PEDA's board of directors voted to give the BIC $250,000, matching the city, for start-up costs.

PITTSFIELD, Mass. — The Pittsfield Economic Development Authority is matching the city's $250,000 contribution to jumpstart the Berkshire Innovation Center.

 

PEDA's board of directors approved the match Wednesday morning, which creates a total of $500,000 for startup costs.

 

According to Rod Jane, the current BIC director, the funds will help bridge an estimated $800,000 gap expected to be required in startup costs for the first two years. The remaining difference is expected to be made up in grants.

 

PEDA and the city have already secured $9.7 million in state funds for construction. But that only puts up a building. 

 

Over the next 24 months, the BIC board will to turn some 20 letters of intent from companies and institutions into contracts, reel in sponsorship, develop training programs, design the building, identify equipment needs and eventually hire staff among the remaining steps, Jane said.

 

"The startup operating cost is truly critical to this venture," said Douglas Clark, the city's director of community development. 

 

Clark said the city, which will own the building, is "truly off and running" with the construction The city has received proposals from firms interested in designing the building, the BIC has filed as a nonprofit company and a bank account has been opened to accept funds.

 

The City Council approved last week of allocating $250,000 from their General Electric Economic Development Funds to help offset those startup costs.

 

Jane added some major businesses and educational organizations have already agreed to be on the BIC's board of directors including SABIC, General Dynamics, Renssaeler (N.Y.) Polytechnic Institute, the University of Massachusetts at Lowell, Cavellero Plastics and Apex Technologies. 

 

"These are high level people willing to serve on the board," Jane said.

 

Clark emphasized that "it is a private sector project" in the formation of the board. However, startup costs are still needed.

 

Rod Jane outlined a series of tasks that needs to be completed concurrent with the construction.

"This isn't just about building a building," said board member Michael Matthews, who heads PEDA's finance committee.

 

Matthews said while the request is just short of a full operating year for PEDA, he believes ultimately the allocation will help finances by creating a revenue stream for the organization.

 

Also on Wednesday, the board accepted a $236,000 state grant to help with any potential environmental issues found on the proposed BIC parcel.

 

Mostly, the grant is eyed for any off-site disposal of hazardous material — if that is needed. The grant works as a reimbursement to funds the organizations expends on certain environmental work. 

 

"It is certainly a good backup for any environmental issues we discover," PEDA Executive Director Corydon Thurston said.

 

Thurston said PEDA doesn't anticipate any off-site disposal will be needed but it was good to know that it will be paid for by the state.

 

"This is good news. It is going to be supportive of the BIC," he said.

 

Thurston also reported that Nuclea Technologies is interested in renewing its sublease on half of the Kellogg Street headquarters. The company has been renting space for the last two years in the building it shares with the PEDA offices.

 

And, Thurston reported that the Woodlawn Avenue Bridge project is expected to begin in October.

 

 

The History

Pittsfield Approves $250K For Berkshire Innovation... PITTSFIELD - 09-02-2014 - "For me, I feel this vote is the most important vote I will take so far this year." — Kathl Local Manufacturers Will Lead New Berkshire Innovation... PITTSFIELD - 08-12-2014 - "We have a pretty good cross section of our partnership with education and research institutions and our private-sector... PEDA Debates Options For New Innovation Center PITTSFIELD - 07-10-2014 - "We're trying to get the best advice possible so that we don't make mistakes going in and delay the process," PEDA... New Nonprofit Will Govern PEDA's Innovation Center PITTSFIELD - 05-30-2014 - "Creating that invested equity right out of the gate is, in my opinion, a sure way to see that they stay engaged."... State Grants $9.7M For PEDA Life Sciences Center PITTSFIELD - 05-20-2014 - "I am thrilled, because we have been diligently, deliberately and systematically pursuing this fabulous award for more... Research Prompting New Direction for Pittsfield Life... PITTSFIELD - 01-15-2014 - "I am guardedly optimistic that we're going to be able to move ahead on this." — Mayor Daniel Bianchi PEDA Moves Forward With Re-Envisioned Life Sciences... PITTSFIELD - 12-11-2013 - "We have letters of support from virtually every key industrial player in the region." — Rod Jane PEDA Awarded $55K for Life Science Center Study PITTSFIELD - 06-27-2013 - "Now there's some validation that we're taking a step forward and it's not just talk." — Corydon Thurston PEDA Prepares for Open House, Life Sciences Pitch PITTSFIELD - 06-12-2013 - "We're going to open up the gates, ... we'll get some folks who have an interest to walk down into the 'Teens... PEDA Prioritizing Marketing, Life Sciences Project PITTSFIELD - 03-08-2012 - "It's more than just filling out an application and then saying 'OK, give us the six million bucks." — Mayor... Downing Secures $6.5 Million Authorization For PEDA PITTSFIELD - 03-21-2008 - "It is important that Western Massachusetts carve its own niche in the commonwealth's emerging life science industry."...