The Baker administration recently awarded $1.8 million for the inaugural round* of the Site Readiness Fund Program.
The program was enacted in the 2016 Economic Development Bill, authorizing a $15 million to provide vital resources to municipalities, developers and community development corporations to increase the inventory of development-ready sites across the commonwealth.
The grant will fund a planning and engineering team to assess the development potential of 432 acres of vacant land near Exit 15 off Route 2.
“The commonwealth continues to be a competitive place to do business, and this program supports local goals that drive growth and job creation,” Gov. Charlie Baker in a statement. “We are pleased this funding will increase the resources available for municipalities and their partners to attract investment and job growth in communities across Massachusetts.”
“Putting what resources we can into converting project-ready sites for new and existing Massachusetts companies makes great sense,” Senate President Stan Rosenberg said in a statement.
The Site Readiness Fund Program is designed to boost the commonwealth’s inventory of large, well-located, project-ready sites; accelerate private-sector investment in industrial and commercial projects and support conversion of abandoned sites and obsolete facilities into clean, actively-used, tax-generating properties. MassDevelopment administers the program on behalf of the commonwealth, and 14 grants were issued in this first year to 11 communities across the state and one entity representing Metro Boston.
“The Site Readiness Fund Program jump-starts economic development by triggering the first step in the process,” Secretary of Housing and Economic Development Jay Ash said in a statement. “Having sites ready for development when businesses, restaurants and retailers come calling is essential to job creation and the revitalization of communities.”
*CORRECTION, 6/29 9:10 a.m.: This article, as it appeared on 6/28, incorrectly stated that $1.8M was awarded to a single development in Orange. $1.8M is the total amount awarded in this first year of grants.
