Framingham Economic Development Corporation (EDC)

The Framingham Economic Development Corporation (EDC) is a public entity established by the legislation signed by former Governor Charlie Baker in 2021. 

The Corporation will play a pivotal role in the economic development of the City of Framingham by collaborating with public agencies, private enterprises, and nonprofit organizations to develop and manage projects that strengthen the city's economic infrastructure.

Purpose and Mission

The Framingham EDC is dedicated to fostering economic growth by redeveloping underutilized, obsolete, or underdeveloped areas in Framingham. 

The Corporation seeks to improve the health, safety, and welfare of residents through responsible development, including new construction, infrastructure improvements, and property rehabilitation. Its mission aligns with the City's broader goals of promoting business, residential, and mixed-use developments that support the local economy and enhance the quality of life in Framingham.

Key Responsibilities

The Framingham EDC is empowered to:

• Plan, develop, and manage infrastructure and public facilities that stimulate economic activity.
• Acquire, develop, and repurpose land and buildings for commercial, industrial, residential, and mixed-use projects.
• Collaborate with the City to facilitate the opening, closing, or modification of streets and other public spaces to support development initiatives.
• Receive and manage funding from federal, state, and local sources to finance development projects.
• Market and promote Framingham as a prime destination for business investment, working to attract and retain employers.

Powers and Authorities

The Framingham EDC operates independently from the City, with the authority to:

• Enter into contracts and agreements necessary for the execution of its projects.
• Own, lease, and manage real property.
• Issue bonds, borrow funds, and engage in financial transactions to support development efforts.
• Collaborate with financial institutions and government agencies to fund and execute projects.
• Establish fees for the use of its properties and services.
• Make loans and grants to businesses and organizations to encourage economic development.
• Assist displaced businesses and residents as a result of development projects.

Governance

The Framingham EDC is governed by a seven-member board of directors appointed by the Mayor and approved by the City Council. 

The Corporation Board is composed of members with expertise in finance, real estate, industrial development, municipal government, and community representation. 

Board members are responsible for overseeing the corporation's operations and ensuring its projects align with the city's economic development goals.

Accountability and Reporting

The Board is required to maintain accurate records of all financial transactions and project activities. 

The Framingham EDC submits an annual report to the City Council, detailing its financials, project progress, and expenditures. 

The Corporation undergoes a biannual audit by certified public accountants to ensure transparency and accountability.

The Framingham EDC plays a vital role in shaping the future of Framingham's economy by supporting initiatives that create jobs, attract businesses, and revitalize key city areas. 

The Framingham EDC is committed to building a thriving, sustainable, and inclusive economic environment for all through collaboration with the public and private sectors.

Related Documents:

Bill H.4352

Monthly Meetings:

Meetings are open to the public.

• Where:
  Memorial Building
  150 Concord St.
  Framingham, MA 01702
• When: 2nd & 4th Wednesday at 10 a.m.

Members of the Framingham EDC