Worcester Business Journal

6 Worcester Business Journal | June 26, 2023 | wbjournal.com T H E T I C K E R 23 New employees Worcester energy efficiency technology startup Embue plans to hire with a $3.8-million loan from MassDevelopment Source: MassDevelopment 12th Locations for Whitinsville-based Koopman Lumber, after it opened one in Dennis in June, becoming its first Cape Cod store Source: Koopman Lumber $7.7 million Amount in contracts awarded to woman-owned or minority- owned subcontractors by the Worcester development The Cove, representing 18% of all contract amounts thus far Source: City of Worcester Fall Upcoming semester in which Clark University in Worcester will launch a pilot for an honors program, for which it received a $1-million anonymous donation in June Source: Clark University $5.9 billion Annual economic burden in Massachusetts on communities of color due to inequities in the healthcare system, including avoidable spending, lost productivity, and premature deaths Source: Blue Cross Blue Shield of Massachusetts Foundation 390 Main St. Address of the Slater Building in downtown Worcester, where WinnDevelopment is planning a mixed-use, mixed- income residential development Sources: WinnCompanies and Berkshire Bank 2019 Year that Brooke Thomson joined the advocacy organization Associated Industries of Massachusetts. She will take over for CEO John Regan at the end of the year. Source: Associated Industries of Massachusetts $2 million Amount of American Rescue Plan Act funding the City of Worcester will give to the United Way of Central Massachusetts to support food insecurity programs Source: City of Worcester B R I E F S pay and the termination was not related to a disagreement between either exec- utive and the company. In May, Akoya reported a loss of $18.8 million in the first quarter, despite record revenue. Madison begins $4.3M lease on Polar Park parking garage Across the street from its first near-complete apartment building, Boston developer Madison Properties has begun a lease on the Polar Park parking garage that will pay the City of Worcester $4.3 million in base rent over the next 20 years. In addition, Madison has taken con- trol of the land where it is planning to construct the delayed Le Field Build- ing life sciences project inside of the ballpark, which is all part of the com- plex land deal where Madison gave the City the property for the $160-million publicly-owned stadium in exchange for tax breaks and waived fees on five planned Madison developments. At least 100 parking spaces in the 348-space facility must be saved for public use. e lease stipulates Madison will enter into an agreement with the Worcester Red Sox for the availability of the garage for the Triple A minor league baseball team's home games. e parking garage was built using a $33-million government grant from the MassWorks program. Both property deals officially were completed for nominal purchase prices of $100 on May 15, and they are part of the previously agreed upon 2021 Land Disposition & Development Agree- ment between the WRA and Madison Properties. Additionally, the City of Worcester paid Madison $586,431.50 for the costs of garage equipment, including $160,162.13 to Connecti- cut-based LAZ Parking for equipment and a $7,800 allowance for caulking work. Under the lease price, Madison will pay Worcester $178,750 annually for the first five years, with additional payments in FY203 and FY2024 for previous use, according to the lease. From the sixth lease year through the 10th lease year, Madison Properties will pay $195,000 per year. Rent will increase by 2% each year aer that, and total $4.3 million over 20 years. In addition to rent, Madison will pay the City a debt service charge equal to 10% of the amount charged to monthly pass holders and a $1 fee for vehicles parking for longer than 2 hours. e lease term is for 20 years with the option to extend the initial term for four times for a total of 99 years. e parking garage is across the street from Madison's SOMA (South of Madison Apartments) housing com- plex. at $57-million development was originally planned to open at mid- 2020 as part of a five-building develop- ment plan from Madison around Polar Park, but all of those developments have been delayed. Construction at SOMA has been steadily ongoing and appears ready to hit its new targeted opening date of fall 2023. Notre Dame Academy names Pitcher its chief advancement officer Notre Dame Academy has appointed Sherri Pitcher its new chief advance- ment officer, making her responsible for philanthropy and engagement strategy at the private all-girls school in Worcester. Pitcher was most recently senior director of marketing and business development at construction firm Fon- taine Bros. in Worcester, and previously worked as senior vice president, chief LifeDesign officer for Leominster-based Fidelity Bank in Leominster. From 2014 to 2017, Pitcher was the Worcester Re- gional Chamber of Commerce's senior director of business development. e school began its search to fill the role in November, according to its website. e job posting indicates the position begins on July 1. Notre Dame didn't specify who Pitcher is replacing as chief advance- ment officer or if it is a new role at the school Notre Dame has enrollment of 267 for grades 7-12, according to data provided to the WBJ Research Depart- ment. e school was founded in 1951, has annual tuition of $17,040, and is the 11th largest private school in Central Massachusetts. Continued from previous page Sherri Pitcher, chief advancement officer at Notre Dame Academy

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