Annual Meeting - Fall River Office of Economic Development

Fall River Office of Economic
Development
ANNUAL MEETING
APRIL 9, 2015
Fall River Office of Economic
Development
EXECUTIVE VICE PRESIDENT’S ADDRESS
KENNETH FIOLA JR.
Fall River Office of Economic Development
Mission Statement
Incorporated in 1978 as a 501(c)(4) corporation to
promote the prosperity and general welfare of the
citizens of Fall River through the stimulation of
economic strength and expansion of new and existing
business.
Fall River Office of Economic Development
Primary Areas of Focus
 Financial assistance to local businesses through the
provision of low interest loans designed to help
create and maintain jobs
 Project management
 Promoting business, arts, and culture in Fall River
Fall River Office of Economic
Development
FINANCIAL ASSISTANCE AND LOAN ACTIVITY
FROED Loan Activity
Number of Approved Loans
Value of Approved Loans
Average Loan
Private Investment Leveraged
Projected New Jobs
Retained Jobs
Cost per Job Created/Retained
2012
2013
2014
22
14
11
$1,560,500
$995,000
$945,000
$70,932
$71,071
$85,909
$3,339,525
$5,102,025
$2,324,603
34
22
41
194
207
57
$6,844
$4,345
$9,643
2014 Loan Recipients
Café 99/Octavio’s Café
Lil Wil’s Coney Island Corp.
Chama Los Tolos LLC
Marzilli Machine Company
Eastside Chiropractic Center, Inc.
Sherwood Companies, LLC
Emco, Inc. (Subway)
Sky Beverage Company, Inc.
J & S Caravela, Inc.
Southcoast Funeral Services
SBA Technical Assistance Grant
 Amount: $80,598

Funded in part through a Cooperative Agreement with the US
Small Business Administration
 In partnership with MSBDC, FROED hosted 7 workshops
to assist 144 business men & women in the following areas:

Sales, Social Media, Search Engine Optimization,
Website Creation, Starting a Business,
Growth Strategies, etc
 Three (3) additional workshops are
scheduled for this fiscal year
Jobs First Revolving Load Fund – Since 1997
Year
# of
Loan
Private
Loans
Amount
Investment
2,174,125
235,000
1,558,800
2,014,957
3,550,000
1,599,600
2,350,734
1,859,000
2,133,500
851,620
1,870,800
1,616,200
3,700,000
2,302,000
4,316,000
1,560,500
995,000
945,000
4,363,101
2,260,000
10,603,592
10,925,457
13,756,784
5,581,600
7,136,023
17,864,150
11,792,700
1,330,000
12,622,178
8,725,234
5,730,450
9,945,800
9,633,017
3,339,525
5,102,025
2,324,603
New
164
38
181
88
54
104
62
176
82
83
63
89
29
66
149
34
22
41
Retained
265
13
262
47
359
88
173
114
220
58
219
119
110
363
388
194
207
57
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
19
8
34
31
47
20
32
21
23
12
22
16
26
20
31
22
14
11
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Totals
409
$ 35,632,836
$ 143,036,239
1,525
3,056
YTD Total
680
$
$ 297,304,341
5,268
10,014
77,667,000
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Jobs
Tax Increment Financing
 Amazon

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

Project: Construct a 1,000,000 sf facility
Investment: $50,000,000
Jobs: 500 new, permanent full-time employees
TIF: 15 years, 100% (4), 75% (3), 50% (4), 25% (4)
 Blount




Project: 50,000 sf expansion at current location
Investment: $10,000,000
Jobs: 304 jobs retained, 75 new, permanent full-time positions
TIF: 12 years, 60%
 TIF Investment to Date:
Total
Number of Projects
Projected New Jobs
Retained Jobs
Private Investment
64
4,538
6,088
$356,710,379
LIFE SCIENCE & TECHNOLOGY PARK AT FALL RIVER
FALL RIVER COMMERCE PARK
FALL RIVER INDUSTRIAL PARK
LOAN AND/OR EDIP RECIPIENTS
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A.J. Wright Distribution Center
AA Precision Machine Co., Inc.
Adams Media Corporation
AFGD Glass, Inc.
Alert Ambulance Service, Inc.
Allied Waste Systems
Amazon
American Dryer Corporation
Arctic Cold Storage Corporation
Atlantic Lighting
Austin Ross Construction, Inc.
Bee Fiberglass
Best Western
Blount Seafood Corporation
Bristol Tape Corporation
C.H. Yates Rubber Corporation
City of Fall River Fire Dept. Complex
Coast to Coast Medical, Inc.
Complete Recycling Solutions, LLC
Continuum Energy Technologies, LLC
Corporate Image Apparel, Inc
Cowles & Medeiros
Eastern Ice Co., Inc.
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Engineered Control Systems
Engineered Yarns Company
Fall River Manufacturing Co., Inc.
GA Rogers
Hatch Science
Homans Associates, LLC
Homeland Builders, Inc.
Industrial Wood Finishing Company
IQF Custom Packing, Inc.
Isis Medical
JS International, Inc.
Klear Vu
Kinetic Concepts, Inc.
Lightolier
Logistics Management, Inc.
Marshall Paper Tube Company, Inc.
Millstone Medical Outsourcing
Nova Records Management
Nu-Chrome Corporation
Oliver’s Restaurant
Paricon Technologies Corporation
Pearson Pilings, LLC
Pella Windows, Inc.
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People, Inc.
Precise Packaging, Inc.
Precision Handling Devices, Inc.
PrimeCare Services, Inc.
Quantum Catalytics
Raw Sea Foods, Inc.
Rex-Cut Products, Inc.
RI Novelty
Robbins Manufacturing Company
RPI Printing
Russco, Inc.
Silver Line Building Products
Smart Move Conveyors
SwimEx
Tech-Etch, Inc.
Tees Plus
Two Square Science
Verizon Communications
Vianix
Victor Innovative Textiles
Viveiros Insurance Agency
WRH Industries, Ltd.
Xemplar Pharmaceuticals
Fall River Office of Economic
Development
PROJECT MANAGEMENT
Strategic Location on Massachusetts’ South Coast
Fall River Office of Economic Development
Major Projects April ‘14 – April ‘15
 SouthCoast Life Science &
Technology Park at Fall River




