99 High Street, , MA 02110 800.445.8030 I MassDevelopment.com Annual Report 2016 One of my favorite economic-development quotations comes from Winston Churchill, who once said, “We shape our buildings, and afterwards our buildings shape us.” To shape and transform anything—land, buildings, neighborhoods, cities—those spaces must undergo a marked change in their form, nature, or appearance. While most people only see the outward physical construction of what Churchill describes, transformations need to encompass a steady and sustainable route from idea to reality in order to be truly effective. This report unwraps the many layers of that process for MassDevelopment: the plans, production, and projects our clients undertake to drive the Commonwealth’s economy forward. In , we are fortunate to have some of the country’s most creative and tireless minds working to shape and improve our landscape. Our Agency has seen that transformation take place for businesses, developers, manufacturers, municipalities, and nonprofits in places across the state. In the following pages, we highlight green technology incubators, lettuce growers, affordable housing, colleges and more, showing how key businesses and sectors have transformed their communities. But to understand how these buildings can positively shape us, as Churchill said, we may have to stop a minute and go for a walk. In her book “On Looking: A Walker’s Guide to the Art of Observation,” author Alexandra Horowitz writes about the joys of paying attention to the ordinary. “A walk barely has anything to do with planting one’s feet in a straight line,” she says. “A walk is, instead, an investigatory exercise that begins with energy and ends when (and only when) exhausted…It is archeology.” Once you have turned the final page of this report, I encourage you to lace up your shoes and absorb firsthand the transformative power these projects have across the Commonwealth. We have shaped the buildings. Now see how they can shape us.

Marty Jones Dean College MassDevelopment President and CEO Jeanne Geiger Crisis Center Finicky Pet Food

Bradstreet on Main Little Leaf Farm

Town of Orange

2 3 Growing minds, EXPANDING HOUSING.

Founded in 1865, Dean College is a private residential college serving nearly 1,400 students. To accommodate its growing student body, the College needed to create more housing. But where could the nonprofit institution find the capital? MassDevelopment issued a $4.5 million tax-exempt bond (purchased by Citizens Bank), allowing Dean College to buy a 36,000-square-foot mixed-use building with first-floor retail businesses underneath 21 apartments. Dean College provided safe, convenient housing for 75 students. The new facility and additional retail activity help both the College and downtown Franklin continue to grow.

“ MassDevelopment’s tax-exempt bond program is often the most cost-effective Dean College, Franklin way for colleges and universities to make needed improvements.”

— Joe Grivers, Investment Banking, MASSDEVELOPMENT

4 5 ANSWERING THE CALL to help end a national crisis.

The Jeanne Geiger Crisis Center in Newburyport is a nationally recognized leader in the effort to end domestic violence and provide care for victims. When the Center needed funds to modernize its telephone and computer systems, it turned to MassDevelopment. “ MassDevelopment is proud to support these nonprofits Our $97,000 TechDollars loan enabled the Center to upgrade its dated 24-hour crisis hotline, and their missions with programs like TechDollars.” install critical new technology, and continue the advocacy work for which it is known and admired. — Mike Galligan, Commercial Lending, MASSDEVELOPMENT The TechDollars program helps nonprofits purchase and install new technology equipment. And for the Center, that means a greater ability to help and support hundreds of victims of domestic violence each year.

Jeanne Geiger Crisis Center, Newburyport

6 7 ENGAGING A COMMUNITY to invest in its surroundings.

The Town of Orange wanted to build a small pocket park to help to reinvigorate a downtown space, inspire new investment, and support local businesses. But the Town lacked the resources Town of Orange, Orange to tackle a community-driven project of this scale. Our new Commonwealth Places program is designed for such projects. Through a partnership with the crowd-funding platform Patronicity, we saw the community raise $9,500 within 60 days to qualify for a matching grant. The park will feature new benches, lighting, and elevated garden boxes, as well as a walkway that leads to a food co-op. The park will transform a vacant property, excite businesses, and draw more people downtown.

“MassDevelopment is partnering with municipalities across Massachusetts to revitalize downtown areas and help deliver on their vision of dynamic urban living.”

— Amanda Maher, Municipal Services & Beth Murphy, Real Estate, MASSDEVELOPMENT

8 9 NURTURING SUCCESS for a farm of the future.

Little Leaf Farms grows lettuce in a fully automated, technologically advanced greenhouse. When the state-of-the-art farm needed land to put down stakes and funds to get up and running, it turned to our real estate and financing experts. MassDevelopment manages Devens, a business-friendly, master-planned community. We sold Little Leaf 14 acres of land in Devens, along with a $4.5 million loan. Devens’ tax incentives, 75-day permitting, and other tools to support businesses were critical for the “Our motto at MassDevelopment may be ‘Way to grow,’ but Paul Sellew budding farm. Construction is now complete, and Little Leaf is bringing high-quality, locally grown and the team at Little Leaf take this saying to the next level.” greens to supermarkets throughout the state. — Roy Angel, Commercial Lending & Mika Brewer, Real Estate, MASSDEVELOPMENT

