MassDevelopment Loans Help Brockton Towing Company Clean Up Former Hoppy’s Oil Site
February 16, 2011
MassDevelopment has provided two loans â€“ a $350,000 Gateway Cities loan and a $145,200 Brownfields Redevelopment Fund loan â€“ to 1200 Hoppy LLC, the real estate holding entity of David Lynch, who owns Lynch’s Towing in Brockton. Lynch will use loan proceeds to clean up the contaminated property at 1200 Montello Street and undertake various construction projects.
“The Brownfields Redevelopment Fund is green twice over, eliminating blight and paving the way for development in Gateway Cities,” said MassDevelopment President and CEO Robert L. Culver. “We’re pleased these funds can help David Lynch, a Brockton small business owner, as he cleans a long contaminated parcel.”
Lynch purchased the property, the former location of Hoppy’s Oil, in 2007. With petroleum contamination, the site had concerned Brockton city officials. The brownfields loan will support Lynch’s site cleanup, and the Gateway Cities loan will help him complete improvements as the project progresses, including electrical work, masonry, roofing, and equipment. Lynch’s Towing previously received a zero-interest loan from MassDevelopment's Brownfields Redevelopment Fund for site assessment.
“Without the tremendous assistance of Lou Texeira and the MassDevelopment team, I could not revitalize this location to its potential,” said David Lynch. “MassDevelopment, Mayor Linda Balzotti and Mary Waldron of the Brockton 21st Century Corporation assisted me with understanding that a brownfields is not something to run away from but with the right resources, can be brought back on the tax rolls and bring jobs to the city. I am appreciative of MassDevelopment's approval of this loan to my business and to Brockton as a Gateway City.”
MassDevelopment, the state’s finance and development authority, works with businesses, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2010, MassDevelopment financed or managed 238 projects in 104 communities across the state generating investment of nearly $1.4 billion in the Massachusetts economy.