02/21/1995 ECONOMIC DEV AND INDUSTRIAL COMMITTEE Minutes

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ECONOMIC DEVELOPMENT COMMITTEE MINUTES OF FEBRUARY Z, 1995 Members Present: Sid Stern, Paul Reynolds, Steve Innis , Ted Lewis , Sharon Koblinsky Also present: Wayne Duchemin, E.D. Coordinator Bob Whritenour, Executive Secretary The meeting was called to order at 4: 45 p.m. The Minutes of February 14 , 1995 were distributed and will be reviewed at the next meeting on February 28th. Sid introduced Kathy McCabe from the Massachusetts Office of Business Development (MOBD) who was present to talk to EDC re: Economic Opportunity Areas (EOAs) designation. Sid presented some background on the Industrial Park and stated EDC would like to see it developed by private interests . Sid further stated he hoped State funds and other sources could help to attract developers , and he welcome MOBD' s input. Sid turned the floor over to Kathy McCabe who gave a presentation on the benefits of targeting Economic Opportunity Areas in Mashpee. The necessary criteria for this designation are: ( 1 ) controlling and reducing costs , ( 2 ) increasing the market, ( 3 ) developing a work force, ( 4) improving and enhancing the infrastructure, ( 5) improving the business image. Other issues should be looked at beside controlling costs ; it requires leadership and a commitment by the Town and Business. A kickoff incentive program started December 1 , 1993 with Senator Rauschenbach, and Mashpee was designated as one of the target areas. The benefits to Business are: ( 1 ) 5% investment tax credit, ( 2 ) 10% abandoned building tax deduction ( 75% vacant or more over the last 24 months which includes all expenses except land) , ( 3 ) municipal tax incentives (special tax assessment or tax increment financing/TIF) . The results to the town are: ( 1 ) stimulate new private investment, ( 2 ) create jobs for local residents , ( 3 ) tool for hazardous waste site clean up, ( 4) new economic development tool , ( 5) possible targeted capital financing (SEED, P1 monies , etc. ) There are three components to this economic development incentive program: ( 1 ) Economic Target Areas (ETAS ) , ( 2 ) Economic Opportunity Areas (EOAs ) , and ( 3 ) Certified Projects. Mashpee can create as many areas as they want. The Economic Development element should be in our Plan ( the two processes can reinforce each other) . Mashpee may want to start with the Industrial Park and then later other areas. Economic Opportunity Areas goals for Massachusetts as a whole are: (1 ) businesses to grow, expand and locate in EOAs, ( 2 ) promote economic stability, and ( 3 ) reduce chronic unemployment. Ms. McCabe recommended not trying to do all of Mashpee as a goal , but rather focus on one area that is a local decision and brought i