PATRICK-MURRAY ADMINISTRATION ANNOUNCES $277.9M IN RECOVERY ZONE BONDS TO SPUR ECONOMIC DEVELOPMENT PROJECTS AND JOB GROWTH
Recovery Zone Bonds to Support Diverse Projects Statewide; Create 800 Jobs
First announced by the Governor Patrick in October 2009 and authorized by the American Recovery and Reinvestment Act (ARRA), Recovery Zone Bonds support public and private development efforts by offering favorable borrowing rates for projects within designated "Recovery Zones." The Administration has identified existing state Economic Target areas as these Recovery Zones. The Executive Office of Housing and Economic Development and the Executive Office for Administration and Finance allocated the bonds to eligible applicants. MassDevelopment issued Recovery Zone Facilities Bonds, which private investors then purchase.
"Theses projects are an excellent example of the critical collaboration and investment that leads to new job creation, as well as support for the vital manufacturing sector that is critical to the Commonwealth's long-term economic success," said Secretary of Housing and Economic Development Greg Bialecki. "The Recovery Zone Facility Bond Program offers the Patrick-Murray Administration an ideal opportunity to jump start private investment, development and opportunity throughout the state."
The following projects have received funding through the Recovery Zone Facility Bond program:
· A.D. Makepeace Company in Wareham: $8.5 million
· Allegrone Companies in Lenox: $3 million
· Bernardi in Brockton: $16 million
· Iredale Mineral Cosmetics in Great Barrington: $4.6 million
· Kayem Foods in Chelsea: $6.5 million
· Pembroke Plaza in Pembroke: $9.73 million
· Pharmalucence in Billerica: $20 million
· 354 Main St., LLC in Gardner: $2.35 million
· IMHA Real Estate in Taunton: $2.43 million
· Brockton Paramount in Brockton: $3.2 million
· Riverbridge North, LLC in Berlin: $2.48 million
· Orchard Run Associates in Amherst: $3 million
· 50 Prescott Street, LLC in Worcester: $14.45 million
· r.k.Miles Inc. in Hatfield: $4.4 million
Dominion Energy Brayton Point, LLC received $159.5 million in Recovery Zone Facility Bond cap in the last week of the program. Dominion closed on the bonds on December 30th ensuring that the state put as much Recovery Zone cap to use as possible before the program's expiration on December 31, 2010. Dominion will use the bonds to complete environmental improvements to the Brayton Point Plant in Somerset. This project will create an estimated 240 jobs during construction and an estimated 18 new full-time positions upon its completion.
"Recovery Zone Bonds helped companies throughout the Commonwealth move forward on development projects and provide new jobs for Massachusetts workers," said MassDevelopment President and CEO Robert L. Culver. "MassDevelopment appreciates the opportunity to help these companies though this innovative financing option and, as a result, stimulate the local economy."
MassDevelopment, the state's finance and development authority, works with businesses, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2010, MassDevelopment financed or managed 238 projects in 104 communities across the state generating investment of nearly $1.4 billion in the Massachusetts economy.