Little Leaf Farms, Devens

10 Making a downtown area THE PLACE TO BE. Named for Simon Bradstreet, a colonial-era governor of Massachusetts, the Bradstreet School served children in North Andover until it closed in 2005. The downtown property sat vacant until recently, when a group of developers stepped forward to build a residential and commercial complex. “ Housing is in ever-increasing demand in the MassDevelopment provided two loans totaling $2,569,520 to Bradstreet Partners, LLC and Commonwealth. The SchoolHouse Apartments enhanced the deal with a loan guarantee. The funds are building Bradstreet on Main, are creating much-needed housing and jobs in an 18,000-square-foot complex that includes apartments and commercial space. this area, and helped revitalize a challenging site.” The project will transform an underused property into a vibrant hub of retail and residential activity. — Tony Fracasso, Housing Finance, MASSDEVELOPMENT

Bradstreet Partners, LLC, North Andover

12 13 Creating a SUNNIER FUTURE for a manufacturer.

Finicky Pet Food processes fish for suppliers and manufacturers in the pet food industry. To reduce soaring electricity costs, the company wanted to purchase and install solar panels Finicky Pet Food, New Bedford on the roof of its facility on Blackmer Street in New Bedford. MassDevelopment issued a $5,267,500 tax-exempt bond (purchased by Webster Bank) on behalf of the project, enhancing it with two export loan guarantees. The company’s canopy system solar installation includes its parking lot and adjoining land. The tax-exempt bond will enable Finicky Pet Food to invest in renewable energy, create 20 jobs, reduce operating costs, and devote more resources to delivering a high-quality product to the pet food industry.

“ Massachusetts manufacturers account for more than 10 percent of the state’s total economic output, and many of these companies struggle with the high cost of energy.”

— Veda Ferlazzo Clark, Manufacturing Program Initiatives, MASSDEVELOPMENT

14 Project listing Acushnet Barnstable Boston LifeStream, Inc. Cape Abilities, Inc. The Advent School Corporation Mortgage Insurance Guarantee Real Estate Loan Tax-Exempt 501(c)(3) Bond $180,000 $463,500 $8,982,000 Cape Abilities, Inc. LifeStream, Inc. Cape Abilities, Inc. Beverly Street Residential I Tax-Exempt 501(c)(3) Bond TechDollars 1B, LLC $1,800,000 $150,000 For-Profit Housing Bond CHANGING LIVES Cape Cod Art Association $85,750,000 Adams MassDevelopment issued two loans totaling $613,500 to Cape Abilities, Inc., a nonprofit Cultural Facilities Fund - Boston College High School human services organization in Hyannis. The loans—a $463,500 commercial real estate Topia Arts Center Feasibility/Technical Grant Tax-Exempt 501(c)(3) Bond Cultural Facilities Fund - $27,000 $46,122,280 loan and a $150,000 TechDollars loan—helped purchase and renovate a group home in Feasibility/Technical Grant Barnstable for people with autism. $22,132 Cape Cod Community College The Boston Conservatory Educational Foundation Cultural Facilities Fund - Amherst Manufacturing Futures Grant Capital Grant $9,977 $70,000 Museum Cultural Facilities Fund - Sturgis Library Boston Symphony Orchestra Capital Grant Cultural Facilities Fund - Cultural Facilities Fund - CropCircle Kitchen Jamaica Plain Arts and Massachusetts $380,000 Capital Grant Capital Grant Manufacturing Futures Fund Civic Center Historical Society $120,000 $400,000 Hitchcock Center, Inc. $47,750 Cultural Facilities Fund - Cultural Facilities Fund - Boston University Feasibility/Technical Grant Feasibility/Technical Grant Cultural Facilities Fund - Belchertown Dana Farber Cancer Institute Capital Grant Tax-Exempt 501(c)(3) Bond Tax-Exempt 501(c)(3) Bond $35,000 $30,000 $600,000 Belchertown Public $162,740,000 $233,195,000 Jamaica Plain Neighborhood Massachusetts Society for the Investment*** The Trustees of Hampshire Boston Youth Symphony Dimock Community Development Corporation Prevention of Cruelty to Animals Real Estate Development Brownfields Site Assessment Tax-Exempt 501(c)(3) Bond College $1,171,233 Orchestras, Inc. Health Center Tax-Exempt 501(c)(3) Bond Cultural Facilities Fund - Community Health Center Grant $36,000 $7,000,000 $15,000,000 Berlin Feasibility/Technical Grant $37,650 John F. Kennedy Library MassMEDIC $35,000 Northbrook Senior Limited Emmanuel College, Trustees of Foundation Manufacturing Futures Fund Aquinnah Partnership Boylston West Garage, LLC Tax-Exempt 501(c)(3) Bond Cultural Facilities Fund - $120,000 Aquinnah, Town of For-Profit Housing Bond Infrastructure Bond $188,235,000 Capital Grant NB Development Group, LLC Cultural Facilities Fund - $9,000,000 $10,000,000 $380,000 Infrastructure Bond Capital Grant Franciscan Hospital CareGroup, Inc. Lyman School Limited $32,410,000 $280,000 for Children, Inc. Beverly Tax-Exempt 501(c)(3) Bond Tax-Exempt 501(c)(3) Bond Partnership Neponset Health Center Harborlight House, LLC For-Profit Housing Bond Attleboro $220,515,000 $10,500,000 Community Health Center Grant For-Profit Housing Bond $5,335,000 $33,480 Attleboro Redevelopment CareGroup, Inc. Harbor Health Services, Inc. $4,000,000 Lyric Stage Company Authority Tax-Exempt 501(c)(3) Bond Tax-Exempt 501(c)(3) Bond New England Aquarium of Boston, Inc. Brownfields Remediation Harborlight-Stoneridge $230,070,000 $9,012,000 Cultural Facilities Fund - Montessori School, Inc. Cultural Facilities Fund - $217,203 Children’s Museum Capital Grant Tax-Exempt 501(c)(3) Bond Harvard Street Neighborhood Capital Grant Cultural Facilities Fund - $300,000 Attleboro Redevelopment $2,900,000 Health Center $20,000 Authority Capital Grant Community Health Center Grant New England Conservatory Madison Williams, LLC Brownfields Remediation Billerica $220,000 $50,000 of Music For-Profit Housing Bond Tax-Exempt 501(c)(3) Bond $730,147 Shawsheen Valley Regional Commglen, LLC Huntington Theatre Company $9,500,000 $16,050,000 Attleboro Redevelopment Vocational School For-Profit Housing Bond Cultural Facilities Fund - Marbury Terrace, Inc. Authority Manufacturing Futures Grant $25,780,000 Feasibility/Technical Grant Old North Foundation Tax-Exempt 501(c)(3) Bond Brownfields Remediation $10,000 Cottage Brook Housing $30,000 of Boston, Inc. $4,500,000 $769,853 Limited Partnership Isabella Stewart Gardner Cultural Facilities Fund - Massachusetts Eye and Feasibility/Technical Grant Triple Play Car Wash, LLC For-Profit Housing Bond Museum, Inc. Ear Infirmary $35,000 Mortgage Insurance Guarantee $30,950,000 Tax-Exempt 501(c)(3) Bond Tax-Exempt 501(c)(3) Bond $225,000 $26,675,000 $70,394,000

