160 FEDERAL ST., BOSTON, MA 02210 800.445.8030 www.massdevelopment.com

B LETTER FROM THE PRESIDENT AND CEO Having spent so much of my career in real estate, I was But we also know that MassDevelopment is part clearly aware of the positive impact MassDevelopment of a bigger team. We work closely with the other projects have had on so many regions across the agencies working to advance the Patrick-Murray Commonwealth, from the flourishing community administration’s larger economic development goals of of Devens and Fall River’s South Coast Research revitalizing communities and expanding opportunity & Technology Park to the emerging Village Hill throughout the Commonwealth. In the coming year, Northampton and 1550 Main Street, which has I will be overseeing an effort to develop both new helped revitalize Springfield. There are dozens programs and performance-measurement metrics more just like those, projects that make differences that will make MassDevelopment an even more to entire communities. effective, more valuable part of the state’s economic development team. When I joined this great organization in May, I continued to discover the full range of opportunity To remain vibrant and valuable, we must always our team provides to businesses, nonprofits, and challenge ourselves to respond to the current needs municipalities through our financing and real of Massachusetts businesses and the rapidly changing estate solutions. It is rewarding to know that our economic conditions. This Annual Report highlights people, working in every region in Massachusetts, some of our finance, technical assistance, and real are contributing to real job creation, housing estate development success stories. After you review development, and economic development. our recent activities, please let us know how we can build on these successes so that we serve the people MassDevelopment exists to help all municipalities of Massachusetts even more effectively in the future. but will make extra efforts to ensure that the under- served regions of Massachusetts get the attention Marty Jones that they need. President and CEO

Cover Photo: Interior ceiling of salt shed at the Department of Public Works, Devens, MA 2 LETTER FROM THE PRESIDENT AND CEO Having spent so much of my career in real estate, I was But we also know that MassDevelopment is part clearly aware of the positive impact MassDevelopment of a bigger team. We work closely with the other projects have had on so many regions across the agencies working to advance the Patrick-Murray Commonwealth, from the flourishing community administration’s larger economic development goals of of Devens and Fall River’s South Coast Research revitalizing communities and expanding opportunity & Technology Park to the emerging Village Hill throughout the Commonwealth. In the coming year, Northampton and 1550 Main Street, which has I will be overseeing an effort to develop both new helped revitalize Springfield. There are dozens programs and performance-measurement metrics more just like those, projects that make differences that will make MassDevelopment an even more to entire communities. effective, more valuable part of the state’s economic development team. When I joined this great organization in May, I continued to discover the full range of opportunity To remain vibrant and valuable, we must always our team provides to businesses, nonprofits, and challenge ourselves to respond to the current needs municipalities through our financing and real of Massachusetts businesses and the rapidly changing estate solutions. It is rewarding to know that our economic conditions. This Annual Report highlights people, working in every region in Massachusetts, some of our finance, technical assistance, and real are contributing to real job creation, housing estate development success stories. After you review development, and economic development. our recent activities, please let us know how we can build on these successes so that we serve the people MassDevelopment exists to help all municipalities of Massachusetts even more effectively in the future. but will make extra efforts to ensure that the under- served regions of Massachusetts get the attention Marty Jones that they need. President and CEO

Cover Photo: Interior ceiling of salt shed at the Department of Public Works, Devens, MA 2 BOSTON HONG LOK HOUSE BOSTON

Chinatown has been a colorful part of the Boston landscape. Fortunately, the Greater Boston Chinese Golden Age Center, a community-based organization, recognizes the need to provide programs, services, and affordable housing for the elder population. Proceeds from a $17 million MassDevelopment tax-exempt bond are being used to renovate and construct a 74-unit rental housing facility that includes a health center and common facilities for cultural, educational, and social activities. The new development, in partnership with Rogerson Communities, meets the U.S. Green Building Council’s LEED Silver standard and helps create 192 construction jobs.

IMMUNETICS, INC., BOSTON South Boston-based Immunetics is working to develop breakthroughs in blood transfusion safety. With the help of financing from MassDevelopment, the company can deliver a new diagnostic product to market that much faster. A $255,000 loan from the Manufacturing Growth Initiative and another $250,000 loan through the Southeast Regional Loan Fund will finance new equipment and capital improvements needed for the commercialization of the BacTx diagnostic test. A 70 percent guarantee from MassDevelopment’s Export Development Fund will support both loans.

Richard Walsh of Walsh Brothers, Inc.; Steven Carvalho of Massachusetts Department of Housing and Community Development; 3 Ruth Moy of Greater Boston Golden Age Center; James Seagle Jr. of Rogerson;4 and Tony Fracasso of MassDevelopment BOSTON HONG LOK HOUSE BOSTON

Chinatown has been a colorful part of the Boston landscape. Fortunately, the Greater Boston Chinese Golden Age Center, a community-based organization, recognizes the need to provide programs, services, and affordable housing for the elder population. Proceeds from a $17 million MassDevelopment tax-exempt bond are being used to renovate and construct a 74-unit rental housing facility that includes a health center and common facilities for cultural, educational, and social activities. The new development, in partnership with Rogerson Communities, meets the U.S. Green Building Council’s LEED Silver standard and helps create 192 construction jobs.

IMMUNETICS, INC., BOSTON South Boston-based Immunetics is working to develop breakthroughs in blood transfusion safety. With the help of financing from MassDevelopment, the company can deliver a new diagnostic product to market that much faster. A $255,000 loan from the Manufacturing Growth Initiative and another $250,000 loan through the Southeast Regional Loan Fund will finance new equipment and capital improvements needed for the commercialization of the BacTx diagnostic test. A 70 percent guarantee from MassDevelopment’s Export Development Fund will support both loans.

Richard Walsh of Walsh Brothers, Inc.; Steven Carvalho of Massachusetts Department of Housing and Community Development; 3 Ruth Moy of Greater Boston Golden Age Center; James Seagle Jr. of Rogerson;4 and Tony Fracasso of MassDevelopment CENTRAL HORN PACKAGING CORPORATION LANCASTER

Not having the ability to expand your business when the need is apparent can leave some

companies feeling boxed in. When the Horn Packaging Corporation was looking for a way to

fund a new manufacturing center, MassDevelopment stepped in and issued a $7.04 million

bond to purchase and renovate a 275,000-square-foot facility in Lancaster. When completed,

the facility will help to grow and serve the company’s business throughout New England.

50 PRESCOTT STREET, LLC., WORCESTER Recovery Zone Bonds are helping companies across Massachusetts move forward on development projects and provide new jobs in existing economic target areas. This innovative financing option helped fund construction of a 95,000-square-foot wet lab at Gateway Park in Worcester. MassDevelopment also provided New Markets Tax Credits for the project, which is expected to create 40 jobs. Gateway Park is a growing center for research, development, and innovation, and has been nationally recognized as a model for environmental stewardship and urban development.

5 David Gomer, Peter Hamilton, and Michael Gill of Horn Packaging; and6 Kelly Arvidson and Bob Seega of MassDevelopment CENTRAL HORN PACKAGING CORPORATION LANCASTER

Not having the ability to expand your business when the need is apparent can leave some

companies feeling boxed in. When the Horn Packaging Corporation was looking for a way to

fund a new manufacturing center, MassDevelopment stepped in and issued a $7.04 million

bond to purchase and renovate a 275,000-square-foot facility in Lancaster. When completed,

the facility will help to grow and serve the company’s business throughout New England.

50 PRESCOTT STREET, LLC., WORCESTER Recovery Zone Bonds are helping companies across Massachusetts move forward on development projects and provide new jobs in existing economic target areas. This innovative financing option helped fund construction of a 95,000-square-foot wet lab at Gateway Park in Worcester. MassDevelopment also provided New Markets Tax Credits for the project, which is expected to create 40 jobs. Gateway Park is a growing center for research, development, and innovation, and has been nationally recognized as a model for environmental stewardship and urban development.

5 David Gomer, Peter Hamilton, and Michael Gill of Horn Packaging; and6 Kelly Arvidson and Bob Seega of MassDevelopment NORTH CONFORMIS, INC. BURLINGTON

Having knee replacement surgery doesn’t mean the same thing it did 40 years ago, and that’s largely due to companies like ConforMIS, a local medical device company that is pioneering a new type of implant used in orthopedics. Thanks to a $1.44 million Emerging Technology Fund loan provided by MassDevelopment, ConforMIS is now in position to provide the only patient-specific total knee implant on the market. This new, customized approach provides a more efficient and personalized treatment that ultimately will enhance patients’ quality of life.

KIPP ACADEMY LYNN CHARTER SCHOOL, LYNN With the assistance of a $26 million New Markets Tax Credits financing package provided by MassDevelopment, the KIPP Academy Lynn Charter School is building a 68,000-square-foot middle and high school to replace its current, leased facility. The project is expected to create more than 40 jobs. The new building, which will serve 750 students at full capacity, will include 36 classrooms; 16 specialty rooms; a gymnasium with locker rooms and storage; a cafeteria; a library media center; athletic fields; and outdoor recreational space. “Our new building will be a beacon for the community and will also give our kids more of the tools they need to be successful on their paths to and through college,” said Josh Zoia, KIPP Massachusetts Executive Director. Bert McGrath of ConforMIS; James Kenney of MassDevelopment; Johanna Belliard, David Hesketh, and Philipp Lang of ConforMIS; 7 and Ken Goode of MassDevelopment 8 NORTH CONFORMIS, INC. BURLINGTON

Having knee replacement surgery doesn’t mean the same thing it did 40 years ago, and that’s largely due to companies like ConforMIS, a local medical device company that is pioneering a new type of implant used in orthopedics. Thanks to a $1.44 million Emerging Technology Fund loan provided by MassDevelopment, ConforMIS is now in position to provide the only patient-specific total knee implant on the market. This new, customized approach provides a more efficient and personalized treatment that ultimately will enhance patients’ quality of life.

