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Current and Recent MEDC Projects

Benson Woodworking
Keene, New Hampshire

bensonwoodprodave.jpgBensonwood Woodworking, headquartered in Walpole NH, creates sustainable custom buildings, homes and other structures throughout the country. To meet growing demands for its products, the company needed to expand its manufacturing capabilities to increase production capacity.

In early 2017 MEDC provided site location assistance for Bensonwood, and identified the former Smith-Medical warehouse on Production Avenue in Keene as a potential location to help Bensonwood expand. MEDC worked closely with Bensonwood to weave together $9 million in financing which allowed MEDC to purchase and renovate the 104,000 square foot Keene building, and also to purchase new manufacturing equipment. MEDC combined New Markets Tax Credits, bank loans, and a Community Development Block Grant to fund the project. 

MEDS will lease the building and new equipment to Bensonwood. The project will add at least 15 new jobs over the next two years in the Monadnock region. Click here for more information on the Bensonwood expansion project.

Keene Public Library Expansion
Keene, New Hampshire

kpl.image.jpgMEDC is spearheading $13 million expansion project for the Keene Public Library that will connect the main library to a renovated and repurposed neighboring building known as the Annex. The Annex, a former Masonic lodge most recently owned by the City of Keene, contains nearly 25,000 square feet of space and includes Heberton Hall. The project will create new community spaces, makerspace, and meeting rooms, while bringing the historical structure up to code. The scheduled completion date is late 2018.

MEDC is purchasing the neighboring building, renovating the building and constructing a new connector building between the existing library and the Annex. The scheduled completion date is October 2018.

As part of the financing package, MEDC arranged for approximately $4 million in federal tax credits. The federal incentive, known as the New Markets Tax Credit, is geared toward promoting economic development in low-income areas. The expansion project has three other main funding sources: $5 million in private donations raised by the Library, a $2 million bond by the City of Keene, and a loan to MEDC from the City for $2.5 million to allow MEDC to purchase the Annex.

MEDC will own the property during the seven-year duration of the tax credits, then the goal is to sell the property to the City. The City will lease the Annex and the new connector building from MEDC in the meantime. 

Monadnock Food Co-op
Keene, New Hampshire

monadnockfoodcoop.jpg

MEDC began construction on the current Monadnock Food Co-op building on Railroad Land in 2010. As part of the $4.5 million project, MEDC offered a lease-to-own scenario to the Co-op, with an option for them to purchase the building in the future. For the near-term the Co-op building and adjacent vacant lot are both owned by MEDC.

In November 2017, the Co-op’s management announced a more-than-$1-million expansion to keep pace with rapid growth in sales since its opening in 2013. Plans call for the building to be expanded to the vacant lot on the east side of the existing structure, with outdoor seating and an additional 20 to 30 parking spaces, he said. MEDC is putting together the funding for the expansion, and will itself finance part of the expansion. Part of the financial infrastructure will include block grants and tax credits.

Alice Peck Day Hospital
Lebanon, New Hampshire

apdmscnovember2017.jpgMEDC was the developer and is the owner of the Alice Peck Day (APD) Hospital’s Multi-Specialty Clinic, a $13 million, 44,000-square-foot project in Lebanon. The project, constructed in accordance with a design provided by APD, houses most of the hospital’s primary care services as well as many of its outpatient departments.

MEDC obtained financing for the project through a Community Development Block Grant from the New Hampshire Community Development Finance Authority and a long-term low interest loan from USDA Rural Development's Community Facilities Loan Program. The facility opened in late 2017.

MEDC has a long-term lease arrangement with Alice Peck Day.

Cheshire County Court House
Keene, New Hampshire

cccourthouse.jpgIn response to the wishes of a local task force to keep the Superior, District, and Probate Courts in downtown Keene, MEDC creatively assembed a number of funding programs to construct a new 49,620-square-foot, $10.6 million County court complex on Winter Street in downtown Keene.

The funding included a loan from Century Bank of Massachusetts, Community Development Investment Program tax credits from the New Hampshire Community Development Finance Authority, New Markets Tax Credits, a loan from the City of Keene, and a loan from Cheshire County. MEDC also loaned $300,000 of its own funds towards the project.

12 Court Street LLC, a subsidiary of MEDC, owns the Courthouse and leases it to the State of New Hampshire. 


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