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State funds area projects

Economic development projects in Worcester, Gardner and Berlin are among 16 selected by the Massachusetts Development Finance Agency for funding through $278.9 million in Recovery Zone Facility bonds.

The bonds will help to leverage $426 million in private investment by allowing companies to increase staffing, upgrade facilities and invest in new equipment to support expansion, the agency said in a press release.

50 Prescott Street LLC in Worcester will receive $14.45 million for its $24 million project at 50 Prescott St., which will accommodate Blue Sky Biotech, a 34-employee biotechnology company that plans to expand its space and add employees.

Riverbridge North LLC in Berlin will receive $2.48 million for a $70 million mixed-use development.

354 Main St. LLC will receive $2.35 million for a development project in Gardner.

First announced by Gov. Deval L. Patrick in October 2009 and authorized by the American Recovery and Reinvestment Act, the bonds support public and private development efforts by offering favorable borrowing rates for projects within designated "recovery zones." The finance and development authority works with businesses, financial institutions and communities to stimulate economic growth.

-Martin Luttrell

Boston Scientific deal

NATICK - Boston Scientific Corp. has completed the sale of its neurovascular business to Stryker Corp. for $1.5 billion.

Boston Scientific received $1.45 billion at the close of the deal and expects to receive the remaining $50 million upon transfer or separation of certain manufacturing facilities.

Boston Scientific produces medical devices. It operates a center in Marlboro. The company's deal with Stryker was announced in October.

Boston Scientific also reported yesterday that on Friday it used cash to prepay $600 million in debt that was due June 15.

-Lisa Eckelbecker

Chamber seminar tomorrow

The Executive Women's Network of the North Central Massachusetts Chamber of Commerce will hold a free brown bag seminar from 11:45 a.m. to 1:30 p.m. Wednesday at the Leominster Elks. Speaker will be Mistress Carrie of WAAF.

Those attending should bring their own lunch. For information visit or call (978) 353-7600, ext. 235.

Gas prices still rising

Gasoline prices in Massachusetts begin the new year the same way that last year ended - on the rise, with an increase of 3 cents over a week ago, according to AAA Southern New England.

AAA's survey yesterday of prices in Massachusetts found self-serve, regular unleaded averaging $3.069 per gallon, some 3 cents more than last week. The current price is one cent below the national average for self-serve unleaded, $3.079.

- Martin Luttrell


CUTLINE: Fill 'er up

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Title Annotation:MONEY
Publication:Telegram & Gazette (Worcester, MA)
Date:Jan 4, 2011
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