KIPP ACADEMY LYNN CHARTER SCHOOL, LYNN With the assistance of a $26 million New Markets Tax Credits financing package provided by MassDevelopment, the KIPP Academy Lynn Charter School is building a 68,000-square-foot middle and high school to replace its current, leased facility. The project is expected to create more than 40 jobs. The new building, which will serve 750 students at full capacity, will include 36 classrooms; 16 specialty rooms; a gymnasium with locker rooms and storage; a cafeteria; a library media center; athletic fields; and outdoor recreational space. “Our new building will be a beacon for the community and will also give our kids more of the tools they need to be successful on their paths to and through college,” said Josh Zoia, KIPP Massachusetts Executive Director. Bert McGrath of ConforMIS; James Kenney of MassDevelopment; Johanna Belliard, David Hesketh, and Philipp Lang of ConforMIS; 7 and Ken Goode of MassDevelopment 8 SOUTH STERGIS ALUMINUM PRODUCTS, INC. ATTLEBORO

Supporting our manufacturers is essential to improving our economy, and that’s why MassDevelopment recently provided two loans—$792,000 from its general fund and $500,000 from the Brownfields Redevelopment Fund—to Stergis Aluminum Products, Inc., in Attleboro. Loan proceeds are being used to renovate a former coin mint into expanded manufacturing space that will allow the company to increase production and quadruple inventory space. The updated facility will also include a test lab, a laminated glass area, an expanded tool and die shop, and 48 new jobs.

BLOUNT SEAFOOD CORPORATION, FALL RIVER The Blount family has been in the food business since 1880 and today is a leading manufacturer of soups and seafood products—including 75 varieties of clam chowder alone. During a plant expansion of its headquarters in Fall River, the company decided to install an Alteris Renewables 100KW solar energy system and found MassDevelopment to be an eager partner in financing the purchase. With the support of a $360,000

Green Loan, the new system will reduce 5 million pounds of world CO2 emissions over the next 25 years as it continues to dish out rich New England seafood fare.

9 Jim Walsh and Lou Teixeira of MassDevelopment; and Gus Stergis, Kathleen10 Courtney, Jody Emanuel, and Cheryl Olsen of Stergis SOUTH STERGIS ALUMINUM PRODUCTS, INC. ATTLEBORO

Supporting our manufacturers is essential to improving our economy, and that’s why MassDevelopment recently provided two loans—$792,000 from its general fund and $500,000 from the Brownfields Redevelopment Fund—to Stergis Aluminum Products, Inc., in Attleboro. Loan proceeds are being used to renovate a former coin mint into expanded manufacturing space that will allow the company to increase production and quadruple inventory space. The updated facility will also include a test lab, a laminated glass area, an expanded tool and die shop, and 48 new jobs.

BLOUNT SEAFOOD CORPORATION, FALL RIVER The Blount family has been in the food business since 1880 and today is a leading manufacturer of soups and seafood products—including 75 varieties of clam chowder alone. During a plant expansion of its headquarters in Fall River, the company decided to install an Alteris Renewables 100KW solar energy system and found MassDevelopment to be an eager partner in financing the purchase. With the support of a $360,000

Green Loan, the new system will reduce 5 million pounds of world CO2 emissions over the next 25 years as it continues to dish out rich New England seafood fare.

9 Jim Walsh and Lou Teixeira of MassDevelopment; and Gus Stergis, Kathleen10 Courtney, Jody Emanuel, and Cheryl Olsen of Stergis WEST MAYHEW STEEL PRODUCTS, INC. MONTAGUE

Ever since manufacturing its first hand tools more than 150 years ago, Mayhew Steel Products

has been a fixture in Western Massachusetts and the U.S. tool industry. When Mayhew

needed to modernize, MassDevelopment structured a $1.4 million bond to back both

construction of a 33,600-square-foot addition to Mayhew’s manufacturing facility and

the purchase of new equipment. Now, Mayhew will be able to streamline, consolidate, and

create five jobs.

NEW NORTH CITIZENS’ COUNCIL, INC., SPRINGFIELD The New North Citizens’ Council (NNCC) is just one of the many human-service providers in Massachusetts dedicated to providing family support services. MassDevelopment provided low-cost financing in the form of a $933,750 tax-exempt bond to purchase a 13,100-square-foot space for use as a daycare center. Since the organization previously leased this space, the financing will save thousands of dollars in occupancy costs and allow the NNCC to provide more opportunities for those it serves.

11 John Lawless of Mayhew Steel Products; Frank Canning of MassDevelopment;12 and Bill Lawless of Mayhew Steel Products WEST MAYHEW STEEL PRODUCTS, INC. MONTAGUE

Ever since manufacturing its first hand tools more than 150 years ago, Mayhew Steel Products

has been a fixture in Western Massachusetts and the U.S. tool industry. When Mayhew

needed to modernize, MassDevelopment structured a $1.4 million bond to back both

construction of a 33,600-square-foot addition to Mayhew’s manufacturing facility and

the purchase of new equipment. Now, Mayhew will be able to streamline, consolidate, and

create five jobs.

NEW NORTH CITIZENS’ COUNCIL, INC., SPRINGFIELD The New North Citizens’ Council (NNCC) is just one of the many human-service providers in Massachusetts dedicated to providing family support services. MassDevelopment provided low-cost financing in the form of a $933,750 tax-exempt bond to purchase a 13,100-square-foot space for use as a daycare center. Since the organization previously leased this space, the financing will save thousands of dollars in occupancy costs and allow the NNCC to provide more opportunities for those it serves.

11 John Lawless of Mayhew Steel Products; Frank Canning of MassDevelopment;12 and Bill Lawless of Mayhew Steel Products MassDevelopment’s Real Estate group turns requirements, infrastructure deficiencies, permitting ENGINEERING

the Commonwealth’s most challenging obstacles, or locations that discourage private The Engineering Department serves as a municipal

development sites into useful, job-producing sector involvement. engineering department for Devens, and undertakes

resources. In some cases, the Agency owns and supports Agency projects statewide. Engineering

and manages the properties; in others, it staff manages consultants and contractors performing

helps municipalities plan, prepare, and turn road design; demolition design and construction;

around blighted neighborhoods, vacant and architectural design and construction.

buildings, and former industrial sites.

ASSET MANAGEMENT

TECHNICAL ASSISTANCE The Asset Management Department manages,

Technical Assistance incorporates the Real preserves, and enhances MassDevelopment’s real

Estate group’s expertise in strategic planning, estate portfolio. These assets include 100 Cambridge

predevelopment support, and municipal services. Street in Boston, land and buildings in Devens, the

Staff provides consulting services to cities and towns Jodrey State Fish Pier in Gloucester, the SouthCoast PLANNING & DEVELOPMENT on community and site planning, site development Research & Technology Park in Fall River, and The Planning & Development Department feasibility, and other real estate matters. The 1550 Main Street in Springfield.

undertakes planning and real estate development Agency also partners with communities by offering

projects, often in the Commonwealth’s neediest targeted real estate services, primarily through communities. Typical projects involve government- the Commonwealth’s 43D expedited permitting

owned properties or challenging sites –- those program and the Agency’s predevelopment

with environmental contamination, demolition real estate services initiative.

13 14 MassDevelopment’s Real Estate group turns requirements, infrastructure deficiencies, permitting ENGINEERING

the Commonwealth’s most challenging obstacles, or locations that discourage private The Engineering Department serves as a municipal

development sites into useful, job-producing sector involvement. engineering department for Devens, and undertakes

resources. In some cases, the Agency owns and supports Agency projects statewide. Engineering

and manages the properties; in others, it staff manages consultants and contractors performing

helps municipalities plan, prepare, and turn road design; demolition design and construction;

around blighted neighborhoods, vacant and architectural design and construction.

buildings, and former industrial sites.

ASSET MANAGEMENT

TECHNICAL ASSISTANCE The Asset Management Department manages,

Technical Assistance incorporates the Real preserves, and enhances MassDevelopment’s real

Estate group’s expertise in strategic planning, estate portfolio. These assets include 100 Cambridge

predevelopment support, and municipal services. Street in Boston, land and buildings in Devens, the

Staff provides consulting services to cities and towns Jodrey State Fish Pier in Gloucester, the SouthCoast PLANNING & DEVELOPMENT on community and site planning, site development Research & Technology Park in Fall River, and The Planning & Development Department feasibility, and other real estate matters. The 1550 Main Street in Springfield.

undertakes planning and real estate development Agency also partners with communities by offering

projects, often in the Commonwealth’s neediest targeted real estate services, primarily through communities. Typical projects involve government- the Commonwealth’s 43D expedited permitting

owned properties or challenging sites –- those program and the Agency’s predevelopment

with environmental contamination, demolition real estate services initiative.

