Transformative Development Initiative Announces Calls for Districts, Fellows
September 24, 2014
FOR IMMEDIATE RELEASE
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
As part of the Transformative Development Fund, which the Commonwealth created through the economic development legislation that Governor Patrick signed into law on August 13, MassDevelopment is soliciting nominations from Gateway City officials and their partners for districts in those cities that can catalyze sustained economic development. Through community engagement, investments, and technical assistance, the Fund will boost coordinated redevelopment in these districts, creating a critical mass of activities and encouraging private development. MassDevelopment is also seeking economic development fellows to work in designated Gateway Cities. The first year of this pilot program for fellows will feature three fellows each working in a single Gateway City.
The TDI Fund will focus on investments in the districts. Through a request for expressions of interest, local public-private partnerships can nominate priority districts for technical assistance outline their revitalization visions. The fellows will focus for three-year periods on district revitalizations, and will interact with each other to leverage skills and share best practices. For details, see massdevelopment.com/tdi.
“The Transformative Development Initiative provides a new tool to help bolster the economic revitalization of our Gateway Cities,” said Housing and Economic Development Secretary Greg Bialecki. “This initiative is part of our overall strategy to transform these communities into great places to live, work, and play.”
These components follow the TDI Cowork Grant Program, the first initiative from the new Transformative Development Initiative (TDI). That program provides up to $2 million in matching grants to for-profit and nonprofit entities that will own, sponsor, or operate collaborative workspaces – shared communities that promote innovation, creativity, and interaction.
“The Transformative Development Initiative will make strategic, integrated decisions and investments in Gateway Cities to leverage one of the Commonwealth's greatest resources: our intellectual capital,” said MassDevelopment President and CEO Marty Jones. “We look forward to coordinating with public-private partnerships around the Commonwealth and building on assets in Gateway Cities to strengthen their economies.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2013, MassDevelopment financed or managed 350 projects generating investment of more than $2.4 billion in the Massachusetts economy. These projects are projected to create more than 7,000 jobs and build or rehabilitate 800 residential units.