MA Brownfields Tax Credits

About MA Brownfields Tax Credits

Economic Development Incentives Inc. is a joint venture between New England Economic Development ("NEED") and Dorfman Capital ("DORFMAN") established to serve real estate owners who develop brownfield sites and are eligible MA brownfields tax credits.  Together since 2009 NEED and Dorfman have qualified over 70 projects for MA Brownfields Tax Credits representing over $70 million of tax credits originated and sold.

The principals of Economic Development Incentives Inc.  are Hal Davis and Bob Dorfman.  They bring a unique blend of legal, finance and economic development experience having structured and raised in excess of $1 billion of financing.  

BobDorfmanBob Dorfman, president of Dorfman Capital, has a distinguished track record in structuring and closing innovative financing transactions. Since 1979, as both an agent and principal, Bob has completed approximately $1 billion in financing for corporations and real estate developers. He has committed himself to transforming communities to become economically and environmentally healthy by recycling real estate through brownfields development and historic reuse. 

Prior to forming Dorfman Capital, Bob worked as managing director of investment banking at Advest, Inc., a regional investment banking and brokerage firm; president of Dorfman Securities, Inc., an NASD broker dealer member; and managing partner of venture capital firm Crescent Capital Company, LLC.

A native of Worcester, MA, he earned his BA at Tufts University and an MBA at Boston University. After working in Boston for many years, Bob now serves his clients from Cotuit, on Cape Cod. Bob participates in leading edge executive training programs at MIT and Harvard University.

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Harold DavisHarold R. Davis, has worked in various aspects of economic development for thirty years. He was employed as the first economic development director for the South Shore Chamber of Commerce located in Quincy, MA. He has recently assisted the Town of Plymouth, Massachusetts to establish a revitalized economic development program through the creation of a public/private foundation.

As an attorney he has acted as bond counsel for several hundred tax-exempt bond issues and established local development companies in several states. He has participated in over two hundred Small Business Administration loan transactions. In recognition of his services to small business, he received the Small Business Administration’s Community Development Award for New England. Mr. Davis is Of Counsel to the Boston law firm of Davis, Malm & D’Agostine, P.C.

Currently, Hal, acting on behalf of New England Economic Development, represents Massachusetts’ communities, businesses and developers in projects utilizing the Massachusetts Economic Development Incentive Program. He also leads the Company’s efforts in the field of special district finance. Hal is a graduate of Bowdoin College and the Georgetown University Law Center and has been approved as a Certified Economic Developer by the American Economic Development Council. 

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CraigSilvermanCraig Silverman joined Dorfman Capital as an associate in 2009. His responsibilities include project research, financial analysis, and business development. Before joining Dorfman Capital full time, Craig provided research and administrative support as an intern.

He graduated from UMass Dartmouth with a BS in Finance and also spent a semester in Australia studying marketing and management.

 

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The Beginning: The Warren Oil Story

-1It was no accident that Bob Dorfman’s professional career would eventually turn to brownfields financing.

Bob Dorfman’s grandfather, Leon Goldberg in 1932 started a retail fuel distribution company, the Warren Oil Company.  Located at 459 Southbridge Street in Worcester, MA, this real estate would become Bob’s first brownfields remediation project.

In 1950 Leon’s son in law and Bob’s father, Sidney Dorfman, joined the company and would later establish the Home Oil Company, the first discount fuel oil company servicing Worcester County.  “Sid The Oil Man” became the company’s trademark.

In the 1960’s Bob as a boy worked Christmas Eves delivering oil with Sid when company drivers were not available.  Bob learned how to collect and count money in those days.  During his college years before entering into the world of finance, Bob developed into the company’s star salesman.

Over a 10 year period from the mid 1980’s to the mid 1990’s environmental standards and regulations became strict and 459 Southbridge Street was subject to the Massachusetts Department of Environmental Protection oversight.  A major cleanup was required and implemented.  Bob by then was established in his career in finance and along with Sidney managed the cleanup project.

Neither Sidney nor Bob could have predicted it at that time.  This expensive learning experience was the foundation for MA Brownfields Tax Credits’s expertise and interest in the brownfields finance business.  459 Southbridge Street was Bob’s first brownfields remediation project.

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