13 14 MEDFORD: MassDevelopment provided real estate SPRINGFIELD: MassDevelopment completed the ATHOL & SOUTHBRIDGE: MassDevelopment assisted GLOUCESTER: MassDevelopment manages the Jodrey

project management services to the City of transformation of 1550 Main Street in Springfield, Athol with a reuse analysis for 25 Exchange Street, State Pier in Gloucester and put out to bid repairs

Medford to develop a structured parking garage a renovation and rebranding of the former U.S. a 14,000-square-foot municipally owned facility in and renovations to the Pier and the small office

at 1 Governor’s Avenue. In 2007, the City demolished General Services Administration (GSA) building the downtown Central Commercial District. Athol building situated on it. Work began in September left largely vacant in 2008. The Urban Land Institute a 164-space garage on the site due to structural intended to sell the property for the development and included fixing the dock; inspecting and repairing panel investigating Springfield in 2006 singled conditions, creating parking problems and congestion of a mixed commercial/residential property. The floats; and removing and replacing piles and ladders. in downtown Medford. The potential new parking out the building as a critical site given concerns study identified zoning concerns that needed to The office building renovations included painting garage, which would have about 200 spaces, would about a major downtown building going dark. be resolved to make this preferred use feasible. interior walls, improving the exterior façade, replacing help retain and expand job opportunities downtown MassDevelopment purchased the building in 2009 In addition, the analysis determined that the windows, and installing new building signs. The bulk and at nearby Lawrence Memorial Hospital by and made a $6.1 million investment in 1550 Main, former Maroni Furniture building is structurally of these renovations were complete by the end of adding spaces for commuters and shoppers. redesigning and upgrading the building’s entrance, sound and suitable for commercial and residential 2010, with some concrete work taking place in spring

adaptive reuse. The analysis included conceptual 2011. MassDevelopment also erected a memorial REAL ESTATE HIGHLIGHTS plans to retrofit the building for these uses. Athol to Everett R. Jodrey, who helped to establish the has issued a Request for Proposals, including our State Fish Pier in 1938.

analysis, in order to attract developers to this site. RANDOLPH: At the request of the Town of Randolph, outdoor plaza, first-floor atrium, and other public MassDevelopment prepared a downtown plan spaces such as bathrooms and elevators. The City In Southbridge, MassDevelopment helped to and design guidelines for the Route 28 corridor of Springfield School Department, the GSA, and develop an industrial park development plan near that leads into downtown. The study included urban Baystate Health have leased 124,000 square feet Route 169. Southbridge owns a number of parcels design analysis; guidelines for street and façade of the building’s 128,000 rentable square feet and in the park, and MassDevelopment completed an improvements; traffic and parking strategies; and significantly modernized their spaces. existing conditions analysis and developed a concept renderings. The review of the Route 28 corridor resulted in commercial site design guidelines; plan to identify developable parcels to market. signage and façade improvement recommend- ations; and renderings.

15 16 MEDFORD: MassDevelopment provided real estate SPRINGFIELD: MassDevelopment completed the ATHOL & SOUTHBRIDGE: MassDevelopment assisted GLOUCESTER: MassDevelopment manages the Jodrey

project management services to the City of transformation of 1550 Main Street in Springfield, Athol with a reuse analysis for 25 Exchange Street, State Pier in Gloucester and put out to bid repairs

Medford to develop a structured parking garage a renovation and rebranding of the former U.S. a 14,000-square-foot municipally owned facility in and renovations to the Pier and the small office

at 1 Governor’s Avenue. In 2007, the City demolished General Services Administration (GSA) building the downtown Central Commercial District. Athol building situated on it. Work began in September left largely vacant in 2008. The Urban Land Institute a 164-space garage on the site due to structural intended to sell the property for the development and included fixing the dock; inspecting and repairing panel investigating Springfield in 2006 singled conditions, creating parking problems and congestion of a mixed commercial/residential property. The floats; and removing and replacing piles and ladders. in downtown Medford. The potential new parking out the building as a critical site given concerns study identified zoning concerns that needed to The office building renovations included painting garage, which would have about 200 spaces, would about a major downtown building going dark. be resolved to make this preferred use feasible. interior walls, improving the exterior façade, replacing help retain and expand job opportunities downtown MassDevelopment purchased the building in 2009 In addition, the analysis determined that the windows, and installing new building signs. The bulk and at nearby Lawrence Memorial Hospital by and made a $6.1 million investment in 1550 Main, former Maroni Furniture building is structurally of these renovations were complete by the end of adding spaces for commuters and shoppers. redesigning and upgrading the building’s entrance, sound and suitable for commercial and residential 2010, with some concrete work taking place in spring

adaptive reuse. The analysis included conceptual 2011. MassDevelopment also erected a memorial REAL ESTATE HIGHLIGHTS plans to retrofit the building for these uses. Athol to Everett R. Jodrey, who helped to establish the has issued a Request for Proposals, including our State Fish Pier in 1938.

analysis, in order to attract developers to this site. RANDOLPH: At the request of the Town of Randolph, outdoor plaza, first-floor atrium, and other public MassDevelopment prepared a downtown plan spaces such as bathrooms and elevators. The City In Southbridge, MassDevelopment helped to and design guidelines for the Route 28 corridor of Springfield School Department, the GSA, and develop an industrial park development plan near that leads into downtown. The study included urban Baystate Health have leased 124,000 square feet Route 169. Southbridge owns a number of parcels design analysis; guidelines for street and façade of the building’s 128,000 rentable square feet and in the park, and MassDevelopment completed an improvements; traffic and parking strategies; and significantly modernized their spaces. existing conditions analysis and developed a concept renderings. The review of the Route 28 corridor resulted in commercial site design guidelines; plan to identify developable parcels to market. signage and façade improvement recommend- ations; and renderings.

15 16 access to its new Green Loan Program—which The Patrick-Murray administration announced allows organizations to use energy-efficiency the second round of the Brownfields Support MassDevelopment’s Finance Programs rebates from public utilities to install energy- Team initiative, in which six new projects are saving projects—to all for-profit businesses and receiving assistance with cleaning up these can help projects at every stage, from nonprofit organizations in the Commonwealth. The challenging and contaminated sites to prepare predevelopment to loans and tax-exempt program, which came under MassDevelopment’s them for redevelopment. MassDevelopment’s bonds. In FY 2011, these financing tools purview as part of the Agency’s merger with the regional offices worked to provide funding and supported a nearly $3.7 billion investment Massachusetts Health and Educational Facilities other support to sites in Attleboro, Brockton,

in 278 Massachusetts communities. Authority (HEFA), is designed for mid-sized Chelmsford, Chicopee, Gardner, and Somerville. organizations too large to qualify for public MassDevelopment provided about $6.65 million utility financing and not large enough to employ to 42 Brownfields projects for site assessment tax-exempt financing cost-effectively. and remediation.

In FY 2011, MassDevelopment delivered low- cost tax-exempt bond financing of more than $3.5 billion to 116 organizations. The merger with HEFA expanded the Agency’s tax-exempt bond MassDevelopment provided direct loans and loan program, making it the provider of bonds on behalf guarantees totaling $26.3 million for businesses in of hospitals and other healthcare institutions. Massachusetts, helping these companies further MassDevelopment also delivered more than capital investment and expand operations. The $243 million on behalf of 12 projects as part of the Agency stepped up its support for manufacturers innovative Recovery Zone Facility Bond program, with the Manufacturing Innovation Initiative, authorized under the American Recovery and providing loans for planning expenses and Reinvestment Act of 2009 to finance projects growth. MassDevelopment has broadened not otherwise eligible for tax-exempt bonds.

17 18 access to its new Green Loan Program—which The Patrick-Murray administration announced allows organizations to use energy-efficiency the second round of the Brownfields Support MassDevelopment’s Finance Programs rebates from public utilities to install energy- Team initiative, in which six new projects are saving projects—to all for-profit businesses and receiving assistance with cleaning up these can help projects at every stage, from nonprofit organizations in the Commonwealth. The challenging and contaminated sites to prepare predevelopment to loans and tax-exempt program, which came under MassDevelopment’s them for redevelopment. MassDevelopment’s bonds. In FY 2011, these financing tools purview as part of the Agency’s merger with the regional offices worked to provide funding and supported a nearly $3.7 billion investment Massachusetts Health and Educational Facilities other support to sites in Attleboro, Brockton,

in 278 Massachusetts communities. Authority (HEFA), is designed for mid-sized Chelmsford, Chicopee, Gardner, and Somerville. organizations too large to qualify for public MassDevelopment provided about $6.65 million utility financing and not large enough to employ to 42 Brownfields projects for site assessment tax-exempt financing cost-effectively. and remediation.

In FY 2011, MassDevelopment delivered low- cost tax-exempt bond financing of more than $3.5 billion to 116 organizations. The merger with HEFA expanded the Agency’s tax-exempt bond MassDevelopment provided direct loans and loan program, making it the provider of bonds on behalf guarantees totaling $26.3 million for businesses in of hospitals and other healthcare institutions. Massachusetts, helping these companies further MassDevelopment also delivered more than capital investment and expand operations. The $243 million on behalf of 12 projects as part of the Agency stepped up its support for manufacturers innovative Recovery Zone Facility Bond program, with the Manufacturing Innovation Initiative, authorized under the American Recovery and providing loans for planning expenses and Reinvestment Act of 2009 to finance projects growth. MassDevelopment has broadened not otherwise eligible for tax-exempt bonds.

