2004 Section 108 Project Summaries - Massachusetts

Gardner-Kilby-Hammond St. Neighborhood Revitalization Project
BORROWER: WORCESTER
STATE: MA
COMMITMENT AMOUNT: $2,450,000
Worcester will use the Section 108 guaranteed loan, in conjunction with a $1,000,000 Brownfields Economic Development Initiative grant to assist in financing the redevelopment of a 7.8 acre site, a portion of a 30-acre parcel within one of its most distressed neighborhoods. Worcester will make a loan to the Gardner-Kilby-Hammond, LLC, to finance demolition and site preparation and make a loan to the Boys & Girls Club for construction of a new facility. These activities will eliminate blighting conditions in the targeted neighborhood, as well as provide services to an estimated 25,000 low- and moderate-income children in the area and the city.

Putnam Place Renovation Project
BORROWER: FITCHBURG
STATE: MA
COMMITMENT AMOUNT: $6,000,000
Fitchburg will lend its Section 108 guaranteed loan funds to a subrecipient, the Fitchburg Redevelopment Agency (FRA), to rehabilitate a 180,000 square foot building into a mixed use structure that will feature 100,000 square feet of high-bay, heavy crane manufacturing and an additional 80,000 square feet of office/business incubator space. New mechanical, electrical, HVAC, fire protection systems, roofs, windows and doors will also be installed. Site work, including sidewalks, lighting and landscaping will also be incorporated in the project. This activity will benefit low- and moderate-income persons through the creation of 228 new full-time jobs.