MassBiologics Southcoast Vector Manufacturing
Center is open and currently housing two clients
SunGen solar farm complete and operational
Amazon has secured local and state tax
incentives and are expected to purchase land
within the next three months
Continuous marketing of site for
bio-manufacturing
Project Summary
Southcoast Life Science & Technology Park at
Fall River
 95 acres, pad ready, sub-dividable to support 1+ million SF
 Site is MEPA approved for 3 million SF; in most cases 0nly local building
permit required to start construction
 National Grid/NStar dual feed capability for electric power – 15MW at site
 City can supply water and wastewater discharge.
 City municipal water - 14.59 MGD
 Wastewater – 39MGD
 Liberty Gas and/or National Grid can meet gas requirements with redundancy
 Over 4,000 residents in region employed in pharmaceutical manufacturing
 17 colleges and universities in region graduate 3,340 annually in biology and
STEM
 Consortium of schools ready to develop biomanufacturing training programs
 Region has range of affordable housing in urban and exurban communities
SouthCoast Pharmaceutical Cluster
 Within a 30 Mile radius
of the site, 4,055
residents are employed
in NAICS 3254.
SouthCoast Pharmaceutical Cluster
Housing
Median Home Sales Price
December 2014
Springfield MA
Pittsfield MA
Providence RI
Worcester MA
Fall River MA
Charlotte NC
Richmond VA
Raleigh NC
Charleston, SC
Chapel Hill, NC
Boston MA
San Diego CA
Princeton NJ
San Francisco CA
$-
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
Fall River Office of Economic Development
Waterfront Development
City Pier

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
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Secured $600,000 from MassDevelopment for
additional environmental assessment
Secured $105k EPA Assessment Grant in 2001
Obtained Priority Development Site Designation and
assistance of Brownfields Support Team (Lt.
Governor’s Office, MassDEP, MassDevelopment, and
EPA) to coordinate cleanup
Secured $150k from MassDevelopment for additional
assessment prior to cleanup
Secured $75k from MassDEP for assessment
analytical expenses
Secured $100k from MA Seaport Council for seawall
evaluation and permitting
Secured $2M from Seaport Council for remediation
Fall River Office of Economic Development
Major Projects April ‘14 – April ‘15
 City Pier



Excavation and removal of PCB-impacted soil complete
Pare Corporation recently awarded $225,000 contract for design, permitting, bidding
and construction phase services related to the next phase of work to cap and support
redevelopment of the former City Pier site as a Marina.
Submitted draft Environmental Notification Form (ENF) for DEP review & comment.
Route 79 North
Route 79 North
 477,000 s/f office & retail space
 649 market rate residential units
 1300 new jobs
 $20 million state & local taxes
 $55 million total construction costs
Fall River Office of Economic Development
Major Projects April ‘14 – April ‘15
 Newport, RI/Block Island, RI Ferry Service Analysis
 Second season of regularly scheduled ferry service to begin
June 2015 running from the Fall River State Pier to Newport,
RI to Old Harbor, Block Island
Fall River Office of Economic
Development
COMMUNICATION
•The FROED Newsletter is emailed to over 3,000 interested parties monthly
Fall River Office of Economic
Development
WEBSITE IMPROVEMENTS
HTTP://FROED.ORG/
•Addition of “Current Employment Opportunities” tab, which includes a link to
detma.org “Job Quest” website and as of April 8, 2015:
•Over 1,100 available jobs listed within 5 miles of Fall River
•Over 1,350 available jobs listed within 10 miles of Fall River
•Over 6,750 available jobs listed within 25 miles of Fall River
Fall River Office of Economic
Development
THANK YOU FOR YOUR MANY CONTRIBUTIONS