17 18 BROWNFIELDS SITE ASSESSMENT/REMEDIATION CULTURAL FACILITIES FUND— CAPITAL GRANT ANNUAL LEASE REVENUE City of Somerville Somerville, $297,400 ArtsBoston, Inc. 100 Cambridge Street Boston, $180,000 Boston, $21,786,000 Codman Square Neighborhood Development Corporation Boston Ballet, Inc. BROWNFIELDS REMEDIATION Dorchester, $250,000 Boston, $90,000 Chelsea Neighborhood Housing Services Homeowner’s Rehab, Inc. Boston Center for the Arts Chelsea, $250,000 Cambridge, $150,000 Boston, $309,046.50 Dorchester Bay EDC Jamaica Plain Neighborhood Boston Symphony Orchestra Dorchester, $46,183 Development Corporation Boston, $675,000 Jamaica Plain, $273,000 WATCH Coolidge Corner Theatre Foundation Waltham, $100,000 Mission Hill Neighborhood Brookline, $36,000 Housing Services, Inc. Roxbury, $38,000 Gore Place Society, Inc. BROWNFIELDS SITE ASSESSMENT Waltham, $205,140 Chelsea Neighborhood Housing Services Mission Hill Neighborhood Harvard Art Museums Chelsea, $10,025 Housing Services, Inc. Cambridge, $359,000 Roxbury, $29,000 Isabella Stewart Gardner Museum CHARTER SCHOOL LOAN GUARANTEE Boston, $274,000 Dorchester Collegiate Academy Longy School of Music Charter School Cambridge, $312,000 Dorchester, $255,000 Longyear Museum COMMUNITY HEALTH CENTER GRANT Chestnut Hill, $395,000 Chelsea Neighborhood Housing Services Boston Healthcare for the Homeless Program Mudflat Pottery School, Inc. Revere, $13,500 Boston, $25,000 Somerville, $300,000 Codman Square Neighborhood Greater Roslindale Medical & Dental Center Museum of African American History Development Corporation Roslindale, $24,000 Boston, $420,000 Dorchester, $24,800 Manet Community Health Center, Inc. Museum of Science Codman Square Neighborhood North Quincy, $25,000 Boston, $675,000 Development Corporation New Art Center in Newton Dorchester, $29,600 Roxbury Comprehensive Community Health Center, Inc. Newton, $50,000 Dorchester Bay EDC Roxbury, $25,000 Dorchester, $21,690 CULTURAL FACILITIES FUND— Upham’s Corner Health Center FEASIBILITY TECHNICAL GRANT Jamaica Plain Neighborhood Dorchester, $20,300 Development Corporation Bostonian Society, The Jamaica Plain, $26,380 COMMUNITY SERVICE 501(C)(3) LOAN Boston, $15,294 Mission Hill Neighborhood Housing Services, Inc. Presentation School Foundation, Inc. Center for the Arts at the Armory Roxbury, $14,500 Brighton , $350,000 Somerville, $12,950

19 20 BROWNFIELDS SITE ASSESSMENT/REMEDIATION CULTURAL FACILITIES FUND— CAPITAL GRANT ANNUAL LEASE REVENUE City of Somerville Somerville, $297,400 ArtsBoston, Inc. 100 Cambridge Street Boston, $180,000 Boston, $21,786,000 Codman Square Neighborhood Development Corporation Boston Ballet, Inc. BROWNFIELDS REMEDIATION Dorchester, $250,000 Boston, $90,000 Chelsea Neighborhood Housing Services Homeowner’s Rehab, Inc. Boston Center for the Arts Chelsea, $250,000 Cambridge, $150,000 Boston, $309,046.50 Dorchester Bay EDC Jamaica Plain Neighborhood Boston Symphony Orchestra Dorchester, $46,183 Development Corporation Boston, $675,000 Jamaica Plain, $273,000 WATCH Coolidge Corner Theatre Foundation Waltham, $100,000 Mission Hill Neighborhood Brookline, $36,000 Housing Services, Inc. Roxbury, $38,000 Gore Place Society, Inc. BROWNFIELDS SITE ASSESSMENT Waltham, $205,140 Chelsea Neighborhood Housing Services Mission Hill Neighborhood Harvard Art Museums Chelsea, $10,025 Housing Services, Inc. Cambridge, $359,000 Roxbury, $29,000 Isabella Stewart Gardner Museum CHARTER SCHOOL LOAN GUARANTEE Boston, $274,000 Dorchester Collegiate Academy Longy School of Music Charter School Cambridge, $312,000 Dorchester, $255,000 Longyear Museum COMMUNITY HEALTH CENTER GRANT Chestnut Hill, $395,000 Chelsea Neighborhood Housing Services Boston Healthcare for the Homeless Program Mudflat Pottery School, Inc. Revere, $13,500 Boston, $25,000 Somerville, $300,000 Codman Square Neighborhood Greater Roslindale Medical & Dental Center Museum of African American History Development Corporation Roslindale, $24,000 Boston, $420,000 Dorchester, $24,800 Manet Community Health Center, Inc. Museum of Science Codman Square Neighborhood North Quincy, $25,000 Boston, $675,000 Development Corporation New Art Center in Newton Dorchester, $29,600 Roxbury Comprehensive Community Health Center, Inc. Newton, $50,000 Dorchester Bay EDC Roxbury, $25,000 Dorchester, $21,690 CULTURAL FACILITIES FUND— Upham’s Corner Health Center FEASIBILITY TECHNICAL GRANT Jamaica Plain Neighborhood Dorchester, $20,300 Development Corporation Bostonian Society, The Jamaica Plain, $26,380 COMMUNITY SERVICE 501(C)(3) LOAN Boston, $15,294 Mission Hill Neighborhood Housing Services, Inc. Presentation School Foundation, Inc. Center for the Arts at the Armory Roxbury, $14,500 Brighton , $350,000 Somerville, $12,950

19 20 Commonwealth Shakespeare Company Mystic Valley Regional Charter School The Cambridge School of Weston, Inc. The Schepens Eye Research Institute Boston, $15,000 Malden, $8,000,000 Weston, $11,000,000 Boston, $10,000,000 Suzuki School of Newton Dana Hall School REAL ESTATE LOAN St. Sebastian’s School Fund, Inc. Newton, $27,000 Wellesley, $23,625,000 Needham, $10,000,000 105 Ward Hill Avenue Realty Trust CULTURAL FACILITIES FUND— Everett, $450,000 Dudley Economic Empowerment Suffolk University SYSTEM REPLACEMENT GRANT Partners, Inc. Boston, $66,285,000 Hostelling International USA Roxbury, $3,500,000 Dante Alighieri Cultural Society Boston, $12,000,000 Tufts Medical Center, Inc. Cambridge, $4,000 Education Development Center, Inc. Boston, $210,000,000 Springwood Realty Trust Waltham, $8,916,381 Everett, $385,000 Tufts University EXPORT LOAN GUARANTEE—70% Edward M. Kennedy Community Medford, $49,835,000 Health Center Immunetics, Inc. Whittier Street Health Center Boston, $2,000,000 Framingham, $6,423,000 Vinfen Corporation Boston, $178,500 Cambridge, $8,758,000 Fisher College Immunetics, Inc. REAL ESTATE SERVICES Boston, $3,075,000 West Suburban YMCA Boston, $175,000 Newton, $5,440,000 City of Medford Harvard University Medford, $67,489 GREEN LOAN Cambridge, $601,050,000 Winchester Hospital Municipal Services Winchester, $79,505,000 Massachusetts Eye and Ear Infirmary Lasell College Statewide, $130,986 Boston, $231,059 Newton, $25,265,000 TAX-EXEMPT 501(C)(3) LEASE Town of Randolph Lesley University MANUFACTURING IMPLEMENTATION LOAN Randolph, $30,000 Cambridge, $33,115,000 Brandeis University Waltham, $10,000,000 Immunetics, Inc. SOUTHEAST REGIONAL LOAN FUND Marino Center for Integrative Health, Inc. Boston, $255,000 Cambridge, $3,600,000 Hallmark Health System, Inc. Immunetics, Inc. Medford, $15,000,000 MORTGAGE INSURANCE LOAN GUARANTEE Boston, $250,000 Massachusetts Eye and Ear Infirmary Boston, $63,690,000 Immune Disease Institute, Inc. 105 Ward Hill Avenue Realty Trust TAX-EXEMPT 501(C)(3) BOND Boston, $1,300,000 Everett, $193,500 The May Institute, Inc. American Meteorological Society, Inc. Randolph, $16,000,000 TAX-EXEMPT AFFORDABLE HOUSING BOND Old Colony Montessori School, Inc. Boston, $5,500,000 Hingham, $109,000 Newton Country Day School Cambridge Affordable Presidential Apartments, LLC Belmont Day School of the Sacred Heart Cambridge, $30,000,000 NEW MARKETS LOAN FUND Belmont, $11,000,000 Newton, $18,769,000 Bentley College Noble and Greenough School Commonwealth Land Trust, Inc. 130 Broadway LLC Boston, $3,200,000 Somerville, $3,500,000 Waltham, $38,220,000 Dedham, $9,110,000 Boston College Old Colony Montessori School, Inc. Heritage 195 Pleasant Street LLC PUBLIC ENTITY BOND Chestnut Hill, $195,460,000 Hingham, $1,040,000 Malden, $10,800,000 Dorchester Collegiate Academy Charter School The Brimmer and May School Partners HealthCare System, Inc. LE Housing Limited Partnership Dorchester, $1,080,000 Chestnut Hill, $12,664,000 Boston, $423,165,000 Boston, $17,050,000 Foxborough Regional Charter School Broad Institute Presentation School Foundation, Inc. Lyndon B. Johnson Apartments, LLC Foxborough, $26,600,000 Cambridge, $343,485,000 Brighton , $4,000,000 Cambridge, $36,500,000

