MassDevelopment financing aids E.L. Harvey expansion.MassDevelopment officials have announced a $5 million financing package for E.L. Harvey & Sons Inc., Westborough, Mass. Founded in 1911 by Emory Larkin Harvey, the family-owned waste management firm will use the tax-exempt bond Tax-exempt bond A bond usually issued by municipal, county, or state governments whose interest payments are not subject to federal and, in some cases, state and local income tax. tax-exempt bond See municipal bond. proceeds to construct a 46,000-square-foot construction and demolition recycling facility. The new complex is expected to process 275 tons of brick, concrete, steel, wood, asphalt asphalt (ăs`fôlt, –fălt), brownish-black substance used commonly in road making, roofing, and waterproofing. Chemically, it is a natural mixture of hydrocarbons. , carpet, gypsum gypsum (jĭp`səm), mineral composed of calcium sulfate (calcium, sulfur, and oxygen) with two molecules of water, CaSO4·2H2O. It is the most common sulfate mineral, occurring in many places in a variety of forms. and household recyclables per day. E.L. Harvey & Sons is a waste hauling, transfer and scrap recycling operation. The company currently employs 200 workers and plans to add 15 new jobs once construction on the expansion project has been completed. "MassDevelopment is pleased to support E.L. Harvey's expansion," says Robert L. Culver cul·ver n. A dove or pigeon. [Middle English, from Old English culufre, from Vulgar Latin *columbra, from Latin columbula, diminutive of columba, dove.] , MassDevelopment president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "This project demonstrates that environmental preservation Environmental preservation is the strict setting aside of natural resources to prevent the use or contact by humans or by human intervention. In terms of policy making this often means setting aside areas as nature reserves (otherwise known as wildlife reserves), parks, or other and economic development can go hand in hand." He adds, "Not only will the new facility make market able products from waste, it will also lift pressure on the commonwealth's already overtaxed landfills and create new job opportunities in an expanding industry." Building projects in Massachusetts generate nearly 5 million tons of C&D debris per year. The commonwealth incinerates 43 percent of this material, landfills 19 percent and recycles the remaining 39 percent. MassDevelopment provides financial tools and real estate experience to stimulate economic growth across Massachusetts. The organization works with businesses, financial institutions and local officials to address the issues affecting economic development. More information on MassDevelopment and E.L. Harvey is available at www.massdevelopment.com and www.elharvey.com, respectively. |
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