Economic Development New England

Redevelopment Authority Woes

2010-02-22T17:11:00.000-08:00

2-22-10. The Boston Business Journal reported that "The Attleboro(Massachusetts) Redevelopment Authority knew, or should have known it was heading into deep debt at least two years before its 'house of cards,' came coming crashing down in 2008."

The ARA is insolvent and is in debt to the tune of $4.2 million.

According to the article the special committee investing the financial debacle revealed," That the ABA Executive Director knew in 2006 that the industrial business park project could not proceed without a big infusion of cash over and above the $16million that already had been raised."

The committee also reported that," The ARA board did not get regular written financial reports, that it did not have a marketing plan and that board members believed that the project was so important to the city that it should proceed no matter what the cost." The ARA board has since been replaced.

That the BBJ article didn't cover is that the city will probably have to incur the debt of $4.2 million. Not good news for any community in these dire economic times.

What is more shocking is that the local redevelopment authority didn't have a "marketing plan!!"

The bigger question is one of municipal oversight and just who was suppose to be reviewing the actions of the local Redevelopment Authority. Looks like "buck-passing-time" from my perspective. Who was in the chain of command?

Now that municipal Authority has the task of raising funds for it's debt issue and finding adequate and sufficient capital for the research and preparation of a comprehensive and in depth marketing plan plus now the highly expensive implementation of diverse marketing activities. No easy task!

On top of the aadded expenses the community now has to deal with the negative publicty with which may make the attraction of firms to the "industril park" just that much more difficult.

I suspect that we'll hear much more of this sad story in the months to come.

Bill McInerney
Economic Development Consultant

N.H.Population Numbers

2010-02-13T08:50:00.000-08:00

According to the published US Census Bureau the 2008 estimate population for NH was 1,315,809.

Between the year 2008 and 2009 they estimate the NH population grew by 2%.The 2009 estimate ( 7-1-2009) 1,324,575.In the year 2000 it was 1,235,781 for an increase of 88,784 in 9 years.

It has been reported that NH has outraced Maine in population as NH grew ( per UHN)by 89,000 and Main by 43,000.

On interesting number is the estimated that migration from Massachusetts to NH dropped by 34%

New England States Population Growth Between 2008 and 2009
Connecticut +4.4%
Maine -1.1%
New Hampshire +2%
Massachusetts +7.6%
Rhode Island -0.3%
Vermont +1.1%

States reporting the greatest Per Cent of population growth:
Wyoming +21% (50,5487 people in 9 years)
Utah + 20.8% 555,568 people in 9 years
Texas + 19.5% 3,930,484 people in 9 years
Colorado +18% 722,733 people in 9 years
District of
Columbia +16.1% 27,602 people in 9 years
Alaska +14.9 71,542 people in 9 years
Arizona + 14.7 1,465,171 people in 9 years

Between 4-1-2000 and 7-1-209 the Regional Growth were:
Northeast 1,668,851
Midwest 2,441,721
South 13,082,047West 8,369,000

States with high numeral population growth in this time frame: Texas:
3,930,484; followed by California by 3,090,016 and Florida by 2,555,130

New Hampshire Population & Economic Development

2010-02-13T07:15:00.000-08:00

What is the actual population of the State of New Hampshire? From my view this question will loom large for the next few years.

It's now predicted that south-of-the-border,in The Commonwealth of Massachusetts, that state is likely to lose at least one Congressional district because of declining population.

As Washington gyrates eventually they will become aware that funding is desperately needed to prop up the federal Economic Development Agency (EDA).

If the past is any predictor of the future, federal funds for EDA to states will probably be based the most recent population numbers.

As this is "census time" it will be critical for the state of NH to ensure an accurate population count.

Bill McInerney
Economic Development Consultant
(617) 816-3933

Great News From Boston!

2010-02-12T18:19:00.000-08:00

It was announced that Liberty Mutual will expand its operations in the Back Bay section of Boston with a $300 million office tower and will add 600 additional employees.

To help Liberty Mutual expand the city is providing a $16 million property tax break. In exchange the new building will net the city $50 million in property taxes overt the next 20 years.

The building expansion will contains 585,000 SF.

Three cheers to the Boston Redevelopment Authority and the City of Boston, MA!

It proves that sound economic development action can produce great results. The estimated annual additional payroll will be $31 Million annually.

Bill McInerney
Economic Development Consultant