21 22 Commonwealth Shakespeare Company Mystic Valley Regional Charter School The Cambridge School of Weston, Inc. The Schepens Eye Research Institute Boston, $15,000 Malden, $8,000,000 Weston, $11,000,000 Boston, $10,000,000 Suzuki School of Newton Dana Hall School REAL ESTATE LOAN St. Sebastian’s School Fund, Inc. Newton, $27,000 Wellesley, $23,625,000 Needham, $10,000,000 105 Ward Hill Avenue Realty Trust CULTURAL FACILITIES FUND— Everett, $450,000 Dudley Economic Empowerment Suffolk University SYSTEM REPLACEMENT GRANT Partners, Inc. Boston, $66,285,000 Hostelling International USA Roxbury, $3,500,000 Dante Alighieri Cultural Society Boston, $12,000,000 Tufts Medical Center, Inc. Cambridge, $4,000 Education Development Center, Inc. Boston, $210,000,000 Springwood Realty Trust Waltham, $8,916,381 Everett, $385,000 Tufts University EXPORT LOAN GUARANTEE—70% Edward M. Kennedy Community Medford, $49,835,000 Health Center Immunetics, Inc. Whittier Street Health Center Boston, $2,000,000 Framingham, $6,423,000 Vinfen Corporation Boston, $178,500 Cambridge, $8,758,000 Fisher College Immunetics, Inc. REAL ESTATE SERVICES Boston, $3,075,000 West Suburban YMCA Boston, $175,000 Newton, $5,440,000 City of Medford Harvard University Medford, $67,489 GREEN LOAN Cambridge, $601,050,000 Winchester Hospital Municipal Services Winchester, $79,505,000 Massachusetts Eye and Ear Infirmary Lasell College Statewide, $130,986 Boston, $231,059 Newton, $25,265,000 TAX-EXEMPT 501(C)(3) LEASE Town of Randolph Lesley University MANUFACTURING IMPLEMENTATION LOAN Randolph, $30,000 Cambridge, $33,115,000 Brandeis University Waltham, $10,000,000 Immunetics, Inc. SOUTHEAST REGIONAL LOAN FUND Marino Center for Integrative Health, Inc. Boston, $255,000 Cambridge, $3,600,000 Hallmark Health System, Inc. Immunetics, Inc. Medford, $15,000,000 MORTGAGE INSURANCE LOAN GUARANTEE Boston, $250,000 Massachusetts Eye and Ear Infirmary Boston, $63,690,000 Immune Disease Institute, Inc. 105 Ward Hill Avenue Realty Trust TAX-EXEMPT 501(C)(3) BOND Boston, $1,300,000 Everett, $193,500 The May Institute, Inc. American Meteorological Society, Inc. Randolph, $16,000,000 TAX-EXEMPT AFFORDABLE HOUSING BOND Old Colony Montessori School, Inc. Boston, $5,500,000 Hingham, $109,000 Newton Country Day School Cambridge Affordable Presidential Apartments, LLC Belmont Day School of the Sacred Heart Cambridge, $30,000,000 NEW MARKETS LOAN FUND Belmont, $11,000,000 Newton, $18,769,000 Bentley College Noble and Greenough School Commonwealth Land Trust, Inc. 130 Broadway LLC Boston, $3,200,000 Somerville, $3,500,000 Waltham, $38,220,000 Dedham, $9,110,000 Boston College Old Colony Montessori School, Inc. Heritage 195 Pleasant Street LLC PUBLIC ENTITY BOND Chestnut Hill, $195,460,000 Hingham, $1,040,000 Malden, $10,800,000 Dorchester Collegiate Academy Charter School The Brimmer and May School Partners HealthCare System, Inc. LE Housing Limited Partnership Dorchester, $1,080,000 Chestnut Hill, $12,664,000 Boston, $423,165,000 Boston, $17,050,000 Foxborough Regional Charter School Broad Institute Presentation School Foundation, Inc. Lyndon B. Johnson Apartments, LLC Foxborough, $26,600,000 Cambridge, $343,485,000 Brighton , $4,000,000 Cambridge, $36,500,000

21 22 Salem Towers Senior Housing LLC Organic Renaissance LLC LOAN GUARANTEE Malden, $8,650,000 Athol, $225,000 Moduform Inc./Weissman Realty Trust West Fenway LLC COMMUNITY HEALTH CENTER GRANT Fitchburg, $500,000 Boston, $7,000,000 Family Health Center of Worcester PRIVATE REAL ESTATE TAX-EXEMPT INDUSTRIAL Worcester, $25,000 DEVELOPMENT DEVELOPMENT BOND COMMUNITY SERVICE 501(C)(3) LOAN 67 Buena Vista Street CTMS Realty LLC Employment Options, Inc. Devens, $258,000 Winchester, $1,056,000 Marlborough, $120,000 Bristol-Myers Squibb TAX-EXEMPT NONPROFIT HOUSING BOND CULTURAL FACILITIES FUND—CAPITAL GRANT Devens, $21,450,000 Mary Ann Morse Healthcare Corp. Old Sturbridge Village Devens Sustainable Housing Natick, $25,060,000 Sturbridge, $125,095 Devens, $200,000 Old Sturbridge Village Hilton Garden Inn Suite Hotel BOSTON FY11 TOTAL: Sturbridge, $9,905 Devens, $7,500,000 Worcester Center for the Performing Arts Laddawn Inc. Worcester, $13,911 Devens, $1,600,000 CULTURAL FACILITIES FUND— New England Sheets FEASIBILITY/TECHNICAL GRANT Devens, $50,000 ANNUAL LEASE REVENUE Fruitlands Museum, Inc. Quiet Logistics Devens Properties Harvard, $37,500 Devens, $250,000 Devens, $882,389 CULTURAL FACILITIES FUND—SYSTEM REPLACEMENT USG Corporation Transitions at Devens Devens, $78,000 Ecotarium Devens, $1 Worcester, $6,000 PUBLIC SAFETY FACILITIES BROWNFIELDS SITE ASSESSMENT EMERGING TECHNOLOGY FUND LOAN Devens New Garden Park, Inc. Devens, $10,000 Worcester, $400,000 Biomedical Research Models, Inc. Worcester, $700,000 Town of Athol REAL ESTATE LOAN Athol, $4,000 ECI Biotech Worcester, $630,000 50 Prescott Street, LLC Willow Street Trust Worcester, $8,450,000 Fitchburg, $99,520 EQUIPMENT LOAN Arborvitae LLC COMMERCIAL LOAN Micro Arc Welding, Inc. Templeton, $53,378 Worcester, $40,000 Innovative Medical Design, Inc. Creative Materials, Inc. Ayer, $360,000 EXPORT LOAN GUARANTEE—70% Ayer, $510,000 Organic Renaissance LLC Creative Materials, Inc. Moduform Inc./Weissman Realty Trust Athol, $450,000 Ayer, $153,000 Fitchburg, $3,918,800

23 24 Salem Towers Senior Housing LLC Organic Renaissance LLC LOAN GUARANTEE Malden, $8,650,000 Athol, $225,000 Moduform Inc./Weissman Realty Trust West Fenway LLC COMMUNITY HEALTH CENTER GRANT Fitchburg, $500,000 Boston, $7,000,000 Family Health Center of Worcester PRIVATE REAL ESTATE TAX-EXEMPT INDUSTRIAL Worcester, $25,000 DEVELOPMENT DEVELOPMENT BOND COMMUNITY SERVICE 501(C)(3) LOAN 67 Buena Vista Street CTMS Realty LLC Employment Options, Inc. Devens, $258,000 Winchester, $1,056,000 Marlborough, $120,000 Bristol-Myers Squibb TAX-EXEMPT NONPROFIT HOUSING BOND CULTURAL FACILITIES FUND—CAPITAL GRANT Devens, $21,450,000 Mary Ann Morse Healthcare Corp. Old Sturbridge Village Devens Sustainable Housing Natick, $25,060,000 Sturbridge, $125,095 Devens, $200,000 Old Sturbridge Village Hilton Garden Inn Suite Hotel BOSTON FY11 TOTAL: Sturbridge, $9,905 Devens, $7,500,000 Worcester Center for the Performing Arts Laddawn Inc. Worcester, $13,911 Devens, $1,600,000 CULTURAL FACILITIES FUND— New England Sheets FEASIBILITY/TECHNICAL GRANT Devens, $50,000 ANNUAL LEASE REVENUE Fruitlands Museum, Inc. Quiet Logistics Devens Properties Harvard, $37,500 Devens, $250,000 Devens, $882,389 CULTURAL FACILITIES FUND—SYSTEM REPLACEMENT USG Corporation Transitions at Devens Devens, $78,000 Ecotarium Devens, $1 Worcester, $6,000 PUBLIC SAFETY FACILITIES BROWNFIELDS SITE ASSESSMENT EMERGING TECHNOLOGY FUND LOAN Devens New Garden Park, Inc. Devens, $10,000 Worcester, $400,000 Biomedical Research Models, Inc. Worcester, $700,000 Town of Athol REAL ESTATE LOAN Athol, $4,000 ECI Biotech Worcester, $630,000 50 Prescott Street, LLC Willow Street Trust Worcester, $8,450,000 Fitchburg, $99,520 EQUIPMENT LOAN Arborvitae LLC COMMERCIAL LOAN Micro Arc Welding, Inc. Templeton, $53,378 Worcester, $40,000 Innovative Medical Design, Inc. Creative Materials, Inc. Ayer, $360,000 EXPORT LOAN GUARANTEE—70% Ayer, $510,000 Organic Renaissance LLC Creative Materials, Inc. Moduform Inc./Weissman Realty Trust Athol, $450,000 Ayer, $153,000 Fitchburg, $3,918,800