16 17 17 Partners Healthcare Spontaneous Celebrations, Inc. Brookline System, Inc. Cultural Facilities Fund - Dexter Southfield, Inc. Tax-Exempt 501(c)(3) Bond Capital Grant Tax-Exempt 501(c)(3) Bond $100,000,000 $15,900 $29,795,000 Partners Healthcare Trinity Ashmont Two Mixed-Use Town of Sandwich System, Inc. Limited Partnership Burlington Tax-Exempt 501(c)(3) Bond For-Profit Housing Bond Lahey Clinic Foundation, Inc. $423,990,000 $15,323,000 Tax-Exempt 501(c)(3) Bond PLANNING GROWTH Preparatory Foundation, Inc. Urbanity Dance, Inc. $234,515,000 MassDevelopment worked with the Town of Sandwich and other partners to develop Tax-Exempt 501(c)(3) Bond Cultural Facilities Fund - Massachusetts Technology a comprehensive, mixed-use master plan for its Marina District. The plan recommended $17,500,000 Capital Grant Leadership Council, Inc. improving access to the waterfront to attract more businesses, residents, and tourists. The Residences at Fifty West $20,000 Manufacturing Futures Grant Broadway, LLC USS Constitution Museum $128,000 For-Profit Housing Bond Cultural Facilities Fund - $46,194,716 Capital Grant Buzzards Bay DKST, LLC Rose F. Kennedy Greenway $70,000 Real Estate Loan Cultural Facilities Fund - Whittier Street Health Center $548,000 Jefferson Park Apartments, LLC Riverside Community Care, Inc. Capital Grant Community Health Center Grant Chilmark For-Profit Housing Bond Tax-Exempt 501(c)(3) Bond $200,000 $49,800 The Yard, Inc. Cambridge $30,809,000 Cultural Facilities Fund - $5,085,000 RTH Restoration Housing Brockton Frank J. Manning Metro North Regional Feasibility/Technical Grant Ursuline Academy Dedham, Inc. Limited Partnership Apartments, LLC Brockton, City of Employment Board, Inc. $30,000 Tax-Exempt 501(c)(3) Bond For-Profit Housing Bond For-Profit Housing Bond TDI Technical Assistance Manufacturing Futures Grant $16,000,000 $16,800,000 $42,000,000 $140,640 $10,000 Cohasset Simmons College Friends of Mount Auburn South Shore Art Center, Inc. Deerfield Brockton Neighborhood Health Port Landing Tenant, LLC Tax-Exempt 501(c)(3) Bond Cemetery Cultural Facilities Fund - Historic Deerfield, Inc. Center, Inc. For-Profit Housing Bond $34,595,000 Cultural Facilities Fund - Feasibility/Technical Grant Cultural Facilities Fund - Community Health Center Grant $4,900,000 Capital Grant $35,000 Capital Grant Southern Jamaica Plain $40,338 Health Center $130,000 Chelsea $30,000 Harbor Health Services, Inc. Concord Community Health Center Grant Harvard Museums of Cape Dairy, LLC Tax-Exempt 501(c)(3) Bond $27,340 Science & Culture Commercial Loan Emerson Hospital Devens $6,870,540 Cultural Facilities Fund - $4,580,000 Tax-Exempt 501(c)(3) Bond 78 Barnum Road, LLC Neponset Community $62,255,000 Loan Capital Grant Cape Dairy, LLC Services, Inc. $250,000 $270,000 Mortgage Insurance Guarantee The Protestant Guild for Human New Markets Tax Credits $111,111 Services, Inc. 78 Barnum Road, LLC $6,100,000 Tax-Exempt 501(c)(3) Bond Real Estate Loan Carter Street, LLC $14,000,000 $1,500,000 Real Estate Loan $327,183 Danvers Devens Private Investment Real Esate Development Chelsea Jewish Green North Shore Heritage $43,870,000 House, Inc. Associates, Inc. City of Revere Nonprofit Housing Bond Tax-Exempt 501(c)(3) Bond Devens Public Investment $17,050,000 $4,455,000 Real Estate Development $4,342,459 TND Homes I, LLC DRIVING CONNECTIVITY For-Profit Housing Bond Dedham Devens Properties The City of Revere hosted a daylong Urban Land Institute Technical Assistance Panel that $5,825,000 Mother Brook Arts and Annual Lease Revenue MassDevelopment sponsored. The TAP explored ways to improve connectivity in the Shirley Avenue Community Center $853,204 Cultural Facilities Fund - Transformative Development Initiative district, and focused on how to create a more vibrant Little Leaf Farms, LLC Capital Grant Commercial Loan and diverse retail experience for both residents and businesses. $210,000 $4,500,000 Noble and Greenough School Transitions at Devens Tax-Exempt 501(c)(3) Bond Annual Lease Revenue $25,935,000 $1

