BOSTON – Today, the Commonwealth’s Economic Assistance Coordinating Council (EACC) approved five projects for participation in the Economic Development Incentive Program (EDIP). These projects are expected to create 373 net new jobs and retain 1,401 jobs throughout Massachusetts, while leveraging approximately $300 million in private investment. Of the applicants this quarter, four are manufacturers and two are located in Gateway Cities. Additionally, one new Vacant Storefront District was approved.
The EACC has approved 323 economic development projects since the beginning of the Baker-Polito Administration in January 2015. These projects will lead to the creation of 25,265 jobs, retention of 42,784 existing jobs, and will leverage almost $8.4 billion in private investment. Additionally, the EACC has assisted 144 manufacturing companies and 146 companies in Gateway Cities during this period.
Certified Projects:
Nupro LLC (Deerfield) – Founded in 2015, Nupro develops high-quality product for optically clear thermoplastic polyurethane surface-protection films within the global automotive, wind energy, and electronics markets. Nupro has outgrown its current facility and has been searching for a property upon which to construct a new 100,000-square-foot state-of-the-art facility and equip it with $8-10 million of new processing equipment and components. The company will create 58 jobs, retain 46 jobs, and make a more than $25 million private investment. The Town of Deerfield has approved a 10-year TIF valued at approximately $332,223 and the EACC Board has approved EDIP investment tax credits in the amount of $580,000.
Blount Fine Foods Corporation (Fall River) – Blount Fine Foods Corporation is a family-owned and -operated manufacturer, marketer, and developer of freshly prepared foods. Its products include restaurant-quality, single-serve grab-n-go fresh soups and entrees at retail, as well as entrees, side-dishes, and a full line of macaroni and cheese for restaurants. Blount Fine Foods proposes to construct a 39,500-square-foot addition to its facility along Graham Road that will facilitate the installation of a fifth spiral chiller with all the ancillary packing equipment; this investment will increase capacity and allow the company to produce an additional 96,000 pounds of products. The project represents a $64 million private investment that will create 70 jobs and retain 1,040 jobs. The City of Fall River approved a TIF valued at approximately $1.1 million over 12 years and the EACC Board has approved EDIP investment tax credits in the amount of $1,050,000.
Plansee USA LLC (Franklin) – In business for close to 85 years, Plansee USA LLC is a recognized leader in CNC machining and fabrication of molybdenum and tungsten products for various industries, such as medical technologies, lighting, thermal processing, and aerospace and defense. The company needs to create a modern office space and plans to expand its current workspace by 7,500 square feet. It will create 25 jobs while retaining 125 jobs as part of a nearly $25 million private investment. The Town of Franklin has approved a 10-year TIF valued at approximately $208,000 and the EACC Board has approved EDIP investment tax credits in the amount of $125,000.
Interprint, Inc. (Pittsfield) – Interprint, Inc. was founded in Pittsfield in 1985 and today is one of the world´s leading décor printers that decorate the surfaces of numerous materials, including timber products, living room, kitchen and bathroom furniture, laminate flooring, and interior furnishing in trains, ships, and RVs. Interprint is considering expanding new luxury vinyl tile production; phase one of its expansion involves the construction of a new 54,000-square-foot plant and the purchase and installation of three new machines. The company plans to create 20 new jobs and retain 165 jobs while making a private investment of $27.5 million. In recognition of this expansion, the City of Pittsfield has approved a 10-year TIF valued at approximately $460,000 and the EACC Board has approved EDIP investment tax credits in the amount of $300,000.
Local Incentive Only Project
CONTINUUS Pharmaceuticals, Inc. (Devens) – CONTINUUS Pharmaceuticals, Inc. is a spin-out company from a multiyear collaboration between MIT and Novartis. The company specializes in end-to-end Integrated Continuous Manufacturing (ICM) that enables the rapid production of pharmaceuticals at significantly reduced costs and better quality assurance. It plans to construct a continuous process advanced manufacturing plant in Devens that will enable contract manufacturing for domestic life science companies. CONTINUUS Pharmaceuticals plans to create 200 jobs and retain 25 jobs while making a private investment of almost $158.3 million. In recognition of this job creation and investment, Devens has approved a 10-year TIF valued at approximately $2.3 million.
Vacant Storefront District
Northampton – The City of Northampton has applied for a Vacant Storefront District designation for a section of the Central Business District, along the Main Street – Pleasant Street intersection corridor. The designated area consists of 198 storefronts, of which 35 have been vacant for over a year (18%), with another seven storefronts approaching the 12-month vacancy eligibility criteria. |
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