MA Approves PREP Hanover TIF - News Release 9/20
Commonwealth of Massachusetts
Executive Office of Housing and Economic Development
FOR IMMEDIATE RELEASE - September 20, 2017
Contact:
Michelle Hillman (HED) – michelle.m.hillman@state.ma.us
Samantha Kaufman (HED) – samantha.kaufman@state.ma.us
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Baker-Polito Administration Announces Economic Development Incentives for 14 Projects
EDIP incentives will support creation and retention of 1,772 new jobs, and $124 million in private investment
Worcester, MA – September 20, 2017 – Today, the Commonwealth’s Economic Assistance Coordinating Council (EACC) approved 14 projects for participation in the Economic Development Incentive Program (EDIP). These projects are expected to create 722 net new jobs and retain 1,050 jobs throughout Massachusetts, while leveraging approximately $124 million in private investment. Of the applicants this quarter, 11 are manufacturing companies and six are located in Gateway Cities.
“Massachusetts offers companies committed to expanding and creating jobs in the Commonwealth an unparalleled workforce and robust educational resources,” said Governor Charlie Baker. “Our administration works closely with municipalities and companies to spur regional economic growth through programs like EDIP, the Site-Readiness Fund, MassWorks and other targeted investments that leverage Massachusetts’ many assets to attract new opportunities for long-term growth.”
“Today’s announcement will bring new, private investment to thirteen communities, from Cape Cod to Pittsfield,” said Lt. Governor Karyn Polito. “We will continue to partner with communities across the Commonwealth to pursue strategies for long-term economic growth to connect more residents to new job opportunities.”
“Our administration offers a comprehensive set of tools to help communities catalyze long-term economic growth across the Commonwealth,” said Housing and Economic Development Secretary Jay Ash. “Programs like EDIP, MassWorks, the Site-Readiness Fund and more aid municipalities in removing roadblocks to development, attracting private investment and pursuing a vision for long-term, sustainable economic growth.”
“I congratulate the fourteen companies represented by today’s announcement,” said Assistant Secretary of Business Development Nam Pham. “Not only will these companies create new jobs in manufacturing, the blue economy, real-estate development and food services, but will invest in regional economies and commercial infrastructure.”
The EACC has approved 164 economic development projects since the beginning of the Baker-Polito Administration in January 2015. These projects will lead to the creation of 9,003 jobs, retention of 21,121 existing jobs, and will leverage almost $3.3 billion in private investment. Additionally, the EACC has assisted 75 manufacturing companies and 78 companies in Gateway Cities during this period.
Approved Projects:
Aquacultural Research Corporation (Dennis) – In 2016 ARC completed a $1.6 million hatchery facility, more than doubling their capacity. They now plan to construct two new nursery locations to support an increased shellfish seed output, representing a three-fold increase in nursery capacity. The company will create six new jobs and retain 17 while making a private investment of $330,000. The EACC Board has awarded $100,000 in state tax credits.
Merrow Manufacturing LLC (Fall River) - Merrow is a 180-year-old, third generation family-owned industrial sewing machine manufacturer in Fall River and is part of the Advanced Functional Fabrics of America institute in collaboration with the Army and MIT. Merrow has hired 75 employees from their former co-tenant and are attempting to purchase the building. The City of Fall River awarded the Company a $25,000 workforce training grant to train these new employees. The company also plans to create 200 more jobs, while retaining 95 positions and making a private investment of nearly $3 million. The EACC Board has awarded the project $750,000 in state tax credits.
Plenus Group Inc. (Lowell) - This family-owned manufacturer of soups and sauces plans to purchase and remodel their 16,000 sq. ft. leased property. They have committed to creating 30 jobs, retaining 50 existing jobs, and making a private investment of $8.5 million. The City of Lowell awarded the project a 10-year Tax Increment Financing (TIF) valued at $326,734 and the EACC Board awarded $300,000 in state tax credits.
