Massachusetts Development Finance Agency

The meeting included a President/CEO report noting that MassDevelopment was not awarded a New Markets Tax Credit allocation in the recent round, progress on two Executive Vice President searches (Real Estate nearing completion, Devens search moving to interviews), updates on the DRIVE Initiative, and activity on the SHIELD Initiative. The President also reported on co-hosting a small business outreach event in Pittsfield. The Real Estate Development & Operations Committee reviewed routine items and capital needs at the Piers. Consent agenda items approved included the authorization to enter into House Doctor Agreements with engineering and architectural firms, acceptance of Bradley Circle as a public way in Devens, and the final approval for the Springfield Crossing DIF Invested Revenue District financing. Strategic discussions covered Agency Organizational Health, focusing on core values, 2025 achievements, and departmental highlights, as well as a Board & Operational Governance Review and Refresh to propose updates to committee structure and delegated authority.

Anticipated topics for the meeting include the President/CEO's Report and reports from the Real Estate Development & Operations Committee, including the report from its meeting on January 13, 2026. The Consent Agenda includes authorization to enter into House Doctor Agreements with procured engineering and architectural firms, and the acceptance of Bradley Circle and a portion of the Grant Road Right of Way Layout at Devens. Bond transactions listed for final approval include $8,000,000 for Springfield Crossing DIF Invested Revenue District. Informational items cover the Delegated Authority Summary for Lending, the Quarterly Report for Real Estate, and the Media Report for December. Strategic discussions are planned regarding Agency Organizational Health and Board & Operational Governance Review and Refresh.

The Board meeting included reports from the President/CEO covering organizational updates, noting that the January meeting will focus on organizational health and Board governance, including by-law and charter updates. Key project discussions involved the CY2026 Volume Cap allocation, which increased to $260M, and the application for an $80M New Market Tax Credits allocation. The Agency is also proceeding with setting up the 501(c)(3) entity for the DRIVE Initiative. Committee reports covered Lending Capital Matching Grant Program recommendations, Devens real estate items, approval of final FY2025 audited financial statements, and a Compensation Committee discussion on adding Secretary Paley. The Consent Agenda included the approval of the November 13, 2025 Board meeting minutes, authorization for Lending Capital Matching Grant Program awards totaling $2.7 million, authorization for security and video surveillance system installation at the Devens Public Safety Building, and authorization to purchase a new fire engine for the Devens Fire Department at an estimated cost of $1.25 million. The Board also voted to approve final actions and findings for several bond issuances totaling approximately $1.545 billion for entities including Mass General Brigham Incorporated, Regis College, Hillcrest Educational Centers, Inc., and Barry L. Price Rehabilitation Center, Inc. During New Business, Secretary Paley was appointed to the Compensation Committee. The Board then entered into Executive Session to discuss confidential matters involving real property valuation in Gloucester.

The agenda for the meeting included the President/CEO's Report and a report from the Real Estate Development & Operations Committee meeting held on January 13, 2026. Consent agenda items covered the approval of December 2025 meeting minutes (both regular and executive session), authorization to enter into House Doctor Agreements with engineering and architectural firms, and the acceptance of Bradley Circle and a portion of the Grant Road Right of Way Layout as public ways in Devens. Discussions were scheduled for bond transactions, specifically a Bond Detail Memorandum and a $8,000,000 Final Approval Project for Springfield Crossing DIF Invested Revenue District. Informational items included a delegated authority summary for lending, a quarterly real estate report, and a media report for December. Strategic discussions were planned regarding Agency Organizational Health and Board & Operational Governance Review and Refresh.

The meeting included personnel updates, such as the welcoming of the new EVP of Finance Programs and recognition of staff taking on additional responsibilities. Project updates included serious issues with foundation piles at the New Bedford State Pier, renewed focus on the defense sector, and the DRIVE Research Funding Initiative. The Audit & Administration Committee, Origination & Credit Committee, and Real Estate Development & Operations Committee also met and discussed routine matters. The board also discussed Devens updates, including residential considerations, commercial development, fire department updates, public works and recreation, environmental services, and engineering.