Worcester Business Journal

wbjournal.com | June 11, 2018 | Worcester Business Journal 11 Member FDIC | Member DIF APY rates guaranteed through 1/31/19. All accounts will be converted to a Money Market Account on 2/1/19. A minimum deposit of $10,000 in new money is required to open this account. Rate may change after the account is opened. Fees could reduce earnings on the account. Only one account per social security number or EIN number. Daily Balances Of: $0.01 – 9,999.99 $10,000 – 49,999.99 $50,000 – 4,999,999.99 $5,000,000+ *Annual Percentage Yield 0.10% APY 1.75% APY 2.00% APY 1.75% APY Interest Rate 0.10% 1.74% 1.98% 1.74% BEST RATES AROUND. *$50,000 MIN BALANCE TO EARN THE APY 2.00% APY * Open an account now at countrybank.com/earn-up-money-market Draper mill timeline district, the level of frustration among town officials with the inactivity at the property is nearing its limit, Wesley said. Options to get any kind of activity go- ing could include a private transaction between Shwachman and a developer, a public-private partnership, or other less-attractive options like eminent domain, he said. "ere's a lot of potential in that area," said Town Administrator Steven Sette. "It's a matter of harnessing that and coming up with the right plan for the town." e newly formed Urban Renewal Committee is hoping to pick up where officials le off about a decade ago. Old plans revived For about three years starting in 2005, the Draper Reuse Committee held regular meetings with the public, Shwachman, and state and local officials to come up with resources to jumpstart a project. at group even facilitated visits from then Gov. Deval Patrick and federal officials. "We had the green light to go ahead," said Selectmen Lou Arcudi, saying a redevelopment project was just a few months and a few signatures from becoming a reality. en, the economy crashed, grant money dried up, and private partners took a step back. Before the Draper Reuse Com- mittee stopped meeting, the group was working off of a 2007 report from Boston-based Concord Square Development highlighted a mixed-use type of project, with possible housing, education, medical and retail uses. Now, that report is resurfacing as the town looks to make another effort not only at revitalizing the massive build- ing, but the entire downtown area. Deep pockets and a vision When told the town was going the route of an Urban Renewal Plan, Ted Carman, president of Concord Square Development, called it a good idea. e real difficulty with the site, Carman said, is the need for some- body with deep pockets and a massive line of credit to finance a potentially $300-million project. Because it is so large, the property is limited in how much state historic tax credits could help with a new development, as the 20-percent credit is capped at $50 million. Since the space is so massive, just one use would not able to support a poten- tially $300-million project, he said. A developer would need a combination of the various ideas over the years – hotel, office space, apartments, medical, retail – to make it financially viable. "It's going to take someone with a real imagination," Carman said. Sources: UMass Amherst, Milford Daily News, Town of Hopedale 1856-1886 E.D. and G. Draper Co. assumed ownership of Hopedale site, began constructing the mill and continuously enlarged it. 1956 Company services and utilities are disposed of; worker housing sold. 1967 Draper Corp. sold to Rockwell International. 1980 Rockwell International closed the Hopedale factory. 1990 First American Realty of Worcester purchased the mill and other property for $500,000. 1993 UMass Amherst researchers study potential reuses for the mill. 2005 Hopedale established Draper Reuse Committee. 2008-2009 Committee stopped meeting in midst of economic recession. 2018 Town formed Urban Renewal Committee to address the mill, other downtown properties. W

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