18 19 Easthampton Falmouth Franklin Cityspace, Inc. Cape Conservatory Dean College Cultural Facilities Fund - Cultural Facilities Fund - Tax-Exempt 501(c)(3) Bond Feasibility/Technical Grant Capital Grant $4,500,000 Greentown Labs $15,000 $82,000 Franklin Performing Arts Williston Northampton School Falmouth Artists Guild, Inc. Company, Inc. Tax-Exempt 501(c)(3) Bond Cultural Facilities Fund - Cultural Facilities Fund - EXPANDING POSSIBILITIES $24,564,308 Capital Grant Capital Grant MassDevelopment provided a $200,000 predevelopment loan to help Greentown Labs $75,000 $220,000 Fall River expand in Somerville. With plans to more than double its space to 93,000 square feet, Historic Highfield, Inc. the organization will be better positioned to serve as the largest cleantech incubator in the Children’s Museum Cultural Facilities Fund - Freetown of Greater Fall River Capital Grant 17 Ridge Hill Road country, enabling innovative entrepreneurs to solve energy and environmental challenges. Cultural Facilities Fund - $12,500 Freetown, LLC Capital Grant Mortgage Insurance Guarantee $187,100 Fitchburg $163,000 Healthfirst Family Care Fitchburg Art Museum Excel Recycling, LLC Center, Inc. Cultural Facilities Fund - Export Loan Guarantee - 70% Community Health Center Grant Capital Grant $500,000 Olde English Village The Mahaiwe Performing Harvard $41,648 $140,000 Preservation Arts Center, Inc. Fruitlands Museum, Inc. Gardner For-Profit Housing Bond Cultural Facilities Fund - Cultural Facilities Fund - Narrows Center for Fitchburg Historical Society $12,954,000 Capital Grant the Arts, Inc. Cultural Facilities Fund - Advanced Cable Ties System Replacement Grant Tax-Exempt Industrial $50,000 $7,000 Cultural Facilities Fund - Capital Grant Gloucester Capital Grant $19,000 Development Bond Saint James Place, Inc. Fruitlands Museum, Inc. Cape Ann Fisheries Building $100,000 $8,000,000 Cultural Facilities Fund - Cultural Facilities Fund - North Central Massachusetts Annual Lease Revenue Capital Grant Manufacturing Futures Grant Gardner, City of Feasibility/Technical Grant New Verdean, LLC $394,195 $500,000 For-Profit Housing Bond $10,000 TDI Technical Assistance $30,000 $9,890 Cape Ann Museum $7,236,000 Greenfield Framingham Cultural Facilities Fund - Haverhill Gardner, City of System Replacement Grant Community Health Center Performing Arts Center of TDI Technical Assistance Haverhill, City of $7,000 of Franklin County, Inc. TDI Technical Assistance Metrowest, Inc. $35,000 Community Health Center Grant Cultural Facilities Fund - Jodrey State Pier $12,000 Gardner, City of Annual Lease Revenue $49,800 Feasibility/Technical Grant TDI Technical Assistance Haverhill, City of $497,957 Franklin Hampshire Regional $15,000 $60,000 TDI Technical Assistance Ocean Alliance Manufacturing Futures Grant $44,000 $10,000 Cultural Facilities Fund - Haverhill, City of Capital Grant Greenfield, Town of TDI Technical Assistance $70,000 Brownfields Site Assessment/ $82,000 Rocky Neck Lobster Remediation Company I, Inc. $250,000 Hingham Gloucester Revolving Loan Fund ServiceNet, Inc. South Shore Conservatory $150,000 Tax-Exempt 501(c)(3) Bond Cultural Facilities Fund - $1,848,000 Capital Grant Massachusetts Innovation Bridge Rocky Neck Lobster Company I, Inc. $140,000 Gloucester Revolving Loan Fund Hamilton SHARING INNOVATION $160,000 Hamilton, Town of Holbrook Cultural Facilities Fund - Thomas Culhane MassDevelopment, in partnership with The MITRE Corporation, is helping to connect Great Barrington System Replacement Grant Mortgage Insurance Guarantee local innovators with federal agencies to solve the nation’s most difficult challenges. Community Health $7,000 $87,750 The Massachusetts Innovation Bridge helps the federal government to tap leading Programs, Inc. thinkers and innovative technology right here in the Commonwealth. Community Health Center Grant $19,944

