MassDevelopment.com: Press Room: $5 Million MassDevelopment Bond Supports E.L. Harvey Expansion in Westborough

$5 Million MassDevelopment Bond Supports E.L. Harvey Expansion in Westborough
Company to Construct Solid Waste Construction and Demolition Recycling Facility
December 5, 2006

Contact:
Adam Bickelman, MassDevelopment, 617-330-2086

MassDevelopment officials today announced a $5,000,000 financing package for E.L. Harvey & Sons, Inc. of Westborough. Founded in 1911, the family-owned waste-management firm will use tax-exempt bond proceeds to construct a 46,000 square-foot construction and demolition (C&D) solid waste management and recycling facility. The new complex will process 275 tons of brick, concrete, steel, wood, asphalt, carpet, gypsum and household recyclables daily, returning much of it to usable market. Harvey officials anticipate a January 2007 opening.

"MassDevelopment is pleased to support E.L. Harvey’s expansion," said Robert L. Culver, MassDevelopment president/CEO. "This project demonstrates that environmental preservation and economic development can go hand in hand. Not only will the new facility make marketable products from waste, it will also lift pressure on the Commonwealth’s already overtaxed landfills and create new jobs in an expanding industry."

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 39 percent. Projects like Harvey’s support the state Department of Environmental Protection’s recently passed regulations prohibiting the disposal of construction and demolition materials in Massachusetts landfills and requiring developers to recycle 88 percent of C&D materials associated with an individual project.

"Thanks to MassDevelopment and Sovereign Bank for helping us structure this competitive financing package," said E.L. Harvey CEO Jim Harvey. "By recycling these materials, we can reduce the strain on the Commonwealth’s landfills and the nation’s natural resources while saving money and supporting needed economic development."

Founded by Emory Larkin Harvey, E.L. Harvey is a full-service waste hauling, transfer and scrap recycling operation. The company’s waste, recycling, security and residential divisions offer a variety of services to businesses, homeowners and municipalities. The firm currently employs 200 workers, and plans to add 15 new jobs once construction is complete.

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.