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Annual Report 2024
MassDevelopment Board
of Directors (as of June 30, 2024)
Maura Healey Kim Driscoll
Governor Lieutenant Governor
Yvonne Hao, Chair Juan Carlos Morales
Secretary, Executive Office of Economic Development Founder and Managing Director, Surfside Capital Advisors
Brian Kavoogian, Vice Chair Bran Shim
Managing Partner, National Development Senior Advisor, Executive Office for Administration &
Finance
Jessica Andors
Executive Director, Lawrence CommunityWorks Kristina Spillane
Managing Director, Strategic Accounts, Fidelity National
Gary Campbell Information Services
Chief Executive Officer, Gilbert Campbell Real Estate
Julieann Thurlow
Joan C. Corey President and Chief Executive Officer, Reading Cooperative
Business Agent, Teamsters Local Union No.25 Bank
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From Camp Devens to
Fort Devens to Devens
In 1917 the federal government
purchased 5,000 acres in the towns of
Ayer, Harvard, Lancaster, and Shirley to
establish the U.S. Army’s Camp Devens,
naming the area after Massachusetts
Civil War general Charles Devens. Over
the years, Camp Devens evolved as a
transition center and training camp for
National Guardsmen, Army reservists,
and ROTC cadets, and in 1931 it was
renamed Fort Devens. After more
than 79 years as the U.S. Army’s New
England headquarters, Fort Devens
was officially closed in 1996. That
same year, the Devens Reserve Forces
Training Area (RFTA) was opened and
has since proudly supported military
serving in overseas and stateside
operations. Except for the Devens RFTA,
the Fort Devens property was conveyed
to MassDevelopment who to this day
continues to manage redevelopment
efforts on behalf of the Commonwealth
of Massachusetts.
Photos: Devens Aerial 1960s and WAC Detachment
1973 photos courtesy of the Fort Devens Museum.
Lieutenant Governor Kim Driscoll visits the Devens
RFTA.
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Today, Devens is a mixed-use
community that supports
100-plus businesses and
organizations employing about
10,000 people. A streamlined
permitting process has helped
to create a welcome business
environment that allows
companies to have the freedom
to design a great workplace
for a great workforce. Devens’
convenient location in the
central region of the state
makes it an easy choice for
growing families and retirees
to locate. Residents enjoy
nearly 2,000 acres of green and
recreational space, sustainable
growth practices, and a well-
maintained, safe community.
Photos: Devens Aerial 2019, SMC Ltd, Devens Intersections of
Communities and Cultures Public Art Mural by Shara Osgood,
and Shirley Meadows senior housing.
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Fiscal Year 2024
Milestones
In March 2024, TIME and
Statista ranked 250 of
America’s top sustainability-
focused companies, based on
their positive environmental
impact, financial strength, and
innovation. Not one, not two,
but three companies located in
Devens made the list and made
us proud.
• Ascend Elements #10
• Commonwealth Fusion
Systems #31
Commonwealth Fusion Systems • Electric Hydrogen #50
The Devens community adopted OnSolve Code
RED in August 2023. The cloud-based software
solution enhances public safety by sending
location-based targeted alerts to members of
the community. Registered users choose the
types of updates they want to receive including
emergencies, local events and public meetings,
public works notifications, and utility updates.
New commercial real estate signage made an appearance
in several locations throughout Devens. MassDevelopment
continues to actively market available property and is invested
in generating quality leads. The professionally designed signs
were installed by the Devens Department of Public Works.
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It was a beautiful morning in April 2024 for Electric
Hydrogen’s ribbon cutting of its new facility, designed
to harness state-of-the-art technology to produce fossil-
free hydrogen from water and renewable electricity
– creating jobs, helping industries transition away from
fossil fuels, and curbing emissions. Dignitaries included
Congresswoman Lori Trahan, Governor Maura Healey,
Economic Development Secretary Yvonne Hao, Economic
Development Undersecretary of Economic Foundations
Ashley Stolba, Energy and Environmental Affairs Secretary
Rebecca Tepper, Massachusetts Clean Energy Center CEO
Dr. Emily Reichert, and MassTech Collaborative Deputy
Director Benjamin Linville-Engler.
Watson-Marlow Fluid Technology Solutions
hosted a “Massachusetts Economic Outlook”
at its new 150,000-square-foot cutting-
edge bio manufacturing facility that sits
overlooking the 18th hole of Red Tail Golf
Club. The company’s expansion to Devens has
brought significant job opportunities to the
region.
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 “We are thrilled about the
expansion of our manufacturing
facility in Devens. This growth
is a testament to the continued
Medical device contract manufacturer SMC Ltd. broke ground on success we’ve experienced
a 160,000-square-foot facility in Devens this year. With continued
success serving the drug delivery and diagnostic markets, SMC’s new and reflects our unwavering
building includes three new ISO 8 cleanrooms, a 2-8o C cold chain commitment to innovation and
storage warehouse, and a cutting-edge material handling system to
excellence. It also opens exciting
optimize product flow throughout the facility. These advancements
will allow for better efficiency and reliability to support the evolving opportunities for our team and
drug delivery and medical technology markets. the local community. With this
expansion, we will be able to
add more talented individuals
to our workforce and enhance
our capabilities, ensuring we
continue to meet and exceed the
needs of our customers.”
~ Brian Payson, SMC Ltd.
Corporate Vice President and
Massachusetts Site Leader
Devens officially welcomed the Azzur Group to the community in May 2024 at a grand opening on the Pathways Devens
campus. After more than 30 years of serving life science leaders, the company has developed solutions to address the
unique challenges of early-phase manufacturers and accelerate speed to market. Within Massachusetts, companies
like Azzur Group, Bristol Myers Squibb, BioTechne, and others have put Devens on the map as a major player in the life
sciences industry.
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 “As a muralist, I use abstraction to tell
Cheers to Sterling Street Brewery for opening a taproom at stories in which the characters in the
The Canteen at 65 Jackson Road. Featuring both indoor and
outdoor seating, The Canteen provides a fun place for those story are color, form, line, and pattern.
working in the area to socialize and meet with colleagues. The story of this mural is renewal,
remembrance, and growth. In this
Artist and muralist Kim Carlino painted “Remembrance for
the Future.” The 20’ by 140’ exterior mural at 65 Jackson Road mural, I use color and form to give a
pays homage to the history of the Fort Devens Army Base. sense of nature and natural processes.”
(photos: www.kimcarlinoart.com/rembembranceforthefuture)
~ Kim Carlino
The Devens Fire Department added a new Hundreds turned out to enjoy the Food
tanker truck to its fleet. The exceptional Truck & Craft Festival sponsored by the
vehicle was built with the highest-quality Nashoba Valley Chamber of Commerce,
components to help improve safety and Little Leaf Farms, and MassDevelopment.
performance. The event featured a variety of food and
craft vendors, live music, lawn games, and a
beautiful sunny day in June.
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Financials
Devens Utilities - For the Years Ended June 30, 2023 and June 30, 2024
Revenue and Expenses 2023 2024
Operating revenues:
Gas $7,374,269 $7,390,206
Electric 26,820,644 28,352,533
Water 1,522,396 1,568,765
Wastewater 3,654,695 3,926,809
Total operating revenues 39,372,005 41,238,313
Operating expenses:
Professional and administrative operations 840,618 864,368
Gas operations 6,063,482 6,137,876
Electric operations 22,202,812 22,017,875
Water operations 791,016 854,940
Wastewater operations 2,055,930 2,182,577
PILOT Fee-Electric - 500,000
Bad debt expense 24,676 (58,660)
Depreciation expense 3,784,677 4,550,185
Amortization of bonds 56,681 -
Total operating expenses 35,819,891 37,049,161
Excess revenues/(expenses) before $3,552,113 $4,189,151
non-operating activity
Non-operating revenues/(expenses) 762,096 988,990
Excess revenues/(expenses) $4,314,209 $5,178,141
Capital activity:
Utility infrastructure $16,453,825 $6,280,497
Total capital activity $16,453,825 $6,280,497
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Devens - For the Years Ended June 30, 2023 and June 30, 2024
Revenue and Expenses 2023 2024
Operating revenues:
Lease income $946,014 $780,423
Payment in Lieu of Taxes - 500,000
Property taxes 13,453,730 14,730,686
Other municipal income 1,044,441 1,344,026
Public education 184,263 227,961
Fire and Police income 360,076 422,508
Recreation income 401,457 383,366
Total operating revenues 16,389,980 18,388,970
Operating expenses:
Professional and administrative operations 6,163,824 7,692,289
Fire operations 3,320,256 3,548,886
Public works operations 1,966,462 2,074,623
Recreation operations 155,182 149,371
Municipal education expense 2,969,649 2,966,538
Police operations 1,659,233 1,623,518
Bad debt expense and tax overlay reserve 500,739 124,960
Depreciation and amortization expense 3,082,316 3,115,559
Total operating expenses 19,817,661 21,295,744
Excess operating expenses $(3,427,681) $(2,906,774)
Land and building sales, net 1,068,181 3,953,852
Non-operating revenues/(expenses) 1,042,367 4,364,086
Excess revenues/(expenses) $(1,317,133) $5,411,163
Capital activity:
Office equipment, computers, software $70,924 $151,052
Environmental activities 18,844 61,999
Devens municipal services 220,285 1,530,269
Devens real estate and engineering 1,384,897 11,391,624
Total capital activity $1,694,950 $13,134,943
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 In Memoriam
Robert L. “Bob” Culver
1948 – 2024
Bob Culver served as MassDevelopment’s president and CEO from
2004 – 2010. Under his leadership, MassDevelopment won national
acclaim for its redevelopment work in Devens – specifically for attracting
global biopharma giant Bristol-Myers Squibb.
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DevensCommunity.com