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NEW: Former Telegram Building Gets $16M in Funding for Renovations

Tuesday, March 18, 2014

 

The former Worcester Telegram & Gazette building on Franklin and Federal Streets will soon be home to a new QCC campus, a business incubator, a café; a black box theater; and professional office space.

MassDevelopment has provided total financing of $16,246,036 to complete renovations to the former Worcester Telegram & Gazette building on Franklin and Federal Streets.

The financing, which includes a $12 million New Markets Tax Credits allocation and $4,246,036 in direct loans, will be issued to New Garden Park Inc., an affiliate of the Worcester Business Development Corporation (WBDC).

“The Telegram & Gazette property is a crucial element as we invest in the future of downtown Worcester,” said Congressman Jim McGovern. “I appreciate the dedication of the financing partners to see this project through, one that will be a catalyst for future downtown development.”

New urban campus

The 135,000-square-foot facility in the City’s central business district will house Quinsigamond Community College’s (QCC) new urban campus for its Allied Health Services and Workforce Training and Employment Programs.

“The renovation of the former T&G building is an excellent example of transformative development: revitalizing urban sites in the downtowns of our Gateway Cities to spur activity and growth,” said MassDevelopment President and CEO Marty Jones. “We’re pleased to work with our longtime partners at the WBDC and local banks to provide opportunities for education and jobs in Worcester.”

The building’s plans also call for a business incubator, a café; a black box theater; and professional office space.

Financing

MassDevelopment participated in the primary financing for this project with lead lender Fidelity Co-operative Bank and six other local participating institutions: United Bank, Webster Five Cents Savings Bank, Bay State Savings Bank, Commerce Bank, UniBank for Savings, and Middlesex Savings Bank.

“Fidelity Bank is committed to the redevelopment of Worcester and is honored to lead the senior debt financing of this tremendous project,” said John Merrill, President and COO of Fidelity Bank. “We greatly appreciate those local banks and MassDevelopment, who share our same commitment, for their participation in the bank financing. This project is a critical component to the redevelopment of downtown Worcester. We applaud the vision and commitment of the Worcester Business Development Corporation for undertaking this challenging and important initiative.”

Worcester's commitment to the project

The City of Worcester has committed $2.5 million to the project through its U.S. Department of Housing and Urban Development 108 Loan Program. In addition to these funds, the City, through its Brownfields Cleanup Revolving Loan Fund, has provided a $250,000 grant and a $250,000 loan to assist in the remediation of this property. The Worcester City Council has also executed a 20-year Tax Increment Financing agreement for the 20 Franklin Street facility. Other funding sources include the U.S. Environmental Protection Agency and the Property and Casualty Initiative. New Markets Tax Credit allocations were provided through the Massachusetts Housing Investment Corporation, MassDevelopment, U.S. Bancorp, and The Community Builders.

“The financing of this project is a key stage in the redevelopment of the former T&G building and the overall revitalization of Downtown Worcester. Programs such as New Markets Tax Credits, combined with the financial collaboration of local banks, have helped to make a redevelopment project of this magnitude become a reality,” said Craig Blais, President & CEO of the WBDC. “The WBDC is fortunate to have such great community partners that share in the vision of creating a Downtown Worcester for all to enjoy.”

Home to 1,800 students and 75 faculty

About 75 faculty and staff from QCC expect to locate in the downtown campus in the fall of 2014, along with about 1,800 students that will attend classes at the new location. The business incubator will also provide a platform for the 30,000 college students in Worcester to develop or research an idea or start a business. Students, entrepreneurs, and the unemployed will also have access to the incubator. Overall, the facility will provide opportunities for collaboration between academic, industry, and government stakeholders in job training and education.

About MassDevelopment

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.

 

Related Slideshow: Central MA Brownfield Sites

Glossary

Brownfields (BF) are defined as real property, the expansion, redevelopment, or reuse of which may be complicated by the presence or potential presence of a hazardous substance, pollutant, or contaminant.

RCRA Corrective Action (RCRA) sites are facilities which treated, stored, or disposed of hazardous wastes. These facility owners are required to clean up environmental contaminants released into soil, ground water, surface water, and air at their sites under the Resource Conservation and Recovery Act (RCRA).

Short Term/Removal (SHORT) sites are typically hazardous waste sites that do not require a long-term cleanup process are considered short-term cleanups (also referred to as "removal actions").

