May 6, 2005
ROMNEY VOICES SUPPORT FOR CITYSQUARE REDEVELOPMENT
Calls for passage of economic stimulus bill to target capital to spur investment
WORCESTER – Standing at the site of the proposed CitySquare revitalization project, Governor Mitt Romney today pledged his support for the $500 million effort that will create up to 1,700 new jobs by replacing a virtually vacant downtown mall with commercial and residential development.
In order to get the project moving, Romney urged the Legislature to pass his economic stimulus bill, noting the CitySquare redevelopment will qualify for state support under the bill.
“By creating a neighborhood filled with housing and businesses, CitySquare has the potential to bring a new focus and vibrancy to the Worcester downtown area,” said Romney. “CitySquare is exactly the kind of project that my economic stimulus bill was designed to make happen.”
The CitySquare project, which calls for the transformation of the Worcester Common Fashion Outlets and part of a parking garage into a 2.2 million square foot mix of new commercial and residential space, is one of the largest private development projects undertaken in Massachusetts outside of the Boston area. The 20.2-acre site is adjacent to Union Station, City Hall and Worcester Medical Center. The proposal will include office, medical and retail space as well as 900 market-rate housing units. In addition, it will restore historic street patterns and a new plaza to create direct pedestrian access from Union Station to the heart of Main Street at City Hall.
The City of Worcester and site owner Berkeley Investments have identified $80 million in necessary infrastructure improvements for the project and have negotiated a district improvement financing (DIF) proposal for financing $55 million of the total cost. The City has requested $25 million in state infrastructure funding to support the project.
Romney pointed out that the economic stimulus package he filed earlier this year contains a program that could fund the $25 million in infrastructure improvements necessary for the CitySquare project. Under his plan, the Jobs Capital Fund will designate $200 million to help companies that create at least 100 new jobs. The program provides up to $20,000 for each job created, targeting the funds toward infrastructure improvements, such as curb cuts, sewer lines, traffic signals, access roads and highway ramps. The CitySquare project is expected to create 1,700 new jobs, therefore qualifying for Romney’s program.
“Our economy is on the upswing. Since the beginning of last year, we have created more than 30,000 new jobs. In March alone, we added another 5,600 jobs – our seventh straight month of job growth,” Romney said. “Let’s keep the momentum going by working together to pass another economic stimulus bill so we can keep Massachusetts competitive over the long run.”
In addition to the Jobs Capital Fund, Romney’s economic stimulus bill includes:
The Jobs Incentive Fund
This fund, worth $185 million over five years, will provide incentive payments of up to $10,000 per new job to companies that attract investment to Massachusetts and that add at least 100 new jobs over two years.
The Jobs Partnership Fund
This $100 million capital fund will be available to support partnerships between companies in growing industries that have a research contract with any Massachusetts university.
Romney’s plan also lowers unemployment insurance costs and streamlines permitting for businesses looking to relocate or expand in Massachusetts.
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