Capital Regional Development Council

Description

CRDC was incorporated in 1954 as a for profit business corporation. The primary impetus for its organization was the closure of the Boston & Maine Railroad repair facility in Concord and the recognition of the need to replace the jobs lost as a result of that closure. That goal was reflected in CRDC?s statement of corporate purposes, which includes both the expansion of existing businesses and the establishment of new businesses in the City of Concord and surrounding areas. The initial capital for CRDC was raised by a public offering of stock to businesses and individuals in the Concord area. Over 2.000 shares were sold in the initial offering and a similar number in a second offering 1957. CRDC utilized its capital to develop land deeded to it by the City of Concord for industrial and commercial use. Within three years of its organization, CRDC was instrumental in the construction of nine industrial and commercial facilities, six of which were relocating businesses and three of which represented local businesses, either startups or expansions of existing facilities. Several of these businesses were located on industrial land developed by CRDC in the City of Concord, but this initial activity by CRDC also involved new plant construction in several surrounding communities. CRDC provided financing, in cooperation with area banks, for six of these businesses. Proceeds from CRDC ...

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