20 21 Holyoke Ipswich Leominster H-C Management Services, Inc. YMCA of The North Shore Leominster, City of New Markets Tax Credits Tax-Exempt 501(c)(3) Bond Real Estate Services Technical $10,000,000 $6,150,000 Assistance Madison Park Development Corporation Holyoke, City of $7,750 Lawrence Brownfields Site Assessment/ The Lofts at City Place, LLC Greater Lawrence Community Remediation Commercial Loan TRANSFORMING NEIGHBORHOODS Action Council, Inc. $85,000 $790,000 Tax-Exempt 501(c)(3) Bond MassDevelopment issued a $9.5 million tax-exempt bond on behalf of Madison Williams, LLC, Holyoke, City of $4,010,000 Totally Green Bottles an affiliate of the Madison Park Development Corporation. The funds were used to redevelop Real Estate Services and Caps, LLC Lawrence 2101 Washington Street in Dudley Square, Roxbury. The new building will feature 30 rental Technical Assistance Equipment Loan CommunityWorks, Inc. apartment homes and ground-floor retail that are vital to community growth. $12,570 $420,000 Brownfields Remediation Holyoke, City of $207,847 Totally Green Bottles TDI Technical Assistance and Caps, LLC Lawrence General Hospital $96,362 Export Loan Guarantee - 70% Tax-Exempt 501(c)(3) Bond $294,000 Holyoke Medical Center $30,000,000 Tax-Exempt 501(c)(3) Bond Lynn Marblehead Merrimac $15,000,000 Merrimack Valley Habitat Lowell Lynn, City of Tower School In Marblehead, Inc. Merrimac Heights Academy for Humanity 24 Merrimack Street, LLC Holyoke Redevelopment TDI Technical Assistance Tax-Exempt 501(c)(3) Bond Commercial Loan Brownfields Remediation Mortgage Insurance Guarantee Authority $60,000 $15,000 $5,798,000 $425,000 Brownfields Remediation $1,272,000 Lynn, City of Merrimac Heights Academy $2,000,000 City of Lowell Department of Lenox TDI Technical Assistance Marshfield Mortgage Insurance Guarantee Planning & Development Massachusetts International Shakespeare & Co. $85,570 CIL Realty of Massachusetts, Inc. $75,000 Cultural Facilities Fund - Festival of the Arts Cultural Facilities Fund - Tax-Exempt 501(c)(3) Bond Capital Grant Cultural Facilities Fund - Capital Grant Malden $21,170,000 Methuen $300,000 Capital Grant $290,000 Cambridge Health Alliance Greater Lawrence Family $260,000 Lowell, City of Mattapoisett Ventfort Hall Association, Inc. Community Health Center Grant Health Center Manufacturing Futures Grant The Nemasket Group Inc. Cultural Facilities Fund - $50,000 Community Health Center Grant Hull $10,000 Tax-Exempt 501(c)(3) Bond Feasibility/Technical Grant Idle Hands Craft Ales $50,000 Hull Lifesaving Museum $1,725,000 $35,000 Owl Stamp Company, Inc. Equipment Loan Cultural Facilities Fund - Equipment Loan $340,000 Milford Capital Grant $50,000 Medford Planet Aid, Inc. $90,000 Idle Hands Craft Ales Bianco, Inc. Mortgage Insurance Guarantee Export Loan Guarantee - 70% Mortgage Insurance Guarantee $345,920 $238,000 $607,500 Malden Catholic High Bianco, Inc. Milton School, Inc. Tax-Exempt Industrial Curry College Tax-Exempt 501(c)(3) Bond Development Bond Tax-Exempt 501(c)(3) Bond $5,300,000 $5,128,000 $9,799,582 The Malden Young Men’s Community Alternative Curry College Harborlight Community Partners Christian Association Residential Environments, Inc. Tax-Exempt 501(c)(3) Bond Tax-Exempt 501(c)(3) Bond Tax-Exempt 501(c)(3) Bond $27,700,417 $3,875,000 $9,100,000 SUPPORTING SENIORS Monterey Mansfield MassDevelopment issued a $4 million tax-exempt bond on behalf of Harborlight House, LLC, Medway The Bidwell House, Inc. Mansfield Music & Arts Society an affiliate of Harborlight Community Partners. The organization is renovating an affordable senior Medway Historical Society Cultural Facilities Fund - Cultural Facilities Fund - Cultural Facilities Fund - Capital Grant living facility in Beverly, providing safe and comfortable housing for those who need it most. Feasibility/Technical Grant Capital Grant $30,000 $9,000 $25,000