Lifoam Industries, LLC (North Andover) - Lifoam Industries manufactures and sells expanded polystyrene (EPS) coolers. They plan to expand operations to a larger 250,000 sq. ft. site and will also purchase and install new machinery and equipment. Lifoam will create 83 new jobs, retain 24 jobs, and make a private investment of $7.8 million. The EACC Board has awarded the project $375,000 in state tax credits.
LTI Smart Glass, Inc. (Pittsfield) - LTI is a leading manufacturer, distributor and installer of laminated glass and polymer products used for a variety of specialty applications and industries. They are planning a 6,552 sq. ft. addition to their existing facility and will purchase state-of-the-art machinery. The company has committed to creating 38 new jobs, retaining 100 existing positions, and making a private investment of $2.3 million. The EACC Board has awarded the project $240,000 in state tax credits.
J&E Precision Tool, Inc. (Southampton) - J&E Precision Tool started in 1979 with a focus on general commercial precision machining services for the aerospace, defense, marine and microwave industries. They plan to construct a 7,200 sq. ft. building adjacent to their current facility to be used for increased storage and future growth and purchase additional machinery. The company will create 29 new jobs, retain 70 existing jobs with a private investment of $1.5 million. The EACC Board has awarded the project $101,500 in state tax credits.
Goodrich Corp. (Westford) - Goodrich Corp. is part of United Technologies Corp., the world's largest supplier of technologically-advanced aerospace and defense systems. They plan to lease up to 50,000 sq. ft. of space adjacent to their current operations and invest $8.8 million for new machinery, equipment and building renovations. The company has committed to creating 180 new jobs and retaining 601 jobs. The EACC Board has awarded the project $540,000 in state tax credits.
Honeywell International Inc. (Westwood) - Honeywell is a multi-national Fortune 100 company, and their subsidiary The Muck Boot Company is currently located in Smithfield, RI. Muck Boot Company will be relocating to Westwood, MA resulting in 95 net new jobs for the Commonwealth and a private investment of $1.6 million. The EACC Board has awarded $285,000 in tax credits and the company.
Local Incentives Only Projects:
American Superconductor Corp. (Ayer) – American Superconductor Corp. plans to relocate its headquarters, manufacturing and administrative operations from Devens, MA to Ayer, MA. They plan to retain 82 existing jobs and make a private investment of $2.5 million. The Town of Ayer has approved a 10-year Special Tax Assessment (STA) valued at $777,469.
Prep Hanover Real Estate, LLC (Hanover) - Prep Hanover plans to redevelop the Hanover Mall property to an open air shopping center. The company has committed to creating two new jobs, retaining existing positions, and making a private investment of $80 million. The Town of Hanover has approved a 16-year TIF valued at $8,564,610.
Oceans Fleet Fisheries, Inc. (New Bedford) - Oceans Fleet Fisheries Inc. is a seafood processor/distributor that has operated in New Bedford since 1998. The company has purchased the building at 38 Blackmer St. to expand their operation. The company will create 19 new jobs, retain six existing positions, and make a private investment of $1.7 million. The City of New Bedford has approved a five-year STA valued at $72,618.
Quality Custom Packing, Inc. (New Bedford) – The seafood processing facility, specializing in custom packing of scallops and other seafood items was founded in 2000. Quality Custom Packing purchased a building in July 2017 to expand its scalloping operations and preparation of underutilized fish such as monk fish and dogfish. They will create 40 new jobs, retain one job, and make a private investment of $1.4 million. The City of New Bedford has approved the project with a five-year STA valued to be $92,975.
Sweetheart Realty, LLC (Shelburne Falls) - Sweetheart Realty was formed in 2015 for the purpose of building a mixed-use function hall and brewery. The company plans to make a private investment of $1,440,000 to renovate the building’s exterior and add a large parking area, stone walls and walkways. The Town of Shelburne has approved a five-year TIF valued at $38,437.
South Coast Development, LLC (Taunton) - South Coast Development has more than 20 years of experience in petroleum and convenience store site development, management, new construction and renovation. The company will make a private investment of almost $2.9 million to renovate and expand an existing gas station/convenience store in Taunton. The City of Taunton has approved a 20-year TIF valued at $204,910.