Baker-Polito Administration Announces Economic Development Incentives for 13 Projects
Tax incentives will support the creation and retention of 5,866 new jobs, and $469 million in private investment
Lawrence – Wednesday, March 22, 2017 – Today the Commonwealth’s Economic Assistance Coordinating Council (EACC) approved tax incentives through the Economic Development Incentive Program (EDIP) that will support the expansion of 13 companies, in 11 communities. These projects are expected to create 1,181 new jobs and retain 4,685 existing jobs across Massachusetts, and deliver $469 million in private investment.
“The Economic Development Incentive Program helps Massachusetts companies make investments, expand operations, hire people, and grow their businesses,” said Governor Charlie Baker. “The program builds on our efforts to promote growth across the Commonwealth, drawing new employers from out of state, and helping those already here grow, and complements investments in our people and our communities to drive sustained economic growth.”
“These targeted investments will create new jobs and economic opportunities by unlocking business growth and private job creation,” said Lieutenant Governor Karyn Polito. “The Economic Development Incentive Program allows us to make these investments into growing companies, supporting the workers, families, and businesses of Massachusetts.”
“Providing incentives for our businesses to expand and hire new people is an investment in the future of the Commonwealth, and will ensure employment and business opportunities for our residents,” said Housing and Economic Development Secretary Jay Ash. “The awards we approved today will support advanced manufacturing in Agawam, food enterprise in Pittsfield, and apparel distribution in East Bridgewater. This diversity is why Massachusetts thrives, and why our economy will continue to grow.”
“The Economic Development Incentive Program is part of why Massachusetts has been able to cultivate innovative businesses, traditional manufacturers, and main street entrepreneurs,” said Assistant Secretary of Business Development Nam Pham. “Ensuring that all our entrepreneurs and businesses have the opportunity to succeed is an important part of our mission, and EDIP helps to make that a reality.”
Six of the awarded projects this quarter are manufacturers, and 8 projects are located in Gateway Cities.
Including the projects approved today, the EACC has approved 134 economic development projects since January 2015, including 60 manufacturers and 68 companies in Gateway Cities. These projects will lead to the creation and retention of more than 25,500 jobs, and will leverage more than $2.8 billion in private investment.
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
Evans Machine Company, Inc. (Brockton) - Evans Machine Company is a precision manufacturer of machined parts. They plan to add 10,000 square feet to their current facility to expand operations, and will create 14 new jobs while retaining 59 and investing $2,262,750. The EACC Board approved $105,000 in investment tax credits.
3Dekor LLC (Lawrence) - 3Dekor is an online retailer planning to invest $2,136,500 to transition into a manufacturer of shower curtains, curtain panels, tapestries, slipcovers, and rugs. The company currently imports all its products. This shift will create 35 new jobs and retain 1 job. The EACC Board approved $256,380 in investment tax credits.
Maxon Precision Motors, Inc. (Taunton) - Maxon Precision Motors is a wholesale distributor planning to expand into the assembly and modification of motors. As part of this process, the company is relocating to Taunton, investing $11,085,000, creating 70 new jobs, and retaining 42 jobs. The City of Taunton has approved a tax-increment financing agreement (TIF) valued at $1,148,638. The EACC Board approved $1,000,000 in investment tax credits.
Modern Mold and Tool, Inc. (Pittsfield) - Modern Mold and Tool specializes in design, engineering, complex mold manufacturing, and injection molding. The company is investing $3,000,000 to expand its operations in Pittsfield, creating 20 new jobs and retaining 50 existing jobs. The EACC Board approved $145,000 in investment tax credits.
Enhanced Expansion Projects
Wayfair, LLC (Boston) - Wayfair is an online furniture and accessories company that is investing $105,178,207 to expand its offices and equipment, and hire new employees to staff a variety of departments, including software and systems engineering, online marketing and analytics, merchandising, customer service, and sales. This expansion will create 460 new jobs, while retaining 2,880 jobs. The EACC Board approved $1,150,000 in investment tax credits.
EFEKTA Group, Inc. / Education First (Cambridge) - EFEKTA, part of Education First, will invest $133,400,000 to develop a third building for educational and business uses, on its North Point campus in Cambridge. This expansion will allow EF to create 300 new jobs and retain 1,150 existing jobs. The EACC Board approved $6,000,000 in investment tax credits.
Sound Seal (Agawam) - Sound Seal manufactures sound control products, and plans to invest $950,000 to purchase new equipment and add 10,000 square feet to their building, expanding the company’s manufacturing capacity. This expansion will create 15 new jobs, and retain 63 existing jobs. The Town of Agawam has approved a TIF valued at $38,122. The EACC Board approved $75,000 in investment tax credits.
Twins Enterprise, Inc. / ’47 Brand LLC (East Bridgewater) - Twins Enterprise, a distributor of sports apparel, is planning to invest $21,200,000 to expand and open a new distribution center in East Bridgewater. This new facility will create 30 new jobs, while retaining 287 existing jobs at other Twins Enterprise facilities, in Brockton and Salisbury. The Town of East Bridgewater has approved a TIF and personal property tax exemption valued at $536,000. The EACC Board approved $150,000 in investment tax credits.
Shire City Herbals, Inc. / Shire City Apples LLC (Pittsfield) - Shire City Apples manufactures Fire Cider, an organic apple cider vinegar tonic. Shire City Apples plans to invest $1,272,005 to build a new commercial kitchen, and expand the company’s office space and warehouse. The expansion will create 10 new jobs and retain 14 existing jobs. The City of Pittsfield has approved a TIF valued at $42,788. The EACC Board approved $74,000 in investment tax credits.
F.H. Cann & Associates, Inc. (North Andover) - F.H. Cann & Associates provides call center, answering, debt collection, and loan resolution services for student loans. The company is investing $1,887,500 to expand from 17,000 square feet to 50,000 square feet, after winning new business with the U.S. Department of Education. This expansion will create 220 new jobs, and retain 139 existing jobs. The EACC Board approved $2,000,000 in investment tax credits.
Local Incentive-Only Projects
Emerald Corporate Center, LLC (Chelsea) - Emerald Corporate Center invested $114,000,000 to purchase land from the City of Chelsea and develop a LEED Silver-certified, 275,000 square-foot office building, now home to the regional office of the FBI. The City of Chelsea has approved a TIF valued at $15,671,538.
Naumkaeg, LLC (Salem) - Naumkaeg, LLC is making a capital investment $862,000 to improve a commercial building for an incoming occupant, A&J Artisan Bakers, who will expand with more production space. The City of Salem has approved a TIF valued at $84,122.
Algonquin Acquisition Company, LLC (Taunton) - Algonquin Acquisition Company, the parent company of Boston Globe Media Partners, is consolidating its printing operations in Taunton. The City of Taunton has approved a TIF valued at $1,307,357 million.