22 23 Nantucket Finicky Pet Foods, Inc. Waterfront Historic Area Artists Association of Nantucket Tax-Exempt Industrial League, Inc. Cultural Facilities Fund - Development Bond Real Estate Loan Capital Grant $5,267,500 $500,000 $480,000 New Bedford Area Chamber Jarvis Surgical of Commerce Newburyport Natick Manufacturing Futures Grant Firehouse Center for the Arts Museum of World War II, Inc. $10,000 Cultural Facilities Fund - BOOSTING MANUFACTURING Cultural Facilities Fund - Capital Grant New Bedford Art Museum $140,000 MassDevelopment issued a $2.2 million bond to help Jarvis Surgical expand its facility in Feasibility/Technical Grant Cultural Facilities Fund - Westfield. The medical device manufacturer plans to build a 15,000-square-foot addition, $35,000 Jeanne Geiger Crisis Center Capital Grant buy new manufacturing equipment, and create 24 jobs. $12,000 TechDollars Needham $97,000 New Bedford, City of Walker, Inc. TDI Technical Assistance Tax-Exempt 501(c)(3) Bond Newton $40,500 $8,000,000 Beaver Country Day School, Inc. Rotch-Jones-Duff House Tax-Exempt 501(c)(3) Bond New Bedford and Garden Museum $13,000,000 Cultural Facilities Fund - Alma Del Mar Foundation, Inc. Lasell College Capital Grant Charter School Loan Tax-Exempt 501(c)(3) Bond North Adams Northampton Pittsfield $30,000 $1,952,000 $10,000,000 Latent Productions, LLC Northampton Community Berkshire Community College Waterfront Historic Area Brownfields Site Assessment Arts Trust, Inc. Manufacturing Futures Grant Alma Del Mar Foundation, Inc. Leventhal-Sidman Jewish League, Inc. $94,895 Cultural Facilities Fund - $10,000 Tax-Exempt 501(c)(3) Bond Community Center Commercial Loan Capital Grant $9,760,000 Cultural Facilities Fund - Latent Productions, LLC Berkshire Historical Society $500,000 $140,000 Alma QALICB, Inc. Capital Grant Pre-Development Loan Cultural Facilities Fund - New Markets Tax Credits Waterfront Historic Area $150,000 $100,000 Village Hill Northampton Feasibility/Technical Grant League, Inc. Private Investment $24,000 $12,000,000 Longyear Museum Cultural Facilities Fund - North Andover Real Estate Development Finicky Pet Foods, Inc. Cultural Facilities Fund - The Berkshire Theatre Group Feasibility/Technical Grant Bradstreet Partners, LLC $3,792,500 Export Loan Guarantee - 70% Capital Grant Cultural Facilities Fund - $17,000 Commercial Loan $200,000 $500,000 Village Hill Northampton Capital Grant Waterfront Historic Area $1,108,750 Public Investment $360,000 Finicky Pet Foods, Inc. William James College League, Inc. Bradstreet Partners, LLC Real Estate Development Export Loan Guarantee - 70% Tax-Exempt 501(c)(3) Bond Pittsfield, City of Pre-Development Loan Commercial Loan $91,459 $500,000 $18,400,000 TDI Technical Assistance $77,350 $1,460,770 $97,330 Norton Bradstreet Partners, LLC North Cottage Program, Inc. Placemaking Mortgage Insurance Guarantee TDI Technical Assistance $419,087 Tax-Exempt 501(c)(3) Bond $1,500,000 $12,300 North Attleboro Peabody Provincetown Hockomock Young Men’s Peabody, City of Lower Cape Communications, Inc. Christian Association, Inc. Cultural Facilities Fund - Tax-Exempt 501(c)(3) Bond TDI Technical Assistance Village Hill Northampton $100,000 Feasibility/Technical Grant $12,105,000 $25,000 North Attleboro, Town of Pepperell Provincetown Center for ANSWERING NEEDS Brownfields Site Assessment Lexvest Chapel, LLC Coastal Studies MassDevelopment turned to Grantham Group, LLC to build an 83-unit assisted living facility $80,500 Real Estate Loan Cultural Facilities Fund - at Village Hill Northampton, where the Agency is acting as master developer. With 43 units North Attleboro, Town of $2,250,000 Capital Grant $350,000 designated for low-income seniors, residents can enjoy private apartments, prepared meals, Brownfields Site Assessment Masy Systems, Inc. $96,500 social activities, personal care assistance and more. This latest project is a wonderful addition Equipment Loan Provincetown, Town of North Central Inds. Land $1,000,000 Real Estate Services to the vibrant, mixed-use development. Technical Assistance Real Estate Services Technical Masy Systems, Inc. $6,250 Assistance Export Loan Guarantee - 70% $96,108 $500,000