Long Term/National Priority List (NPL) sites are, in most cases, sites that require long-term cleanup end up on the National Priorities List (NPL). The NPL is a published list of hazardous waste sites that are eligible for extensive, long-term cleanup actions under the Superfund Program

BP: Brownfields Program

Prev Next

Central MA Regional Planning Commission

2 Washington Square, Union Station - 2nd Floor, Worcester

Site Type: BF

Total EPA Funding Received: $400,000

Fuding Type: Site Assessment

Current Status: N/A

Read more

Prev Next

City of Worcester BP

455 Main Street, Worcester

Site Type: BF

Total EPA Funding Received: $3.487 million

Fuding Type: Site Assessment, Revolving Loan Fund, Cleanup Grant

Current Status: N/A

Read more

Prev Next

Coes Knife Property

Coes Street, Worcester

Site Type: BF

Total EPA Funding Received: N/A

Fuding Type: Site Assessment, Targeted Brownfields

Current Status: A Phase 1 Targeted Brownfields Assessment (TBA) was completed on 8/30/2001. A Phase II Report was completed on 11/26/02.

Read more

Prev Next

Main South Community Development Corporation

875 Main Street, Worcester

Site Type: BF

Total EPA Funding Received: $400,000

Fuding Type: Cleanup Grant

Current Status: N/A

Read more

Prev Next

New Garden Park Inc.

89 Shrewsbury Street, Suite 300, Worcester

Site Type: BF

Total EPA Funding Received: $600,000

Fuding Type: Cleanup Grant

Current Status: N/A

Read more

Prev Next

South Worcester Neighborhood Improvement Corp.

47 Camp Street, Worcester

Site Type: BF

Total EPA Funding Received: $214,650

Fuding Type: Cleanup Grant

Current Status: N/A

Read more

Prev Next

Wyman Gordon - Worcester

105 Madison Street, Worcester

Site Type: RCRA

Description: New RCRA Corrective Action Site for 2020 Baseline.

Read more

Prev Next

Central MA Economic Development Authority

Worcester, Grafton, Shrewsbury

Site Type: BF

Total EPA Funding Received: $793,710

Fuding Type: Site Assessment, Revolving Loan Fund

Current Status: The Revolving Loan Fund was closed on January 8, 2002 and the Assessment Grant was closed on September 27, 2004.

Read More

Photo: Flickr/USACE HQ

Prev Next

Town of Brookfield BP

6 Central Street, Brookfield

Site Type: BF

Total EPA Funding Received: $200,000

Fuding Type: Cleanup Grant

Current Status: N/A

Read more

Prev Next

Town of Northborough BP

63 Main Street, Northborough

Site Type: BF

Total EPA Funding Received: $200,000

Fuding Type: Cleanup Grant

Current Status: N/A

Read more

Prev Next

City of Fitchburg BP

718 Main Street, Fitchburg

Site Type: BF

Total EPA Funding Received: $350,500

Fuding Type: Site Assessment, Cleanup Grant

Current Status: The city focused on the following properties: 26 Willow Street; 49 Snow Street; Former Hope Rubber company; as well as several others.

Read more

Prev Next

Milford Bike Path

51-53 Sumner Street, Milford

Site Type: Short Term/Removal

Description: MassDEP requested EPA to remove surface and subsurface soils containing high concentrations of heavy metals.

Current Status: In August 2011, the EPA completed the removal site evaluation and determined a federal response and a removal action is appropriate.

Read more

Prev Next

Town of North Brookfield BP

193 Main Street, North Brookfield

Site Type: BF

Total EPA Funding Received: $600,000

Fuding Type: Cleanup Grant

Current Status: N/A

Read more

Prev Next

Net Optics Corp.

660 Main Street, Route 20, Sturbridge

Site Type: RCRA

Description: Galileo Electro Optics, Sturbridge manufactures optical equipment. The facility generates small volumes of organic solvents. The site formerly operated a hazardous waste lagoon until 1971. Since then, significant cleanup work has been performed in the lagoon. The site is undergoing investigation and cleanup under a post closure plan approved by the MassDEP.

Current Status: N/A

Read more

Prev Next

Safety Kleen

224 East Main Street, West Brookfield

Site Type: RCRA

Description: Safety-Kleen, West Brookfield is an organic solvent waste collection and storage facility. The facility is located on approximately 1 acre of land. The site is zoned for industrial and commercial use. Organic solvents are collected and stored in tanks. Some cleanup work has been performed. The site is undergoing investigation and cleanup under a hazardous waste license issued by the MassDEP.

