Selected Local and Regional Economic projects
Economic Development Strategy
City of Lynn, Massachusetts
The City of Lynn, Massachusetts is an older industrial city located on the waterfront in the North Shore region of Massachusetts within 10 miles of Boston. As with many urban centers in the Northeast, Lynn’s employment base has declined over the last twenty years, while regional employment increased. The downward trend in employment affected the City’s real estate tax base, as residential properties accounted for nearly 90 percent of total taxable assessment in 2004, up from 75 percent in 1985. It was also determined that Lynn was losing nearly $160 million in sales of consumer goods and services. In short, Lynn was transitioning from a regional economic center to a bedroom community. RKG Associates defined and quantified specific goals regarding new jobs, new housing units and new real estate tax revenue for both the short- and long-term. RKG Associates also recommended organizational changes within Lynn's municipal departments.
Public/Private Development Financing
South Weymouth, Massachusetts
A private sector developer, LNR, Inc., was chosen to redevelop the South Weymouth Naval Air Station into a major mixed-use project after the site was closed by the United States military. Because of the high upfront cost of site clean-up and infrastructure upgrades, the developer in conjunction with a local development authority sought public sector financing to help build a new access road. RKG Associates, Inc. was retained by the Commonwealth to evaluate the overall merits of the requested $42 million public sector investment. To do this, market research prepared by the developer and the developer's consultants was independently reviewed and evaluated. In addition, the developer's financial forecasts for the project were reviewed and evaluated. The Commonwealth is currently evaluating the merits of this project in light of the current economic downturn.
Westwood Station
Westwood, Massachusetts
Cabot, Cabot & Forbes has assembled a nationally recognized team to design and develop a 4.5 million square foot comprehensive mixed-use, transit-oriented development plan for a 117-acre site adjacent to the University Avenue/Route 128 MBTA/Amtrak station in the community of Westwood, Massachusetts. The Town was to review and permit the large and urban-oriented development. RKG was hired as the fiscal peer peview consultant to help the Town and its various boards and agencies understand the short and long-term impacts of the project and to negotiate a comprehensive development agreement that includes Tax Increment Financing for over $200 million in infrastructure development. RKG also advised the Town on other development financing mechanisms, including assessment-based financing permitted under special legislation.
Bedford Master Plan Update
Bedford, New Hampshire
Working with a large engineering and planning firm, RKG is completing the economic development chapter of the Town’s master plan. This is RKG Associates' third contribution to the Town's master planning document, having participated in the creation of the 1990 and 2000 editions as well. RKG’s current findings show that Bedford’s economic strategy will need to have both a short-term and long-term focus. The short-term focus will concentrate on existing business retention and economic stability, while long-term considerations will include insuring that properly zoned land, infrastructure, and workforce supplies are adequate to support sustained development in the future.