Partnerships and the Fiscal Implications of Planning and Development: A Case Study of Maynard, Massachusetts

Abstract

Redevelopment of urban sites is an ongoing concern for many communities in the industrial Northeast United States. While many mill sites still languish, examples of successful revitalization can be found. Most of these efforts require more than market conditions to make them viable. Partnerships between developers and the community and state are seen to be crucial. These public-private partnerships come in many forms, not always monetary.The detail and effectiveness of these partnerships often depend on the experience and expertise of developers and community professionals. Given that many of these communities have limited staff, agreements are often made quickly with a rather short-term perspective. This often leads to either side (most often the municipal side) not fully benefiting in terms of long-term impacts. Longitudinal studies to examine impacts over time are helping understand the complexities of these agreements and offer transferable lessons.This paper, a case study of public-private investment in an old mill complex located in Maynard, Massachusetts that was vacated in 1993, is intended to help communities consider those costs and benefits. It discusses the historical significance of the mill to the town, examines the rationale for investors to purchase the mill and their intentions in revitalizing the structures, describes the public-private agreements that were undertaken, analyzes the immediate impact of the resulting agreements, and examines the impact over the years.

Challenges, motivations, and desires of downtown revitalizers

“…Beyond struggles in convincing the public and local bureaucrats to support revitalization projects, many interview participants cited investor opinion as a significant hurdle in working within downtown Spokane. Interview participants frequently noted difficulties in securing funding for renewal projects, a long-standing problem as confirmed by Porter's (1995) study of inner-city revitalization work, and Kotval et al (2008) in their exploration of 1990s renewal projects in the American northeast. A Spokane developer notes the challenges in receiving loans: I've had to rely on lenders who were willing to say, "look at his track record and what he's done.…”