24 25 Quincy Peabody Essex Museum, Inc. Greentown Labs, Inc. Springfield Stockbridge Waltham 10 Winter Street Limited Tax-Exempt 501(c)(3) Bond Pre-Development Loan 1550 Main** Chesterwood Museum and Atentiv, Inc. Partnership $55,000,000 $200,000 Annual Lease Revenue Estate Emerging Technology Fund Loan For-Profit Housing Bond Notch Tap Room, LLC Somerville Arts Council $1,226,426 Cultural Facilities Fund - $3,000,000 $11,381,000 100% Export Loan Cultural Facilities Fund - Baystate Academy Charter Capital Grant Bentley University Quincy Planning & Community $425,000 Capital Grant Public School $190,000 Tax-Exempt 501(c)(3) Bond Development Notch Tap Room, LLC $460,000 Charter School Loan Stockbridge Library Association $36,225,000 Cultural Facilities Fund - Export Loan Guarantee - 70% Visiting Nurse Communities, Inc. $437,958 Cultural Facilities Fund - Capital Grant $297,500 Nonprofit Housing Bond Baystate Medical Center, Inc. Capital Grant Wareham $190,000 $4,057,000 Tax-Exempt 501(c)(3) Bond $600,000 Wareham, Town of Salisbury $20,000,000 Brownfields Site Assessment Revere Salisbury, Town of South Hadley Stoughton $97,500 Human Resources Unlimited Revere, City of Brownfields Remediation Trustees of Mount Holyoke Friends of the State Theatre Tax-Exempt 501(c)(3) Bond TDI Technical Assistance $100,000 College Cultural Facilities Fund - Watertown $2,800,000 $50,000 Tax-Exempt 501(c)(3) Bond Feasibility/Technical Grant Arsenal Center for the Arts Sandwich $26,000,000 New England Public Radio $30,000 Cultural Facilities Fund - Rockport Sandwich, Town of Foundation, Inc. Capital Grant Windhover Performing Real Estate Services South Weymouth Cultural Facilities Fund - Taunton $31,100 Capital Grant Arts Center Technical Assistance South Shore Hospital, Inc. Crancarp Limited Partnership Atrium School, Inc. $110,000 Cultural Facilities Fund - $4,200 Tax-Exempt 501(c)(3) Bond For-Profit Housing Bond Mortgage Insurance Guarantee System Replacement Grant $20,000,000 Regional Employment Board of $6,000,000 $480,000 $7,000 Sheffield Hampden County, Inc. South Shore Hospital, Inc. Taunton, City of Atrium School, Inc. Berkshire School, Inc. Manufacturing Futures Grant Real Estate Services Salem Tax-Exempt 501(c)(3) Bond Tax-Exempt 501(c)(3) Bond Tax-Exempt 501(c)(3) Bond $117,245,000 $8,393 Technical Assistance Congress Street Residences $4,320,000 $13,385,000 Sabis International Charter $7,750 Limited Partnership William B. Rice Eventide School Wellesley For-Profit Housing Bond Somerville Home, Inc. Taunton Private Investment Nonprofit Housing Bond Tax-Exempt 501(c)(3) Bond Real Estate Development Babson College $12,997,900 Community Action Agency $48,000,000 $34,935,000 $1,225,000 Tax-Exempt 501(c)(3) Bond Deacon Giles Distillery of Somerville, Inc. Springfield, City of $23,285,000 Equipment Loan Tax-Exempt 501(c)(3) Bond Taunton Public Investment Southbridge TDI Technical Assistance $150,000 $1,383,000 Real Estate Development Babson College Desforges, Peter A. & Deborah $90,000 $6,811,000 Tax-Exempt 501(c)(3) Bond Deacon Giles Distillery Greentown Labs, Inc. Real Estate Loan Springfield College $37,000,000 Export Loan Guarantee - 70% Manufacturing Futures Grant $502,493 Tax-Exempt 501(c)(3) Bond Truro $105,000 $95,000 $63,125,000 Truro Center for the Arts Wenham at Castle Hill Springfield Technical Community Wenham Museum Cultural Facilities Fund - College Assistance Corporation Cultural Facilities Fund - Capital Grant Real Estate Loan Capital Grant $600,000 $1,000,000 $16,875 State Pier Study Uxbridge West Stockbridge Real Estate Services Venture Community Services, Inc. West Stockbridge Historical WGM Fabricators Technical Assistance Tax-Exempt 501(c)(3) Bond Society $70,000 $2,330,000 Cultural Facilities Fund - FORGING PARTNERSHIPS Western New England University Capital Grant MassDevelopment partnered with the Bank of Rhode Island to provide $7.5 million in financing Tax-Exempt 501(c)(3) Bond $40,000 $35,775,000 for WGM Fabricators, a manufacturer of customized architectural glass products in Whitinsville. West Tisbury The $5 million bond was enhanced by a mortgage guarantee. The funds enabled WGM to WGBY Channel 57 Cultural Facilities Fund - Polly Hill Arboretum, Inc. relocate its headquarters from Rhode Island to a new facility in Massachusetts, allowing the Capital Grant Cultural Facilities Fund - company to expand its workforce. $100,000 Capital Grant $200,000

