EDIC creation is authorized by a state statute which allows towns or cities to identified as labor surplus areas by the US Dept. of Labor to establish Economic Development Industrial Corporations to implement local economic development projects in accordance with local approved economic development plans.
Projects must involve industrial and manufacturing uses and are designed to lower the unemployment rate and eliminate substandard, or open areas. The DCS provides assistance to cities and towns in establishing EDICs to undertake redevelopment projects, as well as ongoing technical assistance.
Eligible Applicants: Any towns designated by the US Department of Labor as a labor surplus area due to high unemployment is eligible to establish an EDIC under MGL Chapter 121C.
In accordance with an economic development plan an EDIC may implement economic development projects designed to decrease the unemployment rate and eliminate decadent and blighted open areas existing in a city or town.
In order to establish an EDIC, a town must first determine that the need for an EDIC exists. In towns this requires a vote by town meeting and in cities a vote by the city council and approval by the mayor or city manager. Under M.G.L. Chapter 121C, towns must receive certification from the Department of Housing and Community Development (DHCD) for the establishment of EDICs. Cities are not required to receive certification from DHCD.
How to Apply
Please refer to the DHCD publication EDIC Implementation Guide
Additional Program Information
Executive Office of Housing and Economic Development - Economic Development Incentive Program (EDIP)
State-Subsidized Environmental Insurance