MassDevelopment.com: Press Room: $7 Million MassDevelopment Bond Supports New Stoughton Construction and Demolition Recycling Facility

$7 Million MassDevelopment Bond Supports New Stoughton Construction and Demolition Recycling Facility
Project Will Result in Creation of 21 New Jobs
March 12, 2007

Contacts:
Adam Bickelman, MassDevelopment, 617-330-2086
Greg Carey, Stoughton Recycling Technologies, 781-344-5656

MassDevelopment today announced a $7,100,000 financing package for Stoughton Recycling Technologies. The company is using tax-exempt bond proceeds to construct and equip a 42,000-square-foot construction and demolition debris recycling facility. When fully operational, the recycling center will process 800 tons of glass, brick, concrete, steel, wood, asphalt, carpet and gypsum each day, returning much of it to market as recycled products like wood fuel and pot-hole patch. Company officials anticipate opening in April, 2007. Plans call for hiring 21 new employees once build-out is complete.

"This project demonstrates that environmental preservation and economic development can go hand in hand," said Robert L. Culver, MassDevelopment president/CEO. "TW Conroy’s new recycling facility will generate new jobs while making marketable products from waste and lifting pressure on the Commonwealth’s already overtaxed landfills."

Building projects in Massachusetts generate nearly five million tons of construction and demolition waste annually. The state incinerates 43 percent of its waste, landfills 19 percent and recycles the remaining 38 percent. Stoughton Recycling Technologies’ facility will help developers meet new Department of Environmental Protection regulations prohibiting the disposal of construction and demolition materials in Massachusetts landfills and requiring the recycling of more than 75 percent of C&D materials associated with an individual project.

"Thanks to MassDevelopment and TD Banknorth for structuring this competitive financing package," said Greg Carey, a spokesperson for Stoughton Recycling Technologies. "By recycling construction and demolition materials into marketable products, we can reduce the use of landfills and preserve the nation’s natural resources while saving money and spurring economic development."

MassDevelopment, the state’s finance and development authority, works with businesses, financial institutions and local officials to stimulate economic growth across the Commonwealth. Between FY2004 and FY2006, MassDevelopment financed or managed 589 projects statewide representing an investment of more than $4 billion in the Massachusetts economy. These projects are supporting the creation of 5,505 housing units and more than 23,000 jobs: 12,381 permanent and 10,679 construction-related.