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Incentive Packages: State Commonwealth Support for the William Stanley Business Park MassDevelopment, the state economic development authority, is assisting PEDA in the growth and rejuvenation of the Park. The agency’s role is to expand real estate development projects and other capital investment by providing development and financial services. It has also provided seed money to the William Stanley Business Park and has the ability to provide grants, loans, loan guarantees and bonds to lessees and/or property owners. Mass Development will act as the conduit for the state resources that are essential to the success of the Stanley Business Park. Bondholders pay no taxes on bond interest, allowing eligible borrowers to use tax-exempt bonds to purchase, renovate and construct buildings, buy equipment or refinance existing debt below market rates. MassDevelopment staff can advise borrowers on all aspects of investment banking, including credit enhancement, debt structure and sale methods. To support early stage redevelopment projects, MassDevelopment can provide seed money and technical support through programs that make unsecured loans to project sponsors. Governor’s “Jobs First” Economic Development Plan In an initiative aimed at sparking economic development throughout the state of Massachusetts, Governor Mitt Romney has proposed doubling the economic opportunity tax credit from 5 to 10 percent for Brownfield redevelopment efforts. He also proposes extending for three years the tax credit for a site cleanup, which expired this year, and recapitalizing the Brownfields Redevelopment Access to Capital (BRAC) insurance program with $8 million. PEDA Development Fund Site preparation and building enhancements are tied to employment figures and are negotiable on a case by case basis. Contact Tom Hickey. A comprehensive site plan as well as site specific and/or regional workforce demographic data can be obtained by contacting: |
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