23 24 Page Moore Realty Trust TAX-EXEMPT 501(C)(3) LEASE Lynn Museum & Historical Society Ayer, $554,692 Lynn, $10,500 Anna Maria College ANNUAL LEASE REVENUE Planned Parenthood League Paxton, $1,677,724 Massachusetts Audubon Society of Massachusetts Cape Ann Fisheries Building Newburyport, $145,000 Worcester, $8,800,000 UMass Memorial Medical Center, Inc. Gloucester, $301,814 Worcester, $20,000,000 Sargent House Museum Jodrey State Pier Gloucester, $19,000 REAL ESTATE SERVICES TAX-EXEMPT AFFORDABLE Gloucester, $346,600 City of Worcester HOUSING BOND CULTURAL FACILITIES FUND— BROWNFIELDS REMEDIATION Worcester, $44,000 FEASIBILITY/TECHNICAL GRANT HW3 Housing Associates City of Haverhill House of the Seven Gables REAL ESTATE SUPPORT SERVICES Limited Partnership Haverhill, $230,655 Gardner, $600,000 Salem, $22,000 Devens Planning Lawrence CommunityWorks, Inc. Massachusetts High School Drama Guild, Inc. Devens, $16,000 Riverside Village RHF Limited Partnership Lawrence, $826,870 Chelmsford, $25,300 Leominster, $14,500,000 Devens Regional 911 Project BROWNFIELDS SITE ASSESSMENT Peabody Essex Museum Devens, $40,000 TAX-EXEMPT BOND POOL LOAN Salem, $38,000 Town of Billerica RECOVERY ZONE FACILITY BOND Fallon Clinic Billerica, $10,400 CULTURAL FACILITIES FUND— Worcester, $1,500,000 SYSTEM REPLACEMENT GRANT Riverbridge North LLC BROWNFIELDS SITE ASSESSMENT/REMEDIATION Berlin, $2,480,000 TAX-EXEMPT INDUSTRIAL New England Quilt Museum DEVELOPMENT BOND Newburyport Redevelopment Authority Lowell, $4,000 354 Main Street LLC Newburyport, $50,620 Gardner, $2,350,000 Horn Packaging Corporation EMERGING TECHNOLOGY FUND LOAN Lancaster, $7,040,000 CHARTER SCHOOL LOAN 50 Prescott Street, LLC Acacia Communications, Inc. Worcester, $14,458,000 Ranor, Inc. Marblehead Community Charter Public School Maynard, $3,000,000 Westminster, $6,200,000 Marblehead, $182,804.43 Conformis TAX-EXEMPT 501(C)(3) BOND CHARTER SCHOOL LOAN GUARANTEE TAX-EXEMPT NONPROFIT Burlington, $1,445,000 Anna Maria College HOUSING BOND Marblehead Community Charter Public School T2 Biosystems, Inc. Paxton, $26,820,000 Marblehead, $182,804.43 Lexington, $1,687,500 Overlook Communities, Inc. The Bridge of Central Massachusetts, Inc. Charlton, $18,000,000 COMMUNITY HEALTH CENTER GRANT Worcester, $4,350,000 GLOUCESTER REVOLVING LOAN FUND Salem Community Corporation Lowell Community Health Center Santapaola Wharf LLC Planned Parenthood League Worcester, $8,650,000 Lowell, $25,000 of Massachusetts Gloucester, $100,000

Worcester, $4,400,000 CULTURAL FACILITIES FUND—CAPITAL GRANT TECHDOLLARS MARINE AND OFFICE REPAIRS/RENOVATIONS St. Mark’s School Spirit of Knowledge Charter School Essex Art Center, Inc. Southborough, $10,105,000 Lawrence, $95,000 Jodrey Pier Worcester, $200,000 Gloucester, $1,078,883 The Winchendon School Gordon College Winchendon, $6,500,000 CENTRAL FY11 TOTAL: Salem, $169,880.66 MORTGAGE INSURANCE LOAN GUARANTEE Worcester Academy Gordon College USB Capital, LLC Worcester, $7,191,000 Salem, $4,119.34 Salem, $666,000

25 26 Page Moore Realty Trust TAX-EXEMPT 501(C)(3) LEASE Lynn Museum & Historical Society Ayer, $554,692 Lynn, $10,500 Anna Maria College ANNUAL LEASE REVENUE Planned Parenthood League Paxton, $1,677,724 Massachusetts Audubon Society of Massachusetts Cape Ann Fisheries Building Newburyport, $145,000 Worcester, $8,800,000 UMass Memorial Medical Center, Inc. Gloucester, $301,814 Worcester, $20,000,000 Sargent House Museum Jodrey State Pier Gloucester, $19,000 REAL ESTATE SERVICES TAX-EXEMPT AFFORDABLE Gloucester, $346,600 City of Worcester HOUSING BOND CULTURAL FACILITIES FUND— BROWNFIELDS REMEDIATION Worcester, $44,000 FEASIBILITY/TECHNICAL GRANT HW3 Housing Associates City of Haverhill House of the Seven Gables REAL ESTATE SUPPORT SERVICES Limited Partnership Haverhill, $230,655 Gardner, $600,000 Salem, $22,000 Devens Planning Lawrence CommunityWorks, Inc. Massachusetts High School Drama Guild, Inc. Devens, $16,000 Riverside Village RHF Limited Partnership Lawrence, $826,870 Chelmsford, $25,300 Leominster, $14,500,000 Devens Regional 911 Project BROWNFIELDS SITE ASSESSMENT Peabody Essex Museum Devens, $40,000 TAX-EXEMPT BOND POOL LOAN Salem, $38,000 Town of Billerica RECOVERY ZONE FACILITY BOND Fallon Clinic Billerica, $10,400 CULTURAL FACILITIES FUND— Worcester, $1,500,000 SYSTEM REPLACEMENT GRANT Riverbridge North LLC BROWNFIELDS SITE ASSESSMENT/REMEDIATION Berlin, $2,480,000 TAX-EXEMPT INDUSTRIAL New England Quilt Museum DEVELOPMENT BOND Newburyport Redevelopment Authority Lowell, $4,000 354 Main Street LLC Newburyport, $50,620 Gardner, $2,350,000 Horn Packaging Corporation EMERGING TECHNOLOGY FUND LOAN Lancaster, $7,040,000 CHARTER SCHOOL LOAN 50 Prescott Street, LLC Acacia Communications, Inc. Worcester, $14,458,000 Ranor, Inc. Marblehead Community Charter Public School Maynard, $3,000,000 Westminster, $6,200,000 Marblehead, $182,804.43 Conformis TAX-EXEMPT 501(C)(3) BOND CHARTER SCHOOL LOAN GUARANTEE TAX-EXEMPT NONPROFIT Burlington, $1,445,000 Anna Maria College HOUSING BOND Marblehead Community Charter Public School T2 Biosystems, Inc. Paxton, $26,820,000 Marblehead, $182,804.43 Lexington, $1,687,500 Overlook Communities, Inc. The Bridge of Central Massachusetts, Inc. Charlton, $18,000,000 COMMUNITY HEALTH CENTER GRANT Worcester, $4,350,000 GLOUCESTER REVOLVING LOAN FUND Salem Community Corporation Lowell Community Health Center Santapaola Wharf LLC Planned Parenthood League Worcester, $8,650,000 Lowell, $25,000 of Massachusetts Gloucester, $100,000

Worcester, $4,400,000 CULTURAL FACILITIES FUND—CAPITAL GRANT TECHDOLLARS MARINE AND OFFICE REPAIRS/RENOVATIONS St. Mark’s School Spirit of Knowledge Charter School Essex Art Center, Inc. Southborough, $10,105,000 Lawrence, $95,000 Jodrey Pier Worcester, $200,000 Gloucester, $1,078,883 The Winchendon School Gordon College Winchendon, $6,500,000 CENTRAL FY11 TOTAL: Salem, $169,880.66 MORTGAGE INSURANCE LOAN GUARANTEE Worcester Academy Gordon College USB Capital, LLC Worcester, $7,191,000 Salem, $4,119.34 Salem, $666,000

25 26 REAL ESTATE LOAN Melrose Young Men’s Christian Association, Inc. BROWNFIELDS REMEDIATION LOAN Stoneham, $5,000,000 KIPP Academy Lynn Charter School Lynch’s Towing Lynn, $26,000,000 Nashoba Brooks School of Concord, Inc. Brockton, $145,200 Concord, $3,800,000 Lynn Community Health Center Stergis Commercial Realty Lynn, $11,500,000 Northshore Education Consortium Attleboro, $500,000 Beverly, $7,715,000 REAL ESTATE SERVICES BROWNFIELDS SITE ASSESSMENT Salem State Assistance Corporation City of Gloucester Salem, $4,700,000 72 Properties III, LLP Gloucester, $25,000 Fairhaven, $44,195 Stoneridge Children’s Montessori School, Inc. SMALL FARM LOAN PROGRAM Beverly, $2,530,000 Cape Auto Plymouth, $44,295 Shady Oaks Organics Visiting Nurse Association Foundation, Inc. Newburyport, $11,000 Lynn, $8,000,000 Capstone Communities, LLC Brockton, $15,450 TAX-EXEMPT 501(C)(3) BOND TAX-EXEMPT 501(C)(3) LEASE Capstone Communities, LLC Anna Jaques Hospital Emerson Hospital Brockton, $26,000 Newburyport, $22,500,000 Concord, $2,000,000 Liston LLC Attleboro, $32,550 Bridgewell, Inc. TAX-EXEMPT INDUSTRIAL Lynnfield, $22,000,000 DEVELOPMENT BOND Stergis Commercial Realty Cape Ann Waldorf School USB Capital, LLC Attleboro, $98,100 Beverly, $1,800,000 Salem, $2,330,000 BROWNFIELDS SITE ASSESSMENT/REMEDIATION Concord Academy Concord, $11,526,200.56 TAX-EXEMPT NONPROFIT HOUSING BOND City of New Bedford New Bedford, $70,000 Friends of Kipp Academy Lynn Foundation, Inc. Adventcare, Inc. Lynn, $17,500,000 Lowell, $2,640,000 CDC/EDC LINES OF CREDIT Jewish Rehabilitation Centers Greater Lynn Senior Services New Bedford Economic Lynn, $4,500,000 for Living, Inc. Peabody, $50,000,000 Development Council, Inc. KIPP Academy Lynn Charter School New Bedford, $1,250,000 Lynn, $17,500,000 NORTH FY11 TOTAL: COMMUNITY HEALTH CENTER GRANT Landmark School, Inc. Prides Crossing, $11,110,000 Brockton Neighborhood Health Center Brockton, $25,000 Lawrence General Hospital Lawrence, $6,300,000 Family HealthCare at SSTAR Fall River, $19,075 Lowell General Hospital Lowell, $110,110,000 ANNUAL LEASE REVENUE CULTURAL FACILITIES FUND—CAPITAL GRANT Lynn Community Health Center Fall River—151 Martine Street Fuller Craft Museum Lynn, $6,500,000 Fall River, $1,074,017 Brockton, $27,644

