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星期三, 6月 21, 2017

Baker-Polito Administration Announces Economic Development Incentives for 16 Projects

Baker-Polito Administration Announces Economic Development Incentives for 16 Projects

Tax incentives will support the creation and retention of 644 new jobs, and $359 million in private investment

Boston – June 21, 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 16 companies. These projects are expected to create 644 new jobs and retain 2,196 existing jobs across Massachusetts, leveraging $359 million in private investment.

“The Economic Development Incentive Program is an important tool for leveraging private investment and creating new job opportunities across the Commonwealth,” said Governor Charlie Baker. “We welcome these firms’ commitment to expanding and investing in their local communities and providing careers for those looking for work.”

“Our administration continues to invest in infrastructure needs, educational opportunities and workforce development programming that support our communities, residents and those companies looking to expand here in Massachusetts,” said Lieutenant Governor Karyn Polito. “These awards will support job and economic growth at family owned companies, manufacturers, hospitality providers and more across fifteen communities in Massachusetts.”

“This program supports companies from Braintree to Sturbridge, and from Lenox to Lawrence, catalyzing further growth and development across diverse sectors,”said Housing and Economic Development Secretary Jay Ash. “With our local partners, these incentives represent long-term investments in the future of Massachusetts’ economy.”

“These incentives help companies big and small pursue expansion projects, relocate and hire more workers to increase productivity,” said Assistant Secretary of Business Development Nam Pham. “We are eager to partner with our local partners and entrepreneurs to create jobs and build strong businesses.”

Among the 16 projects brought before the EACC, four companies receiving local or state tax incentives this quarter are manufacturers, and four companies are located in Gateway Cities.

Including the projects approved today, the EACC has approved 150 economic development projects since January 2015, including 64 manufacturers and 72 companies in Gateway Cities. These projects will lead to the creation and retention of more than 27,800 jobs, and will leverage more nearly $3.2 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.

Approved Projects:

Channel Fish Processing Co., Inc. (Braintree) - A family-owned and operated processor of North Atlantic fish plans to purchase a 60,000 square foot cold storage facility and renovate the structure for their processing needs. They will create 32 new jobs, retain 98 existing jobs and make a private investment of $15.3 million. The EACC Board awarded the project $240,000 in state tax credits.

J. Polep Distribution Services (Chicopee) - The company is a full service convenience store distributor operating in all of New England, NY, NJ and PA. They plan a 32,000 square foot expansion that will include a new cold service dock and a new freezer/cooler and will create 77 new jobs, retain 486 jobs and make a private investment of $9 million. The City of Chicopee awarded the project a five-year Tax Increment Financing (TIF) valued at approximately $73,103 and the EACC Board awarded $477,850 in state tax credits.

Valentine and Kebartas, LLC (Lawrence) Valentine and Kebartas provides third-party collection services to public and private sector clients. They plan to make a private investment of $385,250 to lease and fit-out additional space and will create 50 new jobs and retain 143 current employees. The EACC Board awarded the project $250,000 in state tax credits.

Litecontrol Corporation (Plympton) - For 80 years the company has produced commercial lighting in MA.  They plan to expand in their current location by 25,000 square feet and convert it to manufacturing, as well as purchasing and installing new manufacturing equipment.  The company will create 60 new jobs, retain 163 existing positions and making a $4.7 million private investment. The EACC Board has awarded $450,000 in state tax credits.

Publick House Service Corp. (Sturbridge) - The Publick House is a historic inn opened in 1771 with 100 guestrooms. They will build a 21,226 square foot hotel complex on the grounds with a new lobby and parking. The project will create 10 new jobs, retain 87 current positions and making a $6.3 million private investment. The Town of Sturbridge approved a 10 year TIF valued at $188,000 and the EACC Board approved $50,000 in state tax credits.

Local Incentives Only Projects:

Insulet Corporation (Acton) - Insulet is a medical device manufacturer engaged in the development, manufacturing and sale of its proprietary, innovative, easy-to-use insulin infusion system. They plan to acquire and improve a facility in Acton to house their new manufacturing line, clean rooms and office space and will create 250 new jobs and retain 500 existing positions.  The Town of Acton has approved a 20 year TIF valued at $2.8 million.

Fresenius Kabi Compounding, LLC (Canton) - Fresenius Kabi is a global health care company that specializes in lifesaving medicines and technologies for infusion, transfusion, and clinical nutrition and selected Canton, MA as the location for a new, state-of-the-art, pharmaceutical compounding facility for their first location in the Commonwealth.  Fresenius Kabi will create 65 new jobs and make an $8.6 