 1,300 employees in Massachusetts and expects to add an additional 500 new jobs in Massachusetts through 2015 to support the company’s continued growth.
“In 2008, as chair of Economic Development and Emerging Technologies, I oversaw the passage of I-Cubed legislation and saw the advantage of the partnership between the Commonwealth and private developers to spur our economy," said Senator Jack Hart. "Through the funding mechanism of I-cubed legislation, the partnership forged with Vertex Pharmaceuticals will create thousands of jobs for Massachusetts and will boost future development on the South Boston Waterfront District.”
“The I-Cubed Program is a perfect example of the Commonwealth’s commitment to economic development," said Representative Nick Collins. "It is initiatives such as this that will retool and refuel our economy in the years to come.”
“In this time of diminished resources and taxpayers demanding for accountability with their hard earned tax dollars, I-Cubed has defined investment, crucially needed infrastructure, and has created thousands of jobs,” said Representative Jeffrey Sánchez.
“I would like to thank the Patrick-Murray Administration for their continuing effort in long- term economic recovery for the city of Boston and my district in particular," said City Councilor Bill Linehan. "The $50 million dollars, as part of the I-Cube program, will go a long way to ensure quality public realm improvements and to the success of the Vertex Development on the Fan Pier in South Boston. This project will provide thousands of construction jobs as well as hundreds of permanent jobs in the future.” .
About Fan Pier:
Fan Pier is a 21-acre site on Boston’s waterfront spanning nine city blocks with more than three million square feet of planned mixed-use development. When complete, Fan Pier will have a hotel, condominiums, additional offices, retail and restaurants. Fan Pier is easily accessible to all major interstate highways, public transit, Logan International Airport and Boston’s historic landmarks and neighborhoods. The Fallon Company is owner and developer. www.fanpierboston.com.
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