Board of directors at CRDC- Economic Development Solutions

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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’s initial loans and sales of industrial land were retained and reinvested in its corporate purposes, enabling the Corporation to recycle its initial capital and earnings through many varied economic development projects throughout its 40 year history.

On February 1, 1978, primarily as the result of the increasing tax burdens of federal corporate income taxes and local real estate taxes on land held by CRDC for development, CRDC caused the formation of a voluntary nonprofit NH corporation, Concord Community Development Corporation (CCDC). CRDC’s inventory of land was sold to CCDC, which assumed the functions of acquisition, development and sale of land for industrial and commercial purposes previously conducted by CRDC. The membership of CCDC and the holder of the sole certificate of interest in CCDC is CRDC, which exercises control over CCDC by the annual election of CCDC’s Directors by CRDC’s Board of Directors. CRDC derives no direct financial benefit by virtue of its interest in CCDC since CCDC as a nonprofit entity cannot utilize its funds for the benefit of a private individual and must distribute its assets on dissolution to a charitable corporation qualified as such under the Internal Revenue Code. Indirectly, CRDC’s economic development efforts have been enhanced by CCDC’s continued development of land for industrial and commercial use and by CCDC’s participation in the ongoing lending activities conducted by CRDC. The formation of CCDC has successfully preserved assets and income for economic development purposes which would otherwise have been eroded as the result of both federal income and local real estate tax burdens.

Since the creation of CCDC, CRDC has continued and expanded its direct loans to area businesses. In addition, in 1982, CRDC became a licensed development corporation under the Small Business Administration (SBA) 504 Loan Program, which is designed to stimulate job creation by financing, in cooperation with banks and other lenders, acquisition or expansion of industrial facilities. CRDC was initially licensed by SBA only in Merrimack County, but its licensed area has expanded to all of NH. CRDC has developed and maintains an excellent working relationship with banks in its licensed area, participating with those banks in direct loans to businesses as well as SBA 504 Loans.

CRDC and CCDC have both been managed throughout their existence by volunteer officers and directors. Most of those officers and directors are a reflection of a varied body representative of many businesses, institutions and government entities in Concord and surrounding communities