Baker-Polito Administration Announces Economic Development Awards for 18 Projects
Incentives for advanced manufacturing, technology and development will contribute to creating and retaining 3,813 jobs
Boston – June 22, 2016 – Today, the Commonwealth’s Economic Assistance Coordinating Council (EACC) approved 18 projects for participation in the Economic Development Incentive Program (EDIP). These projects are expected to create 855 new jobs and retain 2,958 jobs throughout Massachusetts, while leveraging approximately $199 million in private investment.
“Massachusetts boasts a robust, pro-growth business environment, and our administration is committed to maintaining and improving the Commonwealth’s business ecosystem,” said Governor Charlie Baker. “Through targeted business development tools like the Economic Development Incentive Program, we will continue to support sustainable, long-term growth.”
“The Economic Development Incentive Program unlocks private capital investment and job creation across Massachusetts,” said Lieutenant Governor Karyn Polito. “Creating the optimal environment for job growth is crucial to stimulating new growth, and lifting up every community in Massachusetts.”
“The Economic Development Incentive Program allows us to make effective and accountable investments in the Massachusetts businesses,” said Housing and Economic Development Secretary Jay Ash. “These investments have ripple effects beyond specific beneficiaries. The local job creation we support spurs regional business growth and an improved quality of life throughout the Commonwealth.”
“The projects we approved this quarter demonstrate the diversity of the Massachusetts economy,” said Assistant Secretary for Business Development Nam Pham. “By deploying targeted, cost-effective incentives, we are encouraging new growth in information technology, medical device manufacturing, and hospitality, and spurring job creation from Beverly to North Adams.”
The EACC approved incentives this quarter for five manufacturing companies, and seven projects located in Gateway Cities.
The EACC has approved 88 economic development projects since January 2015. These projects will create 4,557 jobs, retain 8,607 existing jobs, and leverage more than $1.4 billion in private investment. During the Baker-Polito Administration, the EACC has assisted 39 manufacturing companies and 44 companies in Gateway Cities.
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 Project / Job Creation Project
Kronos Incorporated (Lowell) - Kronos is the global leader in providing workforce management solutions in the cloud, and is one of the largest technology employers in Massachusetts. The company currently maintains its global headquarters in Chelmsford, where it employs approximately 1,300 people. Kronos is proposing to relocate its headquarters to Lowell and expand its workforce by at least 400 new full-time jobs. The project is closely connected to the rehabilitation of Cross Point Towers and represents the single largest job increase in Lowell since the inception of the EDIP program in 1994. EDIP incentives will leverage private investment of $56 million. The City of Lowell has approved a Tax Increment Financing (TIF) agreement valued at $2.2 million. The EACC Board approved $8 million in refundable EDIP tax credits over multiple years.
Job Creation Project
SimpliVity Corporation (Westborough) - SimpliVity Corporation offers products designed to simplify corporate cloud technology needs. The company’s expansion will add 100 jobs, retain 389 jobs, and invest approximately $400,000 in its expansion. The EACC Board approved $100,000 in investment tax credits.
The Beyond Place, LLC (North Adams) - The Beyond Place, LLC is a nature-based resort in North Adams currently undergoing redevelopment. The project’s first phase will see a former 1960s motor court hotel redeveloped into a 47-room hotel, creating 14 new full-time jobs, and generating over $5.3 million in private investment. Subsequent phases will create a 40-acre nature activity park, and allow for the adaptive restoration of the historic Blackinton Mill. The City of North Adams has approved a TIF valued at $60,000. The EACC Board approved $70,000 in tax credits.
Cumberland Farms, Inc. (Westborough) - Cumberland Farms is a family-owned and operated business that was incorporated in 1984. Today, the company operates a retail convenience store and gas station business, with a network of 600 retail stores in eight states employing more than 5,000 associates. Cumberland Farms plans to consolidate and expand operations in its Westborough facility, where it is investing $12.8 million, creating 150 new jobs, and retaining 608 existing jobs. The Town of Westborough has approved a TIF valued at $124,000. The EACC Board approved $150,000 in tax credits.
FedEx Ground Package System, Inc. (Seekonk) - FedEx is proposing to build a new distribution center in Seekonk that would assist with a projected increase in package volume, and house the FedEx Home Delivery station currently based in Rhode Island. FedEx will invest $48 million in this project and create 26 new full-time jobs. The Town of Seekonk approved a TIF valued at $1.14 million. The EACC Board approved $195,000 in tax credits.
