Massachusetts Development Finance Agency: Difference between revisions
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Revision as of 13:15, 7 November 2010
Template:New unreviewed article
New article name is Massachusetts Development Finance Agency
Authorized initially in 1978 under Chapter 23A of the Massachusetts General Laws [1] as the quasi-public Massachusetts Industrial Finance Agency (MIFA) [2] it is today known as the Massachusetts Development Finance Agency (MassDevelopment or MDFA). MDFA, since 1993, an almagam [3] of MIFA and the Massachusetts Government Land Bank]and since July, 2010, also encompassing the former Massachusetts Health and Educational Finance Authority (MHEFA), is well-known in Massachusetts’ economic development history, both for its new funding programs and catalyst role in spurring statewide investment. Overseen by [4] Brian T. Cartyfrom 1985-1990, [5] Joseph D. Blair from 1990-1993, and [6] Michael P. Hogan, from 1993-2003. Today, it is led by its fifth CEO, [7] Robert (Bob) Culver, who came to the agency in 2004 after holding senior posts in the corporate and nonprofit sectors.
To some, a controversial upstart, [8] MDFA has garnered a colorful reputation and history that includes [9] tax-exempt bond financing, opportunistic enabling legislation enhancements and even what some have viewed as aggressive [10] ”hostile takeovers” of other agencies. But, the overall result of its 30-year existence has been [11] strong impact on the state’s revitalization efforts, characterized by nimbleness in the public sector bureaucracy, [12] unlike its fellow agencies, such as MHEFA.
History
MDFA’s predecessor agency, MIFA was first created in 1978 to focus on industrial projects and leverage newly-created tax-exempt bond financing programs for struggling small companies and blighted downtown areas in need of redevelopment, known as [13] Commercial Area Redevelopment Districts, or CARDs. MDFA has served as a model for other states’ funding programs, as the nation’s local regions have struggled first to battle the loss of manufacuring sector jobs, particularly in the Northeast and rust-belt states, transitioning more recently to programs that focus on unique regional competitive advantages in other sectors, such as the health, education and biotech sectors in the case of Massachusetts.
[14] or tax-exempt financing was made available for mixed-use commercial projects. Agencies throughout the country like MIFA were established to help the state’s cities and towns take advantage of this new, packaging up deals and selling them in the public credit markets at the lower rates.
Public Agency Competition
From 1982 to 1989, Executive Director Brian T. Carty led the agency, [15] adding more financing capabilities to its portfolio. In July 1988– some say in the dead of the late night– the Massachusetts State Legislature added the ability to finance health, educational and cultural nonprofit facilities to its enabling statute. This effectively meant that two competing agencies could finance the same nonprofit institutions– a core economic engine behind Massachusetts’ economy– and a 20-year political battle ensued between the MDFA and MHEFA.
Mergers Form Agency
Today's MDFA that exists today was created in 1998 when the [16] enacted [17] M.G.L. Chapter 23G and merged the Massachusetts Government Land Bank with the Massachusetts Industrial Finance Agency, MassDevelopment is the state’s finance and development authority. Now both a lender and developer, the Agency works with private- and public-sector clients to stimulate economic growth by eliminating blight, preparing key sites for development, creating jobs, and increasing the state’s housing supply. [[18] This merger was a major step for the Agency, [19] as it took over the entire redevelopment of the Fort Devens former military base, serving as landlord, developer, [20] even providing municipal services. Culver is known to call himself the “mayor” of Fort Devens.
Economic Development Projects and Investments
Headquartered in [21] Boston, with eight regional sites throughout the Commonwealth of Massachusetts, from FY04 to FY09, MassDevelopment financed or managed more than [22] 1,100 projects in nearly 200 communities statewide representing an investment of more than $10.6 billion in Massachusetts. These projects are supporting the creation of more than 11,000 housing units and an estimated 50,000 permanent and construction-related jobs statewide. The projects vary in nature and size from [23] small equipment financings to the creation of an entire municipality at the former Fort Devens site. Largely self-supporting, the Agency currently has a $112 million operating budget and $674 million in assets.[24]
[25] After a prolonged debate, effective October 1, 2010, [26] Chapter 240 of the Acts of 2010 merged the Massachusetts Health and Educational Facilities Authority into MassDevelopment, also making MDFA the sole source of tax-exempt funding for all nonprofit educational, health and cultural organizations in the state.
Cite error: There are <ref> tags on this page without content in them (see the help page).== References ==
- ^ Chapter 23A of the Massachusetts General Laws
- ^ to help with economic recessions,
- ^ [http://www.slideshare.net/MassDev/presentation-to-joint-committee-on-economic-development-and-emerging-technology-2-23-10
- ^ [1]
- ^ [2]
- ^ [3]
- ^ [4]
- ^ [5]
- ^ [6]
- ^ [7]
- ^ [8]
- ^ [9]
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- ^ Municipal
- ^ [11]
- ^ Massachusetts State Legislature
- ^ [12]
- ^ http://www.highbeam.com/doc/1G1-17468351.html]
- ^ [13]
- ^ [14]
- ^ [15]
- ^ [16]
- ^ [17]
- ^ [18]
- ^ http://www.boston.com/news/local/massachusetts/articles/2010/02/08/patrick_murray_offer_new_plans_to_boost_businesses_job_creation/?page=2]
- ^ [19]