Baker-Polito Administration Announces Economic Development Awards for 13 Projects
Job-creation incentives will contribute to Massachusetts businesses creating 1,299 jobs
Worcester – Wednesday, September 21, 2016 – Today the Commonwealth’s Economic Assistance Coordinating Council (EACC) approved the participation of 13 projects in the Economic Development Incentive Program (EDIP), expected to leverage $708 million in private investment, while creating 1,299 new jobs, and retaining 3,686 jobs throughout Massachusetts.
“The Economic Development Incentive Program combines private investments with targeted public incentives to unlock business growth and support dynamic local economies throughout the Commonwealth,” said Governor Charlie Baker. “This program is an integral part of our efforts to create a pro-growth climate that supports businesses of all sizes, and facilitates sustained economic expansion.”
“Our administration is committed to building a framework for future growth by supporting businesses throughout the Commonwealth,” said Lt. Governor Karyn Polito. “Today’s investments will provide job opportunities for current and future residents, and will drive long-term growth for Massachusetts.”
“The Commonwealth’s economy is strengthened by its diversity, with established life sciences, technology, and manufacturing companies that have built their businesses around the talent and opportunities the Commonwealth provides,” said Deputy Secretary of Housing and Economic Development, and Chair of the Economic Assistance Coordinating Council, Carolyn Kirk. “The Economic Development Incentive Program allows us to invest in these companies, helping to keep jobs and private investment in Massachusetts where they support our residents and communities.”
“The Economic Development Incentive Program allows Massachusetts to invest in our businesses in an effective and accountable way,” said Assistant Secretary of Business Development Nam Pham. “Targeted business development tools allows us to realize the potential growth in businesses throughout the Commonwealth.”
Five of the awarded projects this quarter are manufacturing companies, and five are located in Gateway Cities.
The EACC has approved 102 economic development projects since January 2015. These projects will lead to the creation of 5,830 jobs, the retention of 12,297 existing jobs, and will leverage more than $2 billion in private investment. Additionally, the EACC has assisted 44 manufacturing companies and 48 companies in Gateway Cities during this period.
The EDIP is the Commonwealth’s investment tax credit program for businesses, and is one of the most effective tools helping businesses to grow in Massachusetts. EDIP tax credits and other incentives are available to companies that make qualifying investments in new facilities and create new jobs. The EACC meets on a quarterly basis to review applications. More information about the EDIP is available on the Massachusetts Office of Business Development’s website.
Manufacturing Retention Projects
Golden Cannoli Shells, Inc. (Chelsea) - Golden Cannoli Shells is a family-owned manufacturer of pastries and pastry fillings. The company is expanding its Chelsea manufacturing plant after winning contracts with several national retailers. Golden Cannoli Shells will expand its current facility by 4,500 square feet, expand into an adjacent 11,000 square foot warehouse, create 16 new jobs, and retain 52 existing jobs. The expansion project will generate a private investment of $5.6 million. The City of Chelsea previously approved a tax-increment financing agreement (TIF) valued at $8,000. The EACC Board approved $120,000 in state tax credits.
US Bedding, Inc. (Fall River) - US Bedding, Inc. manufactures quality bedding products for national distribution and sales. The company’s expansion project will create 50 new jobs, retain 38 existing jobs, and generate $475,000 in private investment. The EACC Board approved $190,000 in state tax credits.
Job Creation Project
Akamai Technologies, Inc. (Cambridge) - Akamai Technologies is a global leader in web and mobile performance, cloud computing security, and online media delivery. Akamai is expanding its Cambridge corporate headquarters, consolidating its footprint into two buildings, from six, and growing its headcount substantially. The expansion will create 700 new jobs, retain 1,666 existing jobs, and generate $136,000,000 in private investment. The EACC Board approved $700,000 in state tax credits.
Broadway Hotel LLC (Chelsea) - The Broadway Hotel project is a 124-room hotel, with public restaurant and meeting space, located near Logan International Airport. The hotel project will complete Chelsea’s Mill Creek waterfront walkway, remediate environmental contamination on a brownfield, and provide a new commercial anchor for Chelsea’s Broadway corridor. The project will create 40 new jobs and generate $29,800,000 in private investment. The City of Chelsea has approved a TIF and personal property tax exemption valued at $852,000. The EACC Board approved $280,000 in state tax credits.
VCA Inc. / Alloy LLC (Northampton) - VCA Inc. is a custom manufacturer of high-end furniture and architectural millwork. VCA is expanding its existing 20,000 square foot facility, adding an additional 13,000 square feet of space for its millwork and finish departments. The expansion will create 6 new jobs, retain 30 existing jobs, and generate $1,400,000 in private investment. The City of Northampton has approved a TIF valued at $3,600. The EACC Board approved $75,000 in state tax credits.
Local Incentive-Only Projects
Martin Development LLC (Amesbury) - Martin Development LLC is renovating a vacant three-story former mill building on the edge of Amesbury’s downtown into modern office and retail space. The project will generate initial private investment of $2,500,000. The City of Amesbury has approved a 10-year TIF valued at $133,000.
Pfizer, Inc. (Andover) - Pfizer is expanding its Andover campus, constructing a new, 175,000 square foot pharmaceutical therapy manufacturing and production facility. The new facility will focus on Phase I and Phase II clinical trials. Pfizer’s expansion will create 75 new jobs, retain 1,109 existing jobs, and generate $200,000,000 in private investment. The Town of Andover has approved a 5-year TIF valued at $2,900,000.
Rosev Dairy Foods, Inc. (Chelsea) - Rosev Dairy Foods, a leading distributor of dairy, ice cream and food products, is expanding out of its current leased facility, and constructing a new, energy-efficient, 13,000 square foot building. The expansion project will create 5 new jobs, retain 30 existing jobs, and generate $6,675,000 in private investment. The City of Chelsea has approved 5-year TIF valued at $27,000.
Stationery Factory LLC (Dalton) - The Stationery Factory is the redevelopment of a former paper factory into a diverse community of small businesses and artists. The Town of Dalton has approved a 10-year TIF valued at $322,000.
New Bedford Urban Renaissance II, LLC (New Bedford) - Columbus Group is redeveloping a vacant building in New Bedford’s Transformative Development district into a 68-room boutique hotel. The redevelopment will create 50 new jobs, and generate $10 million in private investment. The City of New Bedford has approved a 15-year TIF valued at $606,000.
William Green, Inc. (Shelburne) - William Green, Inc., a manufacturer of wood cabinets, is expanding to Shelburne, creating 7 new jobs, retaining 7 existing jobs, and generating $1,300,000 in private investment. The Town of Shelburne has approved a 10-year TIF valued at $53,000.
Siemens Healthcare Diagnostics, Inc. (Walpole) - Siemens Healthcare Diagnostics, Inc., an international manufacturer of medical testing and diagnostic equipment, plans to launch a significant expansion of its Walpole headquarters. The $300 million expansion project will overhaul the company’s office, warehouse, and lab space, and create 400 new jobs, while retaining 629 existing jobs. The Town of Walpole has approved a 20-year TIF valued at $18,300,000. The Massachusetts Life Sciences Center has awarded $735,000 in state tax incentives to Siemens’s expansion.
Curtis Industries, LLC (West Boylston) - Curtis Industries, LLC manufactures vehicle cab systems and related accessories. The company is investing $8 million in its expansion project. The Town of West Boylston has approved a 13-year TIF valued at $803,000.