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Celebrating 50 Years of Growth, Jobs and Development 11 But the ensuing years brought a downturn in the economy, which precipitated an exodus from the City. Suburban malls drew retailers away from Main Street, manufacturers shuttered their businesses, companies relocated and residents moved to the outskirts of the City. A group of forward-thinking individuals sought a way to revitalize the downtown area and a 1965 leg- islative act provided the necessary impetus. en-Governor John Volpe signed the act, which created the Worcester Business Development Corpo- ration (WBDC) and sparked an era of new construc- tion, renovation and commercial expansion. With a mere $617,000 in financial support from local indus- tries, banks, utilities and businesses, as well as a gift of land from Norton Company, the organization was ready to begin rebuilding Worcester's economic foun- dation. Governor John Volpe helped to kickstart economic recovery in Worcester when he signed the bill that created the WBDC. The WBDC assisted with a $1.5 million loan to fund construction of the Marriott Hotel, which opened in 1982, later closed for renovations, reopened as the Crowne Plaza Hotel and was then sold to the Massachusetts College of Pharma- cy and Health Sciences (MCPHS). The WBDC became an authorized Certified Development Corporation (CDC), enabling it to assist small business owners invest in growing their companies through the SBA 504 Loan Program. Worcester Centrum opened. Construction of the Massachusetts Biotechnology Research Park with more than 1 million square feet of office and research space over 105 acres was completed; this was the country's first park dedicated to biotechnology sciences. Construction of the Beechwood Hotel and Conference Center was completed. The WBDC converted 121 acres of land in Shrewsbury and Grafton into CenTech Park, a technology park with 675,000 square feet of potential development. 1979 1982 * 1990 1981 1985 1994 * These projects represent milestones in Worcester's history; however, the WBDC was not directly involved in the planning or execution of these endeavors. continued on page 12