26 27 Greentown Labs, Somerville Westfield Williamstown UMass Memorial Jarvis Surgical, Inc. Sterling and Francine Clark Healthcare, Inc. Tax-Exempt Industrial Art Institute Tax-Exempt 501(c)(3) Bond Development Bond Tax-Exempt 501(c)(3) Bond $168,785,000 $2,200,000 $20,160,000 Quinsigamond Community Westfield, City of Manufacturing Futures Grant Real Estate Services Winthrop $10,000 Technical Assistance Winthrop, Town of Washington Heights $7,750 Real Estate Services Preservation Limited Partnership Technical Assistance For-Profit Housing Bond Weston $100,000 $28,000,000 The Cambridge School Harborlight House, Beverly Woburn Worcester Business Christopher Heights, Village Hill Northampton of Weston, Inc. Development Corporation LH Enterprises, LLC Tax-Exempt 501(c)(3) Bond Brownfields Site Assessment/ Equipment Loan $9,000,000 Remediation $500,000 The Meadowbrook School $1,943,800 of Weston, Inc. Worcester Worcester Center for Tax-Exempt 501(c)(3) Bond 180 Main Street Associates, LLC Performing Arts $20,000,000 Real Estate Loan Cultural Facilities Fund - $2,446,912 Capital Grant Westwood $600,000 Westwood Marketplace Biomedical Research Worcester, City of Holdings, LLC Models, Inc. Real Estate Services Infrastructure Bond Emerging Technology Fund Loan Technical Assistance $9,020,000 $250,000 $10,000 Biomedical Research Whitinsville Models, Inc. Worcester, City of WGM Fabricators, LLC Emerging Technology Fund Loan TDI Technical Assistance Export Loan Guarantee - 70% $750,000 $90,500 $471,592 Biomedical Research Worcester Polytechnic Institute Laddawn, Devens WGM Fabricators, LLC Models, Inc. Tax-Exempt 501(c)(3) Bond Mortgage Insurance Guarantee Equipment Loan $43,035,000 Emerson Green, Devens $440,000 $170,000 The Young Men’s Christian WGM Fabricators, Whitinsville WGM Fabricators, LLC Clark University Association of Central Other Guarantee Tax-Exempt 501(c)(3) Bond Massachusetts $471,592 $17,895,000 Tax-Exempt 501(c)(3) Bond $22,745,000 College of The Holy Cross Whitman Tax-Exempt 501(c)(3) Bond Yarmouth Whitman, Town of $35,520,000 Brownfields Site Assessment The Cultural Center of $35,900 Family Health Center of Cape Cod, Inc. Worcester Cultural Facilities Fund - Wilbraham Community Health Center Grant Capital Grant $50,000 Lower $120,000 Educational Collaborative Joy of Music Program ** Excludes reimbursement income Urban Land Institute TAP, Revere Tax-Exempt 501(c)(3) Bond Cultural Facilities Fund - *** Excludes staff salaries $12,075,000 Capital Grant $130,000

Jarvis Surgical, Westfield

Madison Park Development Corporation, Roxbury

28 Mass Innovation Bridge, Boston 29 Consolidated statement of

Fiscal Year 2016 (as of June 30, 2016)

Assets Cash and cash equivalents $ 49,825,174 Jay Ash CHAIR Secretary, Executive Office of Housing and Economic Development Investments 209,812,831 Investment in joint ventures 8,091,975 Gerald D. Cohen VICE CHAIR Loans receivable, net 105,274,946 Founder and Principal, SF Properties, Inc. Interest receivable 4,691,657 James E. Chisolm Accounts receivable and other assets 11,485,130 Vice President of Business Development, Waypoint Project escrow deposits 1,010,564 Karen Grasso Courtney Predevelopment and Brownfields receivables, net 1,936,115 Founder and Executive Director, Foundation for Fair Contracting of Massachusetts Capital assets, net 108,230,494 Keon T. Holmes Total assets $ 500,358,886 Managing Director, Cambridge Associates

Liabilities and net position Dennis R. Kanin Co-Founder and Principal, New Boston Ventures, LLC Accounts payable and accrued expenses $ 9,017,663 Bonds payable 6,753,919 Brian Kavoogian Founder and President, Charles River Realty Investors Loans payable 25,000 Advances from the Commonwealth 9,508,254 Rachel Madden Accrued interest payable 271,728 Undersecretary, Executive Office for Administration and Finance Project escrow payable 1,121,235 Patricia McGovern Other liabilities 8,539,373 Attorney, Former State Senator Total liabilities $ 35,237,171 Christopher P. Vincze Chairman and CEO, TRC Companies, Inc. Net position $ 465,121,714 Total liabilities and net position $ 500,358,886

30 31 99 High Street, Boston, MA 02110 800.445.8030 I MassDevelopment.com Annual Report 2016