Boston, MA - January 16, 2013: Bob Dorfman, president of Dorfman Capital ("DORFMAN") and Hal Davis, president of New England Economic Development, Inc. ("NEED") and an attorney who serves in an Of Counsel capacity with the Boston law firm of Davis, Malm & D’Agostine, PC, announced the formation as of January 1, 2013 of ECONOMIC DEVELOPMENT INCENTIVES INC.
ECONOMIC DEVELOPMENT INCENTIVES INC. is a joint venture between Dorfman Capital ("DORFMAN") and New England Economic Development ("NEED") established to serve real estate owners who develop brownfield sites and are eligible MA Brownfields Tax Credits. Together since 2009 DORFMAN and NEED 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 Bob Dorfman and Hal Davis. They bring a unique blend of legal, tax credit finance and economic development experience having structured and raised several billion dollars of financing.
Bob Dorfman, CEO of ECONOMIC DEVELOPMENT INCENTIVES INC. stated, "Hal Davis and I identified this market niche in 2009 because the MA Brownfields Tax Credit program was underutilized and not understood by potential users. We went on a massive campaign to educate and service real estate owners as well as tax credit investors, who could both benefit from the program. The results for our clients have far exceeded expectations."
Clients served include for profit developers, community development corporations, schools and healthcare organizations. Examples of clients served include Beal Companies, Related Companies, Millennium Partners, Partners Healthcare, Lynn Community Health Center, Emerson College. Codman Square Neighborhood Development, Twin Cities Community Development, Nuestra Development and Neighborhood Corporation.
Lori Berry, Executive Director of Lynn Community Health Center said, "urban construction projects, like ours at the Lynn Community Health Center, often run into unexpected, budget-breaking environmental clean-up expenses. Thankfully, Massachusetts Brownfields Tax Credits can provide funds that cover a portion of these expenses. We were so pleased to take advantage of DORFMAN and NEED's expertise in accessing this important, but complicated, funding. It made a very positive difference in our ability to finance our new building."
About Economic Development Incentives Inc.
Economic Development Incentives Inc. was 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. bring a unique blend of legal, finance and economic development experience having structured and raised in excess of several billion of financing