Current Status: N/A

Read more

Prev Next

City of Gardner BP

City Hall Annex - Room 202, Gardner

Site Type: BF

Total EPA Funding Received: $1.3 million

Fuding Type: Site Assessment, Revolving Loan Fund, Cleanup Grant,

Current Status: The city has had several properties approved to receiving funding for assessment work through their BF assessment grant.

Read more

Prev Next

Fisherville Mill

60 Main Street, Grafton

Site Type: Short Term/Removal

Description: The approximately 16.2-acre site is bounded to the north by Fisherville Pond, to the east by the Blackstone River, to the south by Route 122A, and to the west by private residences.

Current Status: EPA entered into an Administrative Order on Consent with CMEDA in which EPA provided heavy equipment and equipment operators to segregate, when possible, uncontaminated salvageable demolished debris (steel, granite, etc.), and to place ACM debris into trucks for off-site disposal pre-arranged and funded by CMEDA.

Read more

Prev Next

Temple-Stuart Site

4 Holman Street, Baldwinville

Site Type: Short Term/Removal

Description: The Temple-Stuart site is a 23-acre property with five adjoining buildings and a garage located in a largely residential area. The Temple-Stuart facility is approximately three eighths of a mile from the center of Baldwinville.

Current Status: On July 12, 2002, EPA signed an Action Memorandum recommending the following cleanup activities

Read more

Prev Next

Hocomonco Pond

Otis Street, Westborough

Site Type: Short Term/Removal

Description: The 23-acre Hocomonco Pond site is bordered on the northwest by Hocomonco Pond, a 27 acre shallow, freshwater pond which has long been used for recreational purposes. From 1928 until 1946 the site was used as a wood-treating and preservation operation.

Current Status: The Second Five Year Review conducted in September of 2009 concluded that the remedies for the Hocomonco Pond site are expected to remain protective of human health and the environment once the deed restrictions are in place. The property remains fenced at the perimeter and there has been no evidence of trespassing.

Read more

Prev Next

Genrad Inc

Bolton

Site Type: RCRA

Description: Genrad no longer operates at this location but at one time conducted electroplating operations and generated electroplating wastes. The site formerly operated a hazardous waste lagoon. Significant cleanup work has been performed in the lagoon. The site has undergone investigation and cleanup under a hazardous waste closure plan issued by the MA DEP.

Current Status: N/A

Read more

Prev Next

ECC - Holden

156 Princeton Street, Holden

Site Type: RCRA

Description: ECC, Holden manufactures printed circuit boards. The facility generates ignitable, corrosive and electroplating wastes. The site formerly operated a hazardous waste lagoon. Significant cleanup work has been performed in the lagoon. The site is undergoing investigation and cleanup under a consent order issued by the MA DEP.

Current Status: N/A

Read more

Prev Next

Waters Analytic Instruments

34 Maple Street, Milford

Site Type: RCRA

Description: New RCRA Corrective Action Site for 2020 Baseline.

Current Status: N/A

Read more

Prev Next

Wyman Gordon - North Grafton

244 Worcester Street, North Grafton

Site Type: RCRA

Description: Wyman Gordon, North Grafton manufactures metallic parts for the aerospace and aircraft industries. The facility is located on a 232 acre parcel of land. The facility generates degreasing solvent, oil, acids and electroplating wastes and stores them in drums and tanks. 

Current Status: N/A

Read more

Prev Next

Simplex Time Recorder Company

1 Simplex Plaza, Gardner

Site Type: RCRA

Description: New RCRA Corrective Action Site for 2020 Baseline.

Current Status: N/A

Read more

Prev Next

Evergreen Solar Emergency Response

112 Barnum Road, Devens

Site Type: Short Term/Removal

Description: On October 15, 2008 EPA OSC Melanie Morash responded to a release of several thousand gallons of a diluted hydrofluoric-sulfuric-nitric acid mixture at the Evergreen Solar facility (a solar panel manufacturer) in Devens, MA, near the former Fort Devens Military Base. Approximately 458 gallons overflowed a containment area under an air scrubber unit, flowing across a parking lot to a storm drain, then to a man-made vegetated retention pond where the liquid was apparently contained.

Current Status: N/A

Read more

 
 

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