DIVIDEND INVESTING 2011

Governor Deval Patrick this week joined state and local officials to announce a $490,000 MassDOT Transit Oriented Development (TOD) grant to the City of Somerville to fund bicycle and pedestrian improvements near the privately-funded, multi-family residential MaxPak development project.

"This important investment illustrates how prioritizing projects near public transportation can address the economic vitality of communities while creating private investments, and jobs today and for tomorrow," said Governor Patrick.

MassDOT's TOD Infrastructure and Housing Support Program ("TOD Bond Program") is intended to help create more compact, mixed-use, walkable development near transit stations. The TOD Bond Program provides financing for pedestrian improvements, bicycle facilities, housing projects and parking facilities within a quarter-mile of commuter rail, subway or bus stations, as well as ferry terminals.

The former 5.5-acre Brownfield site has been reclaimed and permitted as a TOD project for 199 residential units; 25 of which will be designated as affordable housing. The $50 million project is entirely funded by KSS Realty. Construction has started on the MaxPak site with demolition underway to prepare for construction of the first 15 housing units.

The MaxPak project is adjacent to the planned Green Line Extension, which will extend MBTA service to three densely-populated municipalities with high demand for public transit. The Green Line Extension is a significant economic development and transportation access improvement project for this key region of the Commonwealth.

As a result of the redevelopment of the MaxPak site, an extension of an existing Community Path is planned, encouraging alternative methods of transportation. The TOD grant funds a Community Path extension from Cedar Street to Lowell Street.

Learn more about Massachusetts Works.

A DC-10 Airtanker - Tanker 910 - streaks away from the Gap Fire in Goleta, California after dumping a load of fire retardant chemicals.

The DC-10 is a former American Airlines passenger jet that was modified and tested over a four-year development program by 10 Tanker Air Carrier LLC using extensive private investment capital. The tanker is currently leased on a “call when needed” basis by CDF at a cost of $26,500 per hour with a minimum use of three hours.

Three separate external tanks mounted along the centerline which can hold 50 tons of water or retardant and are balanced with baffles to prevent shifting while in flight. The tanks’ ground clearance is approximately 15 inches above the tarmac. The tanks can be re-filled concurrently on the ramp in eight minutes. Tanker 910 can dump as much as 12,000 U.S. gallons of retardant in as little as eight seconds.

Marc Liberts, July 05, 2008