Jarvis Surgical, Inc. (Westfield) – Jarvis Surgical is a manufacturer of precision components for the orthopedic industry. The company manufactures components for replacement knees, hips, shoulders and spines. The company is constructing a 15,000 square foot addition to their current facility, investing over $4 million, adding 41 new full-time positions, and retaining 66 employees. The City of Westfield previously approved a $40,000 TIF. The EACC approved $430,000 in EDIP tax credits.
Local Incentive Only Projects
HighRes Biosolutions, Inc. (Beverly) – HighRes Biosolutions designs and builds robotic systems and laboratory devices used by pharmaceutical and biotech companies, and academic research laboratories. HighRes has outgrown its current headquarters will be relocating to an 80,000 square foot facility in Beverly. The company expects to create 30 new jobs and retain 95 positions. The City of Beverly has approved a 10-year TIF agreement valued at $180,000.
M.A.S. Realty Corporation (Fitchburg) – M.A.S. Realty will redevelop a turn-of-the-century mill building on Nockege Street in Fitchburg into modern office space, with a private investment of $11.2 million. The mill has been largely vacant since 2000. Multiple tenants have pre-leased space, pending reconstruction and renovation. The City of Fitchburg approved a 10-year TIF valued at $867,000.
103 Worcester Street, LLC (Grafton) – 103 Worcester Street is a proposed a $2.1 million investment in a new, 45,000 square foot building that will house dental and medical offices. The Town of Grafton has approved a 10-year TIF valued at $150,000.
Nestingly, LLC / The Cubit (Holyoke) – The Cubit is a former wire manufacturing facility in downtown Holyoke that is being redeveloped into a mixed-use commercial and residential facility. Holyoke Community College’s culinary arts and hospitality program will anchor the building’s first two floors, with rental apartments on the upper floors, and commercial space in the complex’s lower floor. The City of Holyoke is supporting the $3 million redevelopment with a 6-year TIF valued at $67,000 for the commercial space.
Garlan Chain Co., Inc. (North Attleboro) – Garlan Chain Company is a second-generation family-owned and operated manufacturer of base and precious metal jewelry chains. The company will expand and double its square footage by purchasing a 21,000 square foot building in North Attleboro, creating 10 new jobs, retaining 16 current employees, and making a private investment of $1.7 million. The Town of North Attleboro has approved a 10-year TIF valued at $25,000.
MACOM Technology Solutions, Inc. (Lowell) – Founded in 1950 and headquartered in Lowell, MACOM is a global developer and manufacturer of integrated circuits, components and modules for industries that include aerospace, telecom, military, and medical. MACOM is expanding its campus, constructing a new, 50,000 square foot office building, creating 47 new jobs, retaining 373 current employees, and investing $15 million. The City of Lowell has approved a 10-year TIF valued at $997,000.
Glassman Services Inc. dba SERVPRO (New Bedford) – SERVPRO specializes in the cleanup and restoration of residential and commercial property after a fire, smoke or water damage, as well as the mitigation of mold and mildew. The company’s expansion will reactivate a vacant building, resulting in a private investment of $600,000, and creating 5 new jobs that will be exclusively offered to New Bedford residents. The City of New Bedford has approved a 5-year Special Tax Assessment valued at $34,000.
Greylock Works, LLC / Latent Productions (North Adams) – Greylock Works, LLC will redevelop a 240,000 square foot abandoned building complex, creating new space for residential lofts, hospitality and cultural projects, and cleaning a current Brownfields site. The project will generate $8.5 million in private investment. The City of North Adams has approved a 10-year TIF valued at $257,000 for the project’s commercial component.
Omni Life Science, Inc. (Raynham) – Omni Life Science, Inc. is a global orthopedic medical device company serving surgeons and hospitals. Omni is relocating to Raynham, renovating a 40,000 square foot vacant building, and investing $2.8 million in the process. The relocation and expansion will create 15 new jobs and retain 70 current jobs. The Town of Raynham has approved a 15-year TIF valued at $340,000.
C&S Capital Properties, LLC (Stoneham) – C&S Capital Properties will redevelop an antiquated office building, two residential structures, and a vacant parcel of land located one block from Stoneham Center. The $4 million redevelopment will create new, modern commercial space, with ground-floor retail. The Town of Stoneham has approved a 10-year TIF valued at $210,000.
Fathers & Sons, Inc. (West Springfield) - Fathers & Sons, Inc. is a local automobile dealership that will invest $11.5 million in the reconstruction and expansion of Volkswagen and Audi showroom space. The expansion will create 15 new full-time jobs and retain 20 jobs. The City of West Springfield has approved a 5 year-TIF valued at $300,000.