Manchester, NH – The Manchester Development Corporation (MDC) held their Annual Meeting last Friday at Public Service of New Hampshire in Manchester to bring higher visibility to the organization and showcase their list of accomplishments and encourage future development in Manchester. MDC is a nonprofit economic development arm of the City of Manchester whose mission is to promote the growth and prosperity of the City by investing in economic development projects and activities within Manchester. MDC is staffed by the Manchester Economic Development Office (MEDO). The annual meeting featured a keynote address by Jim Brett, President and CEO of the New England Council, a screening of the MDC video “Changing Views of Manchester” and the presentation of the first MDC Partners in Progress Award.
“Manchester is thriving and MDC has played a crucial role in the development of the City”, stated Mayor Ted Gatsas during his welcoming remarks. MDC Board Chairman Newton Kershaw III moderated the annual meeting which was attended by bankers, business owners, developers and other members of the business community from around the state. “The purpose of this annual meeting was to let the business community know that the MDC is looking to form new strategic partnerships that will lead to further development and job creation in Manchester. We are excited for future opportunities to partner with developers and businesses and offer assistance to help move projects forward that are in the best interest of Manchester,” stated Kershaw.
The MDC video titled “Changing Views of Manchester” explained the history of the MDC and highlighted the past accomplishments and achievements of the organization. Prior MDC investments have helped finance the rehabilitation of important downtown landmarks such as the Chase Block, Dunlap Building and McQuades Building, as well as the recent expansion of Benefit Strategies on Elm Street. MDC has also supported the City’s marketing efforts, the Revolving Loan Fund and several other important economic development, planning and infrastructure related initiatives.
“Without MDC this project would not have happened”, stated Dick Anagnost, Owner of Anagnost Companies, when asked about MDC’s role in the rehabilitation of the Chase Block. “MDC plays a special role in the development community. They are the lender of last resort that comes in and saves the day. What MDC does is make projects that just need a little more help a reality.” MDC’s most recent achievement was a $500,000 development loan to Germania Front, LLC, a joint venture partnership between Alta Properties and Roedel Companies. The loan was the final financial piece needed to complete the construction and renovations of the former Clarion Hotel located on the Amoskeag traffic circle off I-293 Exit 6 into The Falls Center and La Quinta Inn and Suites which opened earlier this month. The MDC video can be viewed by visiting www.yourmanchesternh.com/mdc.
The Partners in Progress Award was created to recognize an individual or company that partnered with the MDC on a project that had a significant economic impact on Manchester. The first Partners in Progress Award recipient was Paul Smith, owner of Benefit Strategies, a benefit employee administration company. Paul founded Benefit Strategies in Bedford in 1989 and first worked with MDC in 2002 when his company relocated to the historic Dunlap Building in downtown Manchester. The rehabilitation of the Dunlap Building was made possible with the assistance of a loan from MDC. In 2010, Paul once again worked with MDC to secure a loan to purchase the one-story building next to the Dunlap building and construct a 4-story addition that allowed Benefit Strategies to continue its growth in the City.
“The story we hear over and over again is that without assistance from the MDC, significant development projects in Manchester would not have happened. The MDC is a valuable economic development tool for the City and we encourage individuals or companies looking to invest in development projects in Manchester to contact our office”, stated MEDO Director Jay Minkarah.
For more information on the Manchester Development Corporation or to discuss possible partnerships on development projects within the City, please contact Jay Minkarah, Manchester Economic Development Office, at (603) 624-6505 or visit www.yourmanchesternh.com/mdc.