27 28 REAL ESTATE LOAN Melrose Young Men’s Christian Association, Inc. BROWNFIELDS REMEDIATION LOAN Stoneham, $5,000,000 KIPP Academy Lynn Charter School Lynch’s Towing Lynn, $26,000,000 Nashoba Brooks School of Concord, Inc. Brockton, $145,200 Concord, $3,800,000 Lynn Community Health Center Stergis Commercial Realty Lynn, $11,500,000 Northshore Education Consortium Attleboro, $500,000 Beverly, $7,715,000 REAL ESTATE SERVICES BROWNFIELDS SITE ASSESSMENT Salem State Assistance Corporation City of Gloucester Salem, $4,700,000 72 Properties III, LLP Gloucester, $25,000 Fairhaven, $44,195 Stoneridge Children’s Montessori School, Inc. SMALL FARM LOAN PROGRAM Beverly, $2,530,000 Cape Auto Plymouth, $44,295 Shady Oaks Organics Visiting Nurse Association Foundation, Inc. Newburyport, $11,000 Lynn, $8,000,000 Capstone Communities, LLC Brockton, $15,450 TAX-EXEMPT 501(C)(3) BOND TAX-EXEMPT 501(C)(3) LEASE Capstone Communities, LLC Anna Jaques Hospital Emerson Hospital Brockton, $26,000 Newburyport, $22,500,000 Concord, $2,000,000 Liston LLC Attleboro, $32,550 Bridgewell, Inc. TAX-EXEMPT INDUSTRIAL Lynnfield, $22,000,000 DEVELOPMENT BOND Stergis Commercial Realty Cape Ann Waldorf School USB Capital, LLC Attleboro, $98,100 Beverly, $1,800,000 Salem, $2,330,000 BROWNFIELDS SITE ASSESSMENT/REMEDIATION Concord Academy Concord, $11,526,200.56 TAX-EXEMPT NONPROFIT HOUSING BOND City of New Bedford New Bedford, $70,000 Friends of Kipp Academy Lynn Foundation, Inc. Adventcare, Inc. Lynn, $17,500,000 Lowell, $2,640,000 CDC/EDC LINES OF CREDIT Jewish Rehabilitation Centers Greater Lynn Senior Services New Bedford Economic Lynn, $4,500,000 for Living, Inc. Peabody, $50,000,000 Development Council, Inc. KIPP Academy Lynn Charter School New Bedford, $1,250,000 Lynn, $17,500,000 NORTH FY11 TOTAL: COMMUNITY HEALTH CENTER GRANT Landmark School, Inc. Prides Crossing, $11,110,000 Brockton Neighborhood Health Center Brockton, $25,000 Lawrence General Hospital Lawrence, $6,300,000 Family HealthCare at SSTAR Fall River, $19,075 Lowell General Hospital Lowell, $110,110,000 ANNUAL LEASE REVENUE CULTURAL FACILITIES FUND—CAPITAL GRANT Lynn Community Health Center Fall River—151 Martine Street Fuller Craft Museum Lynn, $6,500,000 Fall River, $1,074,017 Brockton, $27,644

27 28 Lloyd Center for the Environment EQUIPMENT LOAN Pembroke Plaza Limited Partnership and BROWNFIELDS SITE ASSESSMENT/REMEDIATION South Dartmouth, $10,000 Whitman Bedford Limited Partnership Polyneer, Inc. Pembroke, $12,800,000 City of Chicopee Plymouth Guild, Inc. New Bedford, $560,000 Chicopee, 300,000

Plymouth, $223,964.58 SMALL FARM LOAN PROGRAM EXPORT LOAN GUARANTEE—70% City of Chicopee Soule Homestead Education Center Souza Family Farm Chicopee, $400,000 Middleborough, $32,554.79 Lacerta Group, Inc. Rehoboth, $15,000 Mansfield, $350,000 City of Holyoke Gas & Electric Sturgis Library TAX-EXEMPT 501(C)(3) BOND Holyoke, $193,200 Barnstable, $246,700 Polyneer, Inc. New Bedford, $392,000 Cardinal Spellman High School City of Holyoke Gas & Electric CULTURAL FACILITIES FUND— Brockton, $3,000,000 Holyoke, $603,500 FEASIBILITY/TECHNICAL GRANT GREEN LOAN Corp. for Independent Living City of Holyoke Gas & Electric Espirito Santo Museum Foundation Blount Seafood Corp. Abington, $12,110,000 Holyoke, $302,400 Fall River, $33,250 Fall River, $360,000 Home for Aged People in Fall River City of Holyoke Gas & Electric Holyoke, $268,000 CULTURAL FACILITIES FUND— MANUFACTURING IMPLEMENTATION LOAN Fall River, $3,225,000 SYSTEM REPLACEMENT GRANT City of Springfield Lacerta Group, Inc. INLY School, Inc. Springfield, $40,000 Academy of Performing Arts, Inc. Mansfield, $500,000 Scituate, $2,465,000 Orleans, $5,000 Silver Street Group LLC MORTGAGE INSURANCE The Wheeler School Westfield, $97,015 Natural Resources Trust of Easton, Inc. LOAN GUARANTEE Seekonk, $4,245,000 North Easton, $4,000 Old Colony Y COMMUNITY HEALTH CENTER GRANT ENVIRONMENTAL BOND D.W. Clark, Inc. Stoughton, $4,600,000 Taunton, $378,750 Community Health Center of Dominion Energy Brayton Point, LLC Franklin County, Inc. Somerset, $75,500,000 REAL ESTATE LOAN SOUTH FY11 TOTAL: Turner Falls, $3,133 Lynch’s Towing Community Health Center of Brockton, $350,000 Franklin County, Inc. Turner Falls, $16,947 Stergis Commercial Realty Attleboro, $792,000 Health Services for the Homeless Springfield, $24,700 RECOVERY ZONE FACILITY BOND ANNUAL LEASE REVENUE COMMUNITY SERVICE 501(C)(3) LOAN Brockton Paramount LLC 1550 Main Brockton, $3,200,000 Morris Professional Child Care Services, Inc. Springfield, $1,607,000 Springfield, $47,000 Dominion Energy Brayton Point, LLC Somerset, $159,500,000 BROWNFIELDS SITE ASSESSMENT CULTURAL FACILITIES FUND - CAPITAL GRANT FURT, LLC Westfield, City of Westfield Berkshire Music School Brockton, $16,000,000 Westfield, $5,000 Pittsfield, $65,000 IMHA Real Estate, LLC Westfield, City of Westfield Double Edge Theatre Taunton, $2,431,278 Westfield, $19,800 Ashfield, $43,000

29 30 Lloyd Center for the Environment EQUIPMENT LOAN Pembroke Plaza Limited Partnership and BROWNFIELDS SITE ASSESSMENT/REMEDIATION South Dartmouth, $10,000 Whitman Bedford Limited Partnership Polyneer, Inc. Pembroke, $12,800,000 City of Chicopee Plymouth Guild, Inc. New Bedford, $560,000 Chicopee, 300,000

Plymouth, $223,964.58 SMALL FARM LOAN PROGRAM EXPORT LOAN GUARANTEE—70% City of Chicopee Soule Homestead Education Center Souza Family Farm Chicopee, $400,000 Middleborough, $32,554.79 Lacerta Group, Inc. Rehoboth, $15,000 Mansfield, $350,000 City of Holyoke Gas & Electric Sturgis Library TAX-EXEMPT 501(C)(3) BOND Holyoke, $193,200 Barnstable, $246,700 Polyneer, Inc. New Bedford, $392,000 Cardinal Spellman High School City of Holyoke Gas & Electric CULTURAL FACILITIES FUND— Brockton, $3,000,000 Holyoke, $603,500 FEASIBILITY/TECHNICAL GRANT GREEN LOAN Corp. for Independent Living City of Holyoke Gas & Electric Espirito Santo Museum Foundation Blount Seafood Corp. Abington, $12,110,000 Holyoke, $302,400 Fall River, $33,250 Fall River, $360,000 Home for Aged People in Fall River City of Holyoke Gas & Electric Holyoke, $268,000 CULTURAL FACILITIES FUND— MANUFACTURING IMPLEMENTATION LOAN Fall River, $3,225,000 SYSTEM REPLACEMENT GRANT City of Springfield Lacerta Group, Inc. INLY School, Inc. Springfield, $40,000 Academy of Performing Arts, Inc. Mansfield, $500,000 Scituate, $2,465,000 Orleans, $5,000 Silver Street Group LLC MORTGAGE INSURANCE The Wheeler School Westfield, $97,015 Natural Resources Trust of Easton, Inc. LOAN GUARANTEE Seekonk, $4,245,000 North Easton, $4,000 Old Colony Y COMMUNITY HEALTH CENTER GRANT ENVIRONMENTAL BOND D.W. Clark, Inc. Stoughton, $4,600,000 Taunton, $378,750 Community Health Center of Dominion Energy Brayton Point, LLC Franklin County, Inc. Somerset, $75,500,000 REAL ESTATE LOAN SOUTH FY11 TOTAL: Turner Falls, $3,133 Lynch’s Towing Community Health Center of Brockton, $350,000 Franklin County, Inc. Turner Falls, $16,947 Stergis Commercial Realty Attleboro, $792,000 Health Services for the Homeless Springfield, $24,700 RECOVERY ZONE FACILITY BOND ANNUAL LEASE REVENUE COMMUNITY SERVICE 501(C)(3) LOAN Brockton Paramount LLC 1550 Main Brockton, $3,200,000 Morris Professional Child Care Services, Inc. Springfield, $1,607,000 Springfield, $47,000 Dominion Energy Brayton Point, LLC Somerset, $159,500,000 BROWNFIELDS SITE ASSESSMENT CULTURAL FACILITIES FUND - CAPITAL GRANT FURT, LLC Westfield, City of Westfield Berkshire Music School Brockton, $16,000,000 Westfield, $5,000 Pittsfield, $65,000 IMHA Real Estate, LLC Westfield, City of Westfield Double Edge Theatre Taunton, $2,431,278 Westfield, $19,800 Ashfield, $43,000

