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City of Claremont Receives Excellence in Economic Development Award

Wednesday, September 29th, 2010

The City of Claremont received an Excellence in Economic Development Award for their Monadnock Mills Revitalization Project in the category of Real Estate Redevelopment & Reuse for communities with populations less than 25,000 from the International Economic Development Council (IEDC).

 The honor was presented at an awards ceremony on Tuesday, September 28 during the IEDC Annual Conference, September 26-29 in Columbus, Ohio.

“We recognize the City of Claremont for providing successful strategies to promote new paradigms in economic development in this period of global recovery,” said William Best, IEDC chair.  “Our awards honor organizations and individuals for their efforts in creating positive change in communities. The City of Claremont is showing that they are at the forefront of the economic development profession and are using innovative and effective practices that can be replicated in other communities.”

The Common Man Family of Restaurants is a key component of the Monadnock Mills renovation project.

The Common Man Family of Restaurants is a key component of the Monadnock Mills renovation project.

The Monadnock Mills Revitalization Project is an adaptive reuse project undertaken by the City of Claremont, New Hampshire encompassing four former mill buildings in a National Historic District.  Claremont had acquired ownership of the vacant and deteriorating buildings over the years through tax deeds and property transfer.  The redevelopment created a mixed-use development in the City Center with goals for job creation, tax base growth, infrastructure improvement and environmental remediation.  The City used a public Request for Developers process which led to Purchase, Sale and Development Agreements with Sugar River Mills Redevelopment LLC, Woven Label LLC and Wainshal Partners LLC.  This partnership between public and private entities was crucial to the project’s success. The developer’s included significant end users Red River Computer Co. and the Common Man Inn and Restaurant.  The project took on many aspects of environmental sustainability by redeveloping and saving existing mill buildings in an urban core, remediating Brownfield’s, and providing sewer/storm water separation.  Multiple financing sources were utilized including New Market and Historic tax credits within a City tax increment finance district. 

The Excellence in Economic Awards Program annually recognizes the world’s best economic development programs and partnerships, marketing materials, and the year’s most influential leaders.  The program honors organizations and individuals in 28 categories for their efforts in creating positive change in urban, suburban, and rural communities.

The International Economic Development Council (IEDC) is the premier membership organization dedicated to helping economic development professionals create high-quality jobs, develop vibrant communities and improve the quality of life in their regions.  Serving more than 4,500 members, IEDC represents the largest network of economic development professionals in the world.  IEDC provides a diverse range of services, including conferences, certification, professional development, publications, research, advisory services and legislative tracking.