FACTS AND FIGURES
- Rockland Trust Community Development Corporation
- Rockland Trust Company
- 23% poverty rate
- Median income 42% of AMI
- Unemployment rate 1.64 times the national average
- Total project cost: $2.475 million
- NMTC financing: $2.25 million
- Renovated a 70,000 square foot historic building
- Created 25 new full-time jobs and 75 construction jobs
TRANSFORMING A 19TH CENTURY MILL TO HOUSE A WIND TURBINE MANUFACTURER
Founded in 1837, Borden & Remington is the oldest privately-owned chemical distributor in the country. Borden & Remington is located in Fall River, Massachusetts, a community on the southeastern coast of Massachusetts that was once the home of a vibrant textile industry and now faces one of the most challenged economies in the state. Borden & Remington works with textile processing companies, municipalities, power plants, and general manufacturing firms to help create sustainable water and energy solutions which benefit residents throughout New England.
Borden & Remington’s leaders have lived and worked in Fall River their entire lives and were dedicated to helping Fall River recover. In 2005 Borden & Remington purchased a 29-acre mill complex which contained 850,000 square feet of buildings in a “higher distressed” census tract with a 23% poverty rate, median income of 42%, and an unemployment rate 1.64 times the national average in an effort to transform the site into an innovative business destination for cutting-edge 21st century companies.
In order to attract those firms, Borden & Remington officials recognized the need to demolish more than 400,000 square feet of obsolete mill space which was below standards and too congested to meet the needs of contemporary business tenants. The development team at Borden & Remington looked to the New Markets Tax Credit (NMTC) program to fund a redevelopment project that would revive the complex, attract new businesses to the city, and create much needed jobs for local workers.
With a $2.25 million NMTC loan from Rockland Trust Community Development, Borden & Remington was able to revitalize a historic mill building in the complex for Arizona-based TPI Composites, Inc., a wind turbine manufacturer and industry leader in sustainable energy solutions. In addition to the TPI project, eight unsalvageable buildings were demolished to create 9-acres of development-ready parcels for future business expansions. For TPI, Borden & Remington oversaw the renovation of a 70,000-square-foot building, a project that resulted in the creation of 75 temporary construction jobs as well as 25 full-time jobs. The NMTC loan from Rockland Trust not only attracted a major manufacturer of renewable energy products to the site, but also helped to brand the site as an ideal location for innovative business expansions, fueling Fall River’s economic recovery.
Rockland Trust Community Development is a community development entity whose primary mission is to provide
investment capital to, and otherwise serve, low-income communities in Massachusetts and Rhode Island. Rockland Trust Community Development has been honored on four occasions with awards of tax credit allocation authority under the NMTC program and has used these awards to make NMTC loans at below