Worcester Business Journal

wbjournal.com | February 6, 2017 | Worcester Business Journal 7 If it's important to you, it's important to us. From a full range of cash management services to bankers who understand your business, Webster Five helps you succeed at both work and life. web5.com/business What's important to Sarah: R Bankers who understand the accounting industry R Mobile banking for easy account access R Services that save her time so she can balance the books ...and her life. KHJ23296_WEB-363_BizBanking_Print_5.875x11.25_Sarah_MECH.indd 1 1/25/17 5:40 PM Foundation's $250K to study cultural center The Architectural Heritage Foundation in Boston has reached an agreement with the City of Worcester to conduct a $250,000 study on converting the Worcester Auditorium can into a cul- tural and commercial cen- ter. The auditorium board of trustees must approve the deal for the feasibility study to move forward, although that isn't expected to be a problem, said Michael Traynor, the city's chief development officer. While the one-year study is ongoing, the city will not explore other uses for the property. AHF, which was founded in 1966 to explore saving Boston's historic buildings and was grant- ed stewardship of Boston's Old City Hall, wants to see if the auditorium can be made into an arts center with commercial uses. Marlborough commercial vacancy hits five-year low Marlborough's commercial vacancy rate fell 17 percent in 2016 to a five-year low, after over two dozen companies either moved to Marlborough or expanded within city limits. The city's commercial vacancy rate hit 10 per- cent at year's end, according to the Marlborough Economic Development Corporation's 2016 annual report. The 25 companies that either moved or expanded in Marlborough occupied more than 295,000 square feet and added more than 400 jobs. In 2015, about 12 businesses relo- cated or expanded in Marlborough. Mass. Life Sciences Center offers new startup money The Massachusetts Life Sciences Center (MLSC) announced a new program to provide grant funding to early-stage life. The Massachusetts Ramp-Up Program will provide supplemental grant funding, on a com- petitive basis, to companies that have been awarded Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) Phase I grants or contracts. Up to $3 million is available in the inaugural round of the program, with individual awards of up to $300,000 available. The application dead- line is March 28. Webster insurer MAPFRE announces new CEO Webster insurer MAPFRE U.S.A. announced in January that Alfredo Castello officially succeeded Jaime Tamayo as president and CEO of the com- pany's North American region. Castelo joined MAPFRE in 2004 as a deputy manager and in 2010 was appointed third vice chairman of the global businesses management committee. Michael Traynor, Worcester chief development officer W

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