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Weekly Update—September 19
By admin | September 19, 2009
This past week I was happy to help cut the ribbon at Gloucester Crossing. My team and I am proud to have supported this project in a couple of important ways.
The city worked with the Governor’s office, and Mass. Development to secure a $2.5 million MORE jobs grant. Gov. Patrick personally made the announcement over a year ago on the steps of city hall, and at the time, no one could foresee how important the jobs that Gloucester Crossing provides would become.
Also, members of the city council rolled up their sleeves along with city staff and spent hours crafting a fair and innovative TIF* agreement for the project that we could all live with.
This project was kept on track despite the collapse of the credit markets last year, and the mothballing of similar projects throughout the east coast because of the support the city was able to garner in the form of the MORE** Jobs grant, and the TIF agreement.
Three reasons why this project is important to Gloucester and Gloucester’s future can be summed up as follows:
- As the cost of living rises in Gloucester and actually throughout the Commonwealth, this project first and foremost offers competition that will benefit the residents of the city. For too long Gloucester residents have paid the high price of living on the end of the line where it costs more to get goods and services in and out of the city. With Marshall’s and Market Basket, we will see competitive pricing and that will save Gloucester residents money. The jobs created with Gloucester Crossing also help people manage the cost of living here, offering opportunities to supplement household incomes.
- One of the reasons the bond rating held steady recently was because of this project. When Moody’s and Standard & Poor’s were in the city to evaluate the financial strength of the city during the height of the Boil Water order, that is what they wanted to know about. After we went through a grueling financial presentation that included an explanation and plan for dealing with the water system, I said, “let’s go for a ride.” I piled the rating agents into the car, and we toured Gloucester Crossing along with other sites in the city. The fact that this project survived while many others like have been mothballed is a testament to the resiliency and strength of the Gloucester economy.
- Gloucester Crossing will force us all to re-imagine our downtown. Already, we are bending over backwards to make sure Main Street also thrives. Paving, snow removal, parking enforcement, BLOCK Parties, the recently completed Harbor Plan which emphasizes a connection between the working waterfront and our downtown area, all are factors that will allow a renaissance to our Main St., downtown, and waterfront areas.
Sam Park and Co. saw what maybe we couldn’t (or wouldn’t see for ourselves). He’s been a trustworthy development partner, and has contributed generously to many local charitable causes. On behalf of the city I extend my sincerest congratulations on the occasion of the opening of Gloucester Crossing.
* Tax Increment Financing (TIF)
** Massachusetts Opportunity Relocation Jobs Capital Program (MORE)
Topics: Columns
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