GLWIB Member Profile
Theresa Park
Director of Economic Development
City of Lowell
Economic Development Office
Phone: 978-446-7200
Website: http://www.lowellma.biz
Theresa is the Director of Economic Development for the City of Lowell. She has served in this role for two and a half years now. She previously worked in the cities of Newton and Cambridge in positions with a similar focus of economic development, as well as helping entrepreneurs grow while at the Cambridge Business Development Center. She is a downtown resident and enjoys her short commute to work everyday. Theresa received her Bachelor’s Degree from the University of Massachusetts Amherst in Business Administration. She also attended The George Washington University in Washington D.C. where she received her Master’s Degree in Urban and Regional Planning. Her academic background is supplemented with study abroad programs in Kenya and Norway. Theresa Joined the Greater Lowell Workforce Investment Board to better link the workforce need of Lowell businesses to GLWIB’s services and resources, particularly given the importance of having a well trained labor force in attracting new businesses and supporting growing ones.
Company/Organization Description
The Economic Development Office (EDO), which operates out of the City of Lowell’s Division and Planning and Development, works closely with partner organizations like the GLWIB, Lowell Financial & Development Corporation, the Lowell Small Business Assistance Center, Merrimack Valley Venture Forum, the Greater Lowell Chamber of Commerce, Inner City Entrepreneurs, and the U.S. Small Business Administration to provide comprehensive array of services to start-up and growth companies, as well as commercial developers. The EDO offers programs and services, or refers other resources that assist with business plan development, commercial site location, business permitting and licensing, financing business ventures, and procurement assistance.
How does the Office of Economic Development promote and attract businesses to Lowell?
The Economic Development Office works with companies and developers in a number of ways. The City of Lowell offers tax and credit incentives for a wide range of companies who are looking to locate in the city. Whether a business is a retailer, a high-tech company, or a manufactures, the EDO can connect with them with lenders, technical assistance providers, other local companies, and various other resources that will ultimately afford them greater competitive advantage.
The City has two federal designations that are particularly attractive to businesses. Being only one of 40 communities with the Renewal Community designation means access to accelerated depreciation for eligible development costs, employee tax credits and zero capital gains for qualifying assets. The HUBZone designation gives businesses a leg-up on procurement opportunities with federal agencies. The EDO works closely with businesses to identify and access benefits offered through the Commonwealth. For example, the EDO worked with National Development, developer of Lowe’s Home Improvement, to obtain a $1 million state grant to offset some of the public infrastructure improvement costs. To learn more about Renewal Community and HUBZone benefits or any other EDO services, you can visit their website at http://www.lowellma.biz or call (978) 446-7200.
The EDO also works with the retail community, many of whom are small mom and pop operations with limited resources, by building their capacity to be better retailers through the Best Retail Practices Program. The program is offered twice a year and is a three-part program that includes a workshop, an in-store consultation and a matching grant to undertake the recommended improvements. This program has been a very successful since its introduction in 2007; the next workshop is scheduled for Tuesday, September 22nd at 6PM. For additional information, send an email to bestretail@lowellma.gov.
What projects are currently underway?
The City of Lowell is on the cusp of great transformation. Abutting the core of downtown, the Hamilton Canal District development will witness private investment of $800 million over the next 10 years, leading to 2 million square feet of redevelopment and the creation of 400 permanent full time jobs. Evidence of change in the area is already visible – two buildings on Jackson Street were just demolished to make way for the new Trial Court.
The EDO is taking part in the City Manager’s Neighborhood Impact Initiative – a multi-departmental effort to improve the overall livability of Lowell neighborhoods. The Initiative recently kicked off on August 13, at Moulton Park for the Centralville launch where representatives from EDO and other departments were present to inaugurate this effort. The neighborhood of focus will change from year to year.
The EDO is working with MassDevelopment to host a Developer Conference on September 16th at 8AM. The event is expected to draw (+/-)100 people who are interested in learning more about development opportunities in the City. The conference will include a tour of key commercial properties in Lowell, and is intended for developers, architects, commercial brokers, investors and other development related fields.
Tentatively scheduled for Friday, October 16, 2009, the 2nd annual Made in Lowell event will commemorate the city’s industrial and commercial assets. This year’s event will highlight the creative economy businesses which encompass businesses ranging from software companies to landscape architects to artists.
An ongoing mission for Theresa and her staff is to continue getting the word out about the many ways that the EDO can help businesses achieve success. In communicating this message to businesses, the EDO has already taken considerable measures to do so. For one, the EDO Brochure is available in four different languages, English, Spanish, Portuguese, and Khmer, with the hopes of reaching the large, diverse populations of Lowell. They have also developed a quarterly newsletter which you can read by visiting the website http://www.lowellma.biz or by emailing Theresa with a request to be added to the distribution list. The website will also undergo a makeover and a user-friendlier version will soon be unveiled in the near future.