Fall River and surrounding towns are the next great hot spot for economic development and business expansion.
Our region offers low business costs, standardized permitting procedures, great access to transportation infrastructure, and an enthusiastic workforce.
From the current administration of the City of Fall River to the Fall River Office of Economic Development and the Fall River Area Chamber of Commerce and Industry, we work as a team in assisting businesses and entrepreneurs.
The Fall River region is changing before our eyes. As businesses are investing in the city, new jobs are being created and old industries are finding new ways to compete and grow. In both the 500-acre Fall River Industrial Park and the 160-acre Commerce Park, more than 60 businesses employ more than 6,000 men and women. Products ranging from medical sutures to LED lighting fixtures are designed and manufactured by such prominent international firms as Lightolier-Phillips, Blount Fine Foods, Raw Seafood, H&S Tool and Engineering, Rex-Cut Products and Matouk Fine Linens.
New to Fall River is the long awaited 300-acre Bio and Green technology park. The $28 million biomanufacturing facility that UMass Dartmouth is constructing off Route 24 in the BioPark is a catalyst for new jobs in the region. Officials described the UMD facility as the first of its kind in the country, and estimate the overall development of the park will create 8,000 jobs, benefiting the entire region.
Assisting in the development of the park is the recent completion of the Route 24, Exit 8A/B ramp project. An additional feature is the new 43D District pertaining to businesses locating in the BioPark, which standardizes the permitting process and allows for expedited review of potential tenant projects.
One-Stop Shop
A key player in Fall River’s business development efforts is the private, non-profit Fall River Office of Economic Development. FROED was established in 1978 as the city’s one-stop shop for economic development, with the very clear objectives of creating new jobs, retaining existing jobs, and assisting local businesses in their efforts to grow.
FROED offers an array of incentives to start-up, expanding and relocating businesses, including low-interest financing, tax exemptions, site selection assistance and connections with employee recruitment and training services. FROED also provides technical support for permitting, infrastructure, licensing and various other needs. These programs can be packaged with other private and public sector incentives. All FROED services are offered free of charge.
Another important factor is that Fall River has been designated an economic target area by the commonwealth; expanding businesses may apply for certified project status. These companies are eligible for local property tax exemptions (or tax increment financing); a state 5 percent investment tax credit; and a 10 percent abandoned building tax deduction. Since the program’s inception in 1994, Fall River has approved 40 deals for a diverse group of businesses, including Quaker Fabric Corp., Starwood Hotels & Resorts Worldwide and the Portuguese Cultural Center.
Waterfront, Downtown Districts
Fall River is also putting into action a comprehensive initiative aimed at developing the waterfront and business core.
Passage of the new waterfront zoning district is already encouraging companies wishing to gain a commercial foothold along the scenic Taunton River. Ferry service to Fall River from Block Island and other locations is under consideration, along with the establishment of a dinner train that would operate along the city’s waterfront. The city pier area is also being cleaned up, and is targeted for a marina, hotel or additional commercial development.
Ultimately, these incentives merely complement Fall River’s low business costs and unique collection of business advantages and natural resources. Real estate is inexpensive in Fall River and the surrounding towns when compared with other developed regions in Massachusetts and New England. Fall River’s tax, water and sewer rates are also among the lowest in the state. Massachusetts Electric and New England Gas Co. each offer competitively priced rates for reliable and efficient utility services. A state-of-the-art telecommunications network is being expanded upon with broadband through the CapeNet project.
But it is the people of Fall River who are the foundation for the city’s economic success. Fall River boasts a highly skilled and diversified workforce, the majority of them between the ages of 25 and 44. The city’s men and women are productive and highly motivated, and business training and educational programs are readily available. With strong partnerships that have helped bolster the city’s business development efforts, Fall River’s brightest days are just ahead.
Attorney Robert A. Mellion is president, CEO and general counsel of the Fall River Area Chamber of Commerce and Industry.
