Dear Friends,

The six stories in this issue of the eNewsletter report increased economic activity in New Bedford. Moody’s Investor Services, which rates the ability of municipalities across the nation to repay borrowed funds, increased the city’s bond rating from a B rating of “adequate” financial security to an A rating of “good” for the first time in 37 years. With recently received proposals in hand, the City moves forward with the redevelopment of Fairhaven Mills, whose former tenant, New Bedford Antiques, has successfully relocated to the former Kilburn Mill in the South End, adding “at the Cove” to its name. Again, our fishing port is number one in production in the nation. The popular AHA! project was awarded its third consecutive grant from the Massachusetts Cultural Council. At the same time, the City received a grant to support the creative economy. And finally, Dean Peacock of the UMass Dartmouth Charlton College of Business, recaps in detail the results of a collaborative effort between the Mayor’s office, the NBEDC and MBA students to help city businesses. Together, the articles report good news from several aspects of the city’s economy.


Sincerely

Matthew A. Morrissey
Executive Director

  New Bedford demonstrates strong financial position

New Bedford - Moody’s Investor Services upgraded the City of New Bedford bond rating to “A3,” marking the first time in 37 years that New Bedford has received an “A” rating. In a report outlining Moody’s opinion, the financial service cited several reasons for the upgrade including, New Bedford’s significantly improved financial position, sizeable tax base, and manageable debt position.   "This is proof positive that New Bedford is moving in the right direction fiscally and in terms of potential future development projects," said Robert L. Culver... [read more]
 

  City receives two bids for Fairhaven Mills

NEW BEDFORD — The most controversial parcel in the city took a major step toward development yesterday, as bids of $1 million and $200,000 were submitted for the Fairhaven Mills property.  Urban Investments Associates, a Roxbury development group led by Lewis Duane Jackson of Milton, offered to pay $1 million for the 6 acres of city-owned property at the site. Urban Investments offered a plan that echoes Mayor Scott W. Lang's publicly stated hopes for the site by saving the existing Fairhaven Mills building with a mix of residential and retail uses, and... [read more]
 

  New Bedford Fishing Fleet number one again

NEW BEDFORD — New Bedford is the No. 1 money-making fishing port in the nation for the sixth consecutive year.  New Bedford fishermen landed $282.5 million in fish in 2005, an increase of $75 million from 2004, according to the National Oceanic and Atmospheric Administration's Fisheries Service. Again, Dutch Harbor-Unalaska, Alaska, ranked second at $166.1 million in landings... [read more]

  New Antiques District Buds in South End

New Bedford - New Bedford Mayor Scott W. Lang, joined City Council President Leo Pimental, Executive Director of the New Bedford Economic Development Council Matthew Morrissey, and the new owners of “New Bedford Antiques at the Cove” at the official ribbon cutting ceremony. City officials welcomed New Bedford Antiques at the Cove to its new home in the historic Kilburn Mill at 127 West Rodney French Boulevard, situated at the Gateway to the City's peninsula. The new showroom is only a short distance from the downtown and north end business districts, as well many of the city’s cultural and recreational attractions... [read more]

  State awards another Adams grant to AHA!

For a third consecutive year, New Bedford’s AHA! (Art-History-Architecture) project has been awarded a significant cultural economic grant from the Commonwealth’s Mass Cultural Council (MCC). The award of a $60,000 Adams Grant to New Bedford's AHA! Project as well as $3,000 planning grant to the City of New Bedford for work on the Creative Economy was announced at a February 8th ceremony at the UMass Dartmouth Star Store.... [read more]

  City forges partnership with UMD business school around New Bedford economy

The Charlton College of Business recently partnered with New Bedford Mayor Scott Lang's office on an exciting approach to problem solving. In January 2007, a group of 14 UMass Dartmouth master of business administration students worked closely with the mayor's office and the New Bedford Economic Development Council to bring concepts of innovation and creativity to real-world problems. It was a fine example of a learning partnership between a city and a business school, one that generated fresh ideas and gave a group of graduate business students a chance to apply lessons learned to urban problems... [read more]