29 30 Eric Carle Museum of Picture Book Art PRIVATE REAL ESTATE DEVELOPMENT Brien Center for Mental Health and Amherst, $7,433.16 Substance Abuse Services Kollmorgen Pittsfield, $3,000,000 Hancock Shaker Village Northampton, $20,000,000 Hancock, $400,000 Eastern States Exposition Wright Builders West Springfield, $8,900,000 Jacob’s Pillow Dance Festival Northampton, $7,000,000 Becket, $400,000 New North Citizens’ Council, Inc. Springfield, $933,750 The Trustees of Reservations REAL ESTATE DEVELOPMENT Stockbridge, $200,000 Trustees of College of 1550 Main—Building Improvements Our Lady of the Elms CULTURAL FACILITIES FUND— Springfield, $2,586,315 Chicopee, $4,950,000 FEASIBILITY TECHNICAL GRANT Village Hill Northampton—Infrastructure Trustees of Deerfield Academy Berkshire Carousel, Inc. Northampton, $657,000 Deerfield, $39,660,000 Pittsfield, $16,875 REAL ESTATE SERVICES Trustees of Mount Holyoke College Greenfield Community Holyoke, $45,470,000 College Foundation City of Chicopee Greenfield, $23,000 Chicopee, $115,000 Trustees of Mount Holyoke College Holyoke, $30,000,000 CULTURAL FACILITIES FUND— RECOVERY ZONE FACILITY BOND SYSTEM REPLACEMENT GRANT Sterling and Francine Clark Art Institute Williamstown, $25,000,000 ERH-Bryant, LLC Double Edge Theatre Great Barrington, $4,600,000 Ashfield, $4,000 Williams College Williamstown, $89,210,000 Earthdance Creative Living Project, Inc. FHS Holdings, LLC Plainfield, $4,000 Hatfield, $4,400,000 Williston Northampton School Easthampton, $8,760,000 Orchard Run Associates DEMOLITION MANAGEMENT Amherst, $3,000,000 TAX-EXEMPT INDUSTRIAL Holyoke Gas & Electric DEVELOPMENT BOND Holyoke, $3,900,000 Wason Avenue Partners III, LLC Springfield, $17,800,000 Ashfield Stone, LLC / Ashfield Stone MORTGAGE INSURANCE Manufacturing, LLC LOAN GUARANTEE SMALL FARM LOAN PROGRAM Shelburne, $2,493,000 New North Citizens’ Council, Inc. Weaver, Barbara & Ronald, d/b/a/ Deerfield Valley Realty LLC Springfield, $103,750 American Agro Products Montague, $1,400,000 Deerfield, $10,500 NEW MARKETS LOAN FUND WEST FY11 TOTAL: Thorn Industries, Inc. TAX-EXEMPT 501(C)(3) BOND Springfield, $450,000 FY11 TOTAL: Bement School, The PRE-DEVELOPMENT LOAN Deerfield, $2,200,000 Franklin County CDC Berkshire Healthcare Systems, Inc. Greenfield, $50,000 Williamstown, $30,000,000

31 32 Eric Carle Museum of Picture Book Art PRIVATE REAL ESTATE DEVELOPMENT Brien Center for Mental Health and Amherst, $7,433.16 Substance Abuse Services Kollmorgen Pittsfield, $3,000,000 Hancock Shaker Village Northampton, $20,000,000 Hancock, $400,000 Eastern States Exposition Wright Builders West Springfield, $8,900,000 Jacob’s Pillow Dance Festival Northampton, $7,000,000 Becket, $400,000 New North Citizens’ Council, Inc. Springfield, $933,750 The Trustees of Reservations REAL ESTATE DEVELOPMENT Stockbridge, $200,000 Trustees of College of 1550 Main—Building Improvements Our Lady of the Elms CULTURAL FACILITIES FUND— Springfield, $2,586,315 Chicopee, $4,950,000 FEASIBILITY TECHNICAL GRANT Village Hill Northampton—Infrastructure Trustees of Deerfield Academy Berkshire Carousel, Inc. Northampton, $657,000 Deerfield, $39,660,000 Pittsfield, $16,875 REAL ESTATE SERVICES Trustees of Mount Holyoke College Greenfield Community Holyoke, $45,470,000 College Foundation City of Chicopee Greenfield, $23,000 Chicopee, $115,000 Trustees of Mount Holyoke College Holyoke, $30,000,000 CULTURAL FACILITIES FUND— RECOVERY ZONE FACILITY BOND SYSTEM REPLACEMENT GRANT Sterling and Francine Clark Art Institute Williamstown, $25,000,000 ERH-Bryant, LLC Double Edge Theatre Great Barrington, $4,600,000 Ashfield, $4,000 Williams College Williamstown, $89,210,000 Earthdance Creative Living Project, Inc. FHS Holdings, LLC Plainfield, $4,000 Hatfield, $4,400,000 Williston Northampton School Easthampton, $8,760,000 Orchard Run Associates DEMOLITION MANAGEMENT Amherst, $3,000,000 TAX-EXEMPT INDUSTRIAL Holyoke Gas & Electric DEVELOPMENT BOND Holyoke, $3,900,000 Wason Avenue Partners III, LLC Springfield, $17,800,000 Ashfield Stone, LLC / Ashfield Stone MORTGAGE INSURANCE Manufacturing, LLC LOAN GUARANTEE SMALL FARM LOAN PROGRAM Shelburne, $2,493,000 New North Citizens’ Council, Inc. Weaver, Barbara & Ronald, d/b/a/ Deerfield Valley Realty LLC Springfield, $103,750 American Agro Products Montague, $1,400,000 Deerfield, $10,500 NEW MARKETS LOAN FUND WEST FY11 TOTAL: Thorn Industries, Inc. TAX-EXEMPT 501(C)(3) BOND Springfield, $450,000 FY11 TOTAL: Bement School, The PRE-DEVELOPMENT LOAN Deerfield, $2,200,000 Franklin County CDC Berkshire Healthcare Systems, Inc. Greenfield, $50,000 Williamstown, $30,000,000

31 32 ASSETS

Cash and Cash Equivalents $60,856,011 Investments 204,573,994 Investments in Joint Ventures 17,519,290 Loans Receivable, Net 80,831,787 Deferred Outflow Interest Rate Swap 15,972,927 Accounts Receivable and Other Assets 15,854,954 Project Escrow Deposits 2,294,374 BOARD OF DIRECTORS Predevelopment Projects, Net 1,508,331 REPRESENTING FY2011 Financing Costs, Net 7,355,141 Gregory P. Bialecki, Chair John F. Hurley Deferred Expenses, Net 2,004,156 Secretary, Executive Office of Housing President, Iron Workers District and Economic Development Council of New England Assets Held for Sale 138,840 Capital Assets, Net 247,567,718 Gerald D. Cohen, Vice Chair W. Estella Johnson TOTAL ASSETS $656,477,523 President, SF Properties, Inc. Director of Economic Development, City of Cambridge David M. Abromowitz Director, Goulston & Storrs, P.C. Dennis R. Kanin Co-Founder and Principal, LIABILITIES Christopher E. Goode New Boston Ventures LLC Accounts Payable and Accrued Expenses $7,195,142 Vice President, Global Corporate Affairs and Public Policy, EMC Corporation Richard Kronish Bonds, Notes, and Accrued Interest Payable 192,175,310 University of Massachusetts Boston Deferred Interest Rate Swap 15,972,927 Matthew J. Gorzkowicz (retired) Project Escrows 2,308,696 Massachusetts Executive Office for Administration and Finance Designee of Meghan T. Lynch Deferred Revenue 1,869,908 Secretary Jay Gonzalez Senior Analyst, ABT Associates, Inc. TOTAL LIABILITIES $219,521,983 Michael Hunter TOTAL NET ASSETS $436,955,540 Undersecretary, Massachusetts Office TOTAL LIABILITIES AND NET ASSETS $656,477,523 of Business Development

33 34 ASSETS

Cash and Cash Equivalents $60,856,011 Investments 204,573,994 Investments in Joint Ventures 17,519,290 Loans Receivable, Net 80,831,787 Deferred Outflow Interest Rate Swap 15,972,927 Accounts Receivable and Other Assets 15,854,954 Project Escrow Deposits 2,294,374 BOARD OF DIRECTORS Predevelopment Projects, Net 1,508,331 REPRESENTING FY2011 Financing Costs, Net 7,355,141 Gregory P. Bialecki, Chair John F. Hurley Deferred Expenses, Net 2,004,156 Secretary, Executive Office of Housing President, Iron Workers District and Economic Development Council of New England Assets Held for Sale 138,840 Capital Assets, Net 247,567,718 Gerald D. Cohen, Vice Chair W. Estella Johnson TOTAL ASSETS $656,477,523 President, SF Properties, Inc. Director of Economic Development, City of Cambridge David M. Abromowitz Director, Goulston & Storrs, P.C. Dennis R. Kanin Co-Founder and Principal, LIABILITIES Christopher E. Goode New Boston Ventures LLC Accounts Payable and Accrued Expenses $7,195,142 Vice President, Global Corporate Affairs and Public Policy, EMC Corporation Richard Kronish Bonds, Notes, and Accrued Interest Payable 192,175,310 University of Massachusetts Boston Deferred Interest Rate Swap 15,972,927 Matthew J. Gorzkowicz (retired) Project Escrows 2,308,696 Massachusetts Executive Office for Administration and Finance Designee of Meghan T. Lynch Deferred Revenue 1,869,908 Secretary Jay Gonzalez Senior Analyst, ABT Associates, Inc. TOTAL LIABILITIES $219,521,983 Michael Hunter TOTAL NET ASSETS $436,955,540 Undersecretary, Massachusetts Office TOTAL LIABILITIES AND NET ASSETS $656,477,523 of Business Development

33 34 160 FEDERAL ST., BOSTON, MA 02210 800.445.8030 www.massdevelopment.com

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