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




                        2
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



                          3
Sample of Finance Products
Bond Program:
• Tax Exempt Bonds
• Tax Exempt Letters of Credit
• Mortgage Insurance Guarantees
Loan 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

                         4
Devens, Massachusetts

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




                        5
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

                       6
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


                           7
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

     Company                Project size   Application    Date of   Permit
                                           submitted     Decision   Issued
     Evergreen Solar        475,000 SF         7/5/07    8/14/07    41 days


     American               380,000 SF         6/8/00    7/25/00    49 days
     Superconductor


     Bristol-Myers Squibb   1,500,000 SF       9/6/06    10/25/06   49 days




                                           8
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


                          9
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
                     10
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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Devens Then & Now: A Model of Army Base Reuse

  • 1. Massachusetts Office of International Trade and Investment International Economic Development Tour of Massachusetts
  • 2. 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 2
  • 3. 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 3
  • 4. Sample of Finance Products Bond Program: • Tax Exempt Bonds • Tax Exempt Letters of Credit • Mortgage Insurance Guarantees Loan 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 4
  • 5. Devens, Massachusetts • Nationally acclaimed model of Army Base reuse and winner of numerous national development awards 5
  • 6. 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 6
  • 7. 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 7
  • 8. 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 Company Project size Application Date of Permit submitted Decision Issued Evergreen Solar 475,000 SF 7/5/07 8/14/07 41 days American 380,000 SF 6/8/00 7/25/00 49 days Superconductor Bristol-Myers Squibb 1,500,000 SF 9/6/06 10/25/06 49 days 8
  • 9. 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 9
  • 10. 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 10
  • 11. 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 11
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