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495 Economic Development Report

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Joseph Favaloro

on 27 January 2017

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Transcript of 495 Economic Development Report

Economic Development
Investing in Water and Wastewater Infrastructure
Town of Weymouth
City of Taunton
Town of Lynnfield
City of Somerville
Investment in Water &
Wastewater Infrastructure
Economic Growth
What does $1 get you?
$2 - 14 in new taxes
$2.62 - $6.77 in the private economy
$200M per year minimum
Realized Economic Growth:
Read It @ www.MWRA
Seaport (Innovation) District
600 Market Street
Moratorium Ended
Myles Standish Industrial Park
20,000 new jobs
$75 million in annual local tax revenue
Massachusetts Life Sciences Center (MLSC)
In 2008,
MLSC provided $12.9M Direct Grant
to "upgrade sewer infrastructure in and around the technology park"
Genzyme spent $315M to complete the project
2,300 existing jobs saved
500+ jobs created
2015-2018 Genzyme Planned Expansion
"The North Shore's Largest Open Air Shopping Center"
Wastewater Capacity Issues
Statutorily Permitted to Utilize MWRA system
Lynnfield's sewer infrastructure required significant investment
1,000 permanent jobs
$1.75 million / year in local tax revenue
In 1983, Board of Selectmen established a Moratorium on new water connections
Jobs declined by 17%
Commercial tax revenue adversely impacted
Invested $1.8M in new water main
Joined MWRA system
Ended Moratorium
$4.5 million increase in
annual commercial tax revenue
Water & Wastewater Demand Increase Infrastructure Costs
Costs exceeded $17.2 million in land sales
Additional Funds From:
MassWorks Grant $3.1M
US Econ. Dev. Admin. Grant $1.5
District Improvement Financing
7,400 new jobs
$6 million in annual local tax revenue
Boynton Yards &
High Water Table &
Combined Wastewater/Stormwater System
Estimate to address Stormwater Costs:
$40-50 million
Project Impacts at Build Out:
4,300 new jobs
Ext. $45 million annual local tax
Does not have adequate potable water available for full build out
Studied 11 Potential Water Sources
MWRA and City of Brockton only viable solutions
Project Impacts at Build Out:
2,533 new jobs
Ext. $11.2 million in local tax revenue

Commission Recommendation:
Investment of
per Year

$400M - $2.8B

in new taxes

$524M - $1.4B

private economy

$39.4 Billion Need
Water & Wastewater
3 districts
500 acres
3 million square feet new space
$1 billion
Full transcript