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After 13 years of providing the Redevelopment Authority with administrative services that include marketing and selling parcels in the city’s biopark with the Fall River Office of Economic Development, a new three-year contract was approved by the redevelopment board last week.
The cost to the Redevelopment Authority to hire FROED for the next three years will rise to $10,500 per month the first year; $11,000 per month the second year; and $11,250 in the third year.
The contract between the two agencies expires at the end of this month and the cost to the Redevelopment Authority is $10,200 per month in the existing contract’s last year.
FROED Executive Vice President Kenneth Fiola Jr., who heads the economic development agency for FROED, said that he and his staff have successfully brokered $9.3 million in property sales at the bio-park in the last three years, as well as helped facilitate a $7.5 million bond for the city pier and an $80 million commitment from the state for the Route 79 project.