BOSTON – The
Massachusetts Economic Assistance Coordinating Council (EACC) has
approved eight projects for participation in the Economic Development Incentive Program (EDIP), a
program that seeks to create new jobs and help businesses grow by
offering credits to lower taxes in exchange for job creation. These projects are expected to create 234 net new jobs
and retain 159 jobs statewide, receive $1,232,000 in state tax credits,
and leverage approximately $109 million in private investment. Of this
round’s applications, five incentive recipients are manufacturers and
seven projects are located in Gateway Cities. Additionally, the EACC has
approved two new Vacant Storefront Districts and one new Vacant
Storefront Project that will receive EDIP refundable tax credits of
$10,000. "The Economic Assistance Coordinating Council
offers important tools that allow the state to invest in Massachusetts
businesses and help them grow,” said Secretary of Economic
Development Yvonne Hao. “This new round of tax credits will support
job creation and expansion for businesses from a diverse range of
industries that keep our economy moving forward, from seafood processors
to medical device manufacturers.” The Healey-Driscoll administration's economic
development bill, the Mass Leads Act, would reform EDIP to lean into
Massachusetts’ competitive advantage in supporting early stage,
high-growth companies. While maintaining the existing overall statutory
cap, this legislation would increase the cap on refundable credits to
make the program fully refundable and improve program mechanics to
strengthen execution as a key business development tool for the state,
especially as it pertains to supporting the startup economy in
Massachusetts. “Our goal is to make Massachusetts the best place for
businesses to launch, grow, and succeed,” said Undersecretary of
Economic Foundations Ashley Stolba. “Through this latest round of
incentives, we are partnering with communities across the state to
support business growth in cities and towns of all sizes, including
Gateway Cities.” The projects include: EDIP Certified Projects
EDIP is designed to foster job creation and stimulate business growth. A
company that participates in EDIP may receive state tax credits and local
property tax incentives in exchange for a commitment to create new jobs,
retain existing job, and commit private investment to the project. Natural Stone Wall Solutions - Acton
Natural Stone Wall Solutions (NSWS) was founded by a team of engineers
and certified landscape architects using an innovative, cost-effective
approach to masonry. The company is seeking to develop a controlled
manufacturing environment and plans to invest $3.2 million in a new
facility that will result in 20 new jobs and the retention of 11 existing
jobs. The EACC approved $100,000 in EDIP tax credits and the Town of
Acton approved a five-year tax increment financing (TIF) of
$18,571. Heav'nly Commissary Inc. - Methuen
Heav'nly Commissary Inc. has been a longstanding member of the community
since 1975, producing donuts and operating out of storefronts in
Massachusetts and New Hampshire. Heav’nly is seeking to expand to a new
bakery facility at 25 Calumet Road in Methuen that contains seven times
the amount of space of their current facility. With this expansion, the
bakery expects to add 25 new jobs, retain 14 existing jobs, and make a
private investment of $6.1 million. The EACC has approved $375,000 in
EDIP tax credits and the City of Methuen has approved a five-year TIF
valued at $52,164. Horacio’s Inc. - New Bedford
Horacio’s Inc. was founded in 1980 and is a leader in stainless steel
fabrication for a wide variety of industries including the food service
industry. Horacio's intends to expand its current facility by adding an
additional 17,000-square-feet of manufacturing space as well as an
additional 7,500-square-feet of office space. This expansion will help
the company meet current demands, broaden its client base, and continue
providing high-demand products and services across various industries,
particularly in the food service sector. Horacio's intends to create at
least seven new jobs while retaining 52 existing jobs and make a private
investment of $3 million. The state has approved $105,000 in EDIP tax
credits and the City of New Bedford has approved a 10-year TIF valued at
$82,461. Wildfish LLC DBA Red's Best - New Bedford
Red's Best is a Boston based seafood wholesaler that aggregates from more
than 1,000 small community-based fishing boats annually. The
company is looking to expand by purchasing and outfitting a
13,000-square-foot building in New Bedford. As a result of this
relocation and expansion, Red’s Best will create 30 net new jobs, retain
39 jobs and make an investment of $2.7 million. The state has approved
$550,000 in EDIP tax credits and the City of New Bedford has approved a
five-year Special Tax Assessment valued at $83,154. Elegant Stitches Inc. - Pittsfield
Elegant Stitches is a family-owned custom embroidery and screen-printing
company that supplies branded apparel and promotional products to
companies, teams and community groups. It is relocating and expanding to
a 22,000-square-foot design and manufacturing studio at 15 Commercial
Street in the Virgilio Business Park in Pittsfield. This expansion will
allow Elegant Stitches to increase its decoration capacity and introduce
new services. The company plans to create eight new jobs, retain eight
jobs, and make a private investment of $1.7 million. The state has
approved $102,000 in EDIP tax credits and the City of Pittsfield has
provided economic development grants valued at $250,000. Local-Only Tax Increment Financing (TIF) Projects
A TIF is a negotiated agreement between a business and host municipality.
The percentage exemption applies to the incremental increase of assessed
value of the parcel due to the private investment and the agreement may
include exemptions on personal property tax. Invagen Pharmaceutical Inc. - Fall River
Invagen Pharmaceutical is a large India-based manufacturer of inhalable
medical products with a location in Fall River. The company is seeking to
expand its warehouse space, enhance its quality control facilities,
establish a plant for producing developmental and clinical batches and
improve its overall operational efficiency and compliance with regulatory
requirements. The company will retain 19 jobs, create 50 new jobs, and
make a private investment of $20 million. The City of Fall River has
approved an eight-year TIF valued at $382,903. Merrimack Street Property 3 LLC - Haverhill
Merrimack Street Property 3 is an asset of Lupoli Companies, an owner and
developer of mixed-use property in the Merrimack Valley. The developer is
building a new six-story, 660-space parking garage on Merrimack Street in
Haverhill as part of a $160 million mixed-use project that will include
396 new residential apartments, a food hall, commercial space, and other
public space. The garage will replace a city-owned parking deck that is
in poor condition. The developer will retain two jobs, create two new jobs,
and make a $20 million investment. The City of Haverhill has approved a
20-year TIF valued at $1.6 million. ERD Metal Inc. - Westfield
ERD Metal is an aluminum manufacturing, extrusion, and distribution
company based in Turkey with a location in Massachusetts. In 2023, the
company sold its 51,000-square-foot Avon warehouse and purchased a
229,000-square-foot facility in Westfield to create an aluminum extrusion
manufacturing center. The company will retain 14 jobs, create 92 new
jobs, and make a private investment of $52.5 million. The EACC previously
approved $1.4 million in EDIP tax credits at its March meeting. At this
week’s meeting, the City of Westfield approved a five-year TIF valued at
$18,211. Vacant Storefront Program
The Massachusetts Vacant Storefront Program helps municipalities
revitalize their downtowns and commercial areas. Municipalities may apply
to the EACC to designate a defined downtown or other commercial area as a
Certified Vacant Storefront District. After such a designation, a
business may secure a commitment of local matching funds in order to
apply to the EACC for refundable EDIP tax credits for leasing and
occupying a vacant storefront in that district. Vacant Storefront Project: Revival Aesthetics LLC - Lowell
Revival Aesthetics is a full-service Med Spa providing wellness and skin
care treatments that is moving into a storefront at 45 Palmer Street in
Lowell. Revival Aesthetics plans to offer injectable treatments, skin
revival therapy, vitamin therapy, laser skin brightening, and laser hair
removal. Revival received a $30,000 Small Business Expansion loan from
the City of Lowell that will be forgiven as long as the business stays
open for three years and creates one job. EACC awarded the business
$10,000 in EDIP state tax credits. Vacant Storefront Districts: City of Medford - Medford has approved six
specific districts within the municipality as Vacant Storefront
Districts. These districts include Haines Square, Hillside, Medford
Square, South Medford, Wellington, and West Medford. There are nine
available vacant storefronts in these districts and the municipality’s
$100,000 Façade Improvement Program will provide match funding for each
new storefront project with a $5,000 grant for exterior façade
improvements. Town of Winchendon - Currently, there are
eight vacant storefronts in Winchendon, which account for 24 percent of
the total storefronts in the town. Winchendon approved two districts as
Vacant Storefront Districts, Waterville Plaza and 5 Central Street Plaza.
The Winchendon Redevelopment Authority budgeted $10,000 to support two
Vacant Storefront Projects per year, allowing $5,000 per business. About the Economic Assistance Coordinating Council
The Massachusetts Economic Assistance Coordinating Council (EACC) is a
state board comprised of public and private sector officials that review
and approve Economic Development Incentive Program projects and tax
credit incentives. The EACC also approves all local Tax Increment
Financing and Special Tax Assessment agreements for municipal property
tax relief. The EACC’s is part of the Massachusetts Office of Business Development (MOBD)
in the Executive Office of Economic Development, which assists businesses
expanding in and relocating to Massachusetts, with specific attention
paid to projects that create and retain jobs and invest capital. The MOBD
team provides a highly responsive, central point of contact that
facilitates access to resources, expertise, and incentive programs for
businesses. |
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