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New MassDevelopment head named

By Todd Wallack
April 15, 2011

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The Patrick administration has tapped Marty Jones, a longtime local commercial real estate executive, to run one of the state’s leading economic development agencies. Jones is currently president of Corcoran Jennison Cos. in Boston. Her selection as chief executive of Massachusetts Development Finance Agency is one of the major moves by the governor to exert more control over the state’s far-flung quasipublic agencies. Jones’s predecessor, Robert Culver, was one of three agency chiefs recently broomed out by the administration.

The governor’s office has also been trying to lower the cost of running the agencies, including reducing some high salaries. Jones, for example, will make $215,000 a year, $84,000 less than Culver.

MassDevelopment lends money and makes grants to help businesses expand, and also redevelops government property to stimulate new investment. In the last fiscal year it invested $1.4 billion in 238 projects in 104 communities.

Jones began her career with the Department of Housing and Urban Development and joined Corcoran Jennison in 1979.

Greg Bialecki, chairman of MassDevelopment board’s and secretary for housing and economic development, said Jones’s experience bringing real estate projects to fruition will help the agency.

“She is the right person at the right time to lead an agency that plays a significant role in achieving our larger economic development goals of revitalizing communities and expanding opportunity throughout the Commonwealth,’’ he said.