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matching contribution and applies it to a homebuyer’s monthly mortgage, spread out over ten years. This allows monthly mortgage payments to be low for the homebuyer.
Office of Economic Development
Your success is our business!
Traditional employer-assisted mortgage programs do not offer this plan, but rather assist only with down payments. MassWorks requires a minimum contribution of $2,500 and Looking for a space to hold company events or entertain clients? Take a look at what Lowell Restaurants have to offer!
Cobblestones* www.cobblestonesoflowell.c om Blue Taleh www.bluetalehlowell.com Centro www.centrolowell.com Village Smokehouse* www.villagesmokehouse.co m/lowell Ricardo’s www.ricardoscafetrattoria. com DoubleTree* www.doubletree1.hilton.co m La Boniche www.laboniche.com Olé Restaurant 978-735-4470
*Function Space available
Lowell City Council
Edward “Bud” Caulfield, Mayor Rita M. Mercier, Vice Mayor Kevin P. Broderick Rodney M. Elliot Alan W. Kazanjian Michael J. Lenzi William F. Martin Armand P. Mercier James L. Milianazzo Office of the City Manager Bernard F. Lynch City Manager Adam Baacke Assistant City Manager/DPD Director Theresa Park Director of Economic Development
Lowell’s Economic Development Office offers a host of incentives and assistance to companies and commercial developers including site selection, workforce development, small business loan programs, traditional and nontraditional finance programs and other areas of technical assistance. These services are provided both directly and in partnership with the Lowell Development & Financial Corporation, Lowell Small Business Assistance Center, Career Center of Lowell, Massachusetts Office of Business Development, MassDevelopment, and other local and regional partners.
the state will match up to $5,000. MassWorks and other employer-assisted mortgage programs have proven to help businesses attract and retain employers. MassWorks is flexible for specific employer needs and is offered through participating banks and administered by MHP. As an example, this past year MassWorks has helped to double the number of first time homebuyers purchasing in the City of Worcester over the same period in 2007. Peter Forman, President & CEO of the South Shore Chamber of Commerce, and a participant of the MassWorks program tells of his success: "We support the MassWorks program through our member companies and have even adopted it for our organization. One of our employees was one of the first applicants. It was a special holiday for all us that the Chamber held our office Christmas Party at our employees first home!" Businesses in Lowell are encouraged to learn more about MassWorks in order to help stimulate and strengthen our local economy. Please visit http://www.mhp.net/massworks/ or contact the Economic Development Office for more information.
Learn about a new state program to help employers and first-time homebuyers P.1 New Business in Town P. 2 Priority Development site approval P. 3
MassWorks: Building Communities to Work and Live
Despite all the bad news in today’s economy, there is a silver lining to be found in the real estate market. A surplus supply and falling home prices can be good news for those interested in buying, as well as employers interested in securing a stable and effective workforce. MassWorks, a mortgage product developed by the Patrick Administration and the Massachusetts Housing Partnership to help Massachusetts employers recruit and retain employees, is encourages employers to invest in their employee’s home purchase. This program works by matching an employer contribution with state funds. Massworks is similar to, and used in conjunction with, MHP’s SoftSecond Loan Program, which is the state’s most affordable and secure mortgage product for low and moderateincome first-time homebuyers. SoftSecond has helped over 10,000 families buy their first home, while experiencing low delinquency and foreclosure rates. It is recognized as the state’s most affordable and successful mortgage program. SoftSecond combines a first and second discounter fixed-rate mortgage from a bank with a small state subsidy. This increases a homebuyer’s purchasing power by roughly 20%. power even more with the additional employer contribution on the 10-year, graduated-payment, and second mortgage. MassWorks differs from traditional employer-assisted mortgage programs because it takes an employer contribution and the state’s
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FEEDBACK FROM OUR READERS
In response to our “Green” Fall issue: “We would like to offer support to Lowell’s Green industry and are prepared to lure businesses to the city with an offer of extended free rent in one of our few remaining spaces downtown at 97 Central Street.” For more information call: 617-620-9390 or email email@example.com If you have a comment or question that you would like featured in our next newsletter please send an email to: firstname.lastname@example.org
an employer-assisted mortgage program that MassWorks will increase the buyer’s purchasing
City of Lowell Economic Development Office/DPD J.F.K Civic Center 50 Arcand Drive, 2nd Floor Lowell, MA 01852 Tel. (978) 446-7200 Fax (978) 446-7014 www.lowellma.biz
MARK YOUR CALENDARS
Small Business Association of New England (SBANE) is hosting a Live Web Chat with Eric Zarnikow, Associate Administrator for Capital Access on the topic “How Small Businesses can deal with the Credit Crunch” Thursday, January 15, 2009 from 1:00 - 2:00 pm To participate go to www.sba.gov, and click “Online Business Chat” EBC 3rd Annual Regional Construction and Demolition Debris Summit Friday, January 16, 2009 7:30 AM - 4:30PM Doubletree Hotel 5400 Computer Drive Westborough, MA 01581 “How Economic Development Strategy and Government Resources Can Help Your Business” Wednesday, January 21, 2009 5:00 – 8:00 pm Wannalancit Mill meeting room Lowell, MA Hosted by the Merrimack Valley Venture Forum For more info: email@example.com InnerCity Entrpreneurs is hosting an Open House on Monday, January 26 from 4:30 to 5:30 at the Lowell Small Business Assistance Center at 88 Middle St. in Lowell Come discover why InnerCity Entrepreneurs is the place small business goes to grow! R.S.V.P. bgrogan@innercityentrepreneu rs.org Or call 978.204.8734
New Business in Town: Kadient, Inc.
Kadient, Inc. of Nashua, New Hampshire, has recently set up an office location in Lowell. Kadient, which has been recognized by CRM magazine as a 2008 Market Leader in the category of Sales Force Automation for the second year in a row, helps companies improve business performance by assisting sales people with tools and strategies for every stage of the sales cycle. Kadient product lines include “Pragmatech”, which focuses on RFP automation and “InciteKnowledge”, a set of capabilities built for sales people and deployed in a software-as-a-services model. Kadient products focus on ways for a company to accelerate sales cycles, effectively sell complex solution sets, quickly ramp-up new sales people, and improve sales coaching, among other valuable business boosting techniques. In addition to software products, Kadient’s website features “Webinars” such as Sales Survival in an Economic Crisis: The Increasing Need for Situational Sales Coaching. This free online tutorial features Jim Dickie, Managing Partner of CSO Insights; Kelli Stephenson, Vice President of Sales Effectiveness for Experia;, and Jeff Ernst, Vice President of Marketing at Kadient. To view this and other useful webinars, visit Kadient’s website at www.kadient.com.
Above: Mayor “Bud” Caulfield visits the DS Graphics display
43D Priority Development Site Designation Approved for Lowell
The City of Lowell has received approval from the Massachusetts Interagency Permitting Board for a new 43D “priority development site” designation and an amendment of an existing designation to include additional parcels. Sites with 43D designation are placed on the state’s list of priority economic development opportunity sites that is distributed to developers and businesses seeking to locate in Massachusetts. In addition, 43D projects are better qualified for all of the state’s discretionary economic development, transportation, housing and community development grant program. The former Prince Macaroni Manufacturing Company, a 350,000 square feet building on a 14-acre site located at 38
include the Hamilton Crossing Project. The Hamilton Crossing Project builds on and reinforces the economic development activity and rejuvenation of the Jackson-AppletonMiddlesex (JAM) neighborhood. The Hamilton Crossing Project is the redevelopment of the former CMAA and Adden Furniture sites on Jackson Street. This is an Architectural Heritage Foundation/Bank of America CDC project. The project will be completed in two phases, and is comprised of three historic mill buildings totaling 385,000 square feet. Phase I includes the rehab of 85,000 square feet into 65 units of housing and 8,000 square feet of commercial space. Phase II is still to be determined, but may include an additional 50 to 100 units of housing and upwards of 200,000-250,000 square feet of commercial space. The project is in the Downtown Lowell Smart Growth Zoning
MARK YOUR CALENDARS
The City of Lowell again presents our popular and successful Best Retail Practices program—with its free workshop, one-on-one advice, and grants! This workshop will be offered on Wednesday, February 11th*, 2009 8:00 – 10:00 am at the Federal Morse Building located at 50 East Merrimack Street Call to sign up at 978-446-7200 or email firstname.lastname@example.org *Snow date: February 18th
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“Made in Lowell”
On October 3rd, Lowell companies demonstrated how their hard work and unique products play a role in keeping the Lowell economy thriving. The first annual “Made in Lowell” event showcased and celebrated the superb productivity of Lowell companies by demonstrating the wide-ranging industries and variety of goods made right here in Lowell. Among attendance were Mayor Edward “Bud” Caulfield, City Manager Bernard Lynch, Brian Martin from Niki Tsongas office, George Ramirez from the MA Office of Business Development, Ken Goode from MassDevelopment, media outlets and many members of the public. Participating companies in this year’s event were: All Sports Promotion, Classic Elite Yarn, DS Graphics, Federal Fabrics, Image Outfitters, Konarka Technologies, Lowell National Park Service, Plenus Group, Seegrid, Segue Manufacturing Services, Specialty Materials, Unwrapped Inc, Xenith and Ymittos Candles. We thank everyone for their dedication to our great city!
Commercial and Residential Data Now Available on our Website!
The Commercial and Residential Data Report keeps an update of commercial and residential projects being developed in the City of Lowell. This data is reported on a quarterly basis and is distributed within city departments and is also available to the general public. Visit our website to view the data: http://www.lowellma.gov/depts/ dpd/services/econdev/commerc ial-residential-data-report-log
Prince Avenue, has been designated a new 43D district, which requires the development of at district. The site was once a valuable source of least 101 units of housing at this site. jobs for residents in “Spaghettiville” and a The 43D designation will help revive the area Measures such as the Priority strong partnership that exists between the city former manufacturing facility for Joan Fabrics. Development site designation demonstrates the into an economically viable commercial center and state, as well as with the private property with new job prospects for area residents. “The owners. “The City of Lowell approached me Prince Macaroni factory was the hub of commerce in the Sacred Heart neighborhood,” said City Manager Bernard F. Lynch. “We’re doing our best to bring business activity and jobs back to this area. The 43D designation is definitely a step in the right direction to making that happen.” Also approved by the Interagency Permitting Board is an amendment to the existing Hamilton Canal District 43D to with this possibility,” said Elkin McCallum, the property owner of 38 Prince Avenue “and they spearheaded this designation to get my building back in use and bring well-paying jobs back into the neighborhood.” For additional information about the City’s 43D designations, please contact Theresa Park in the Division of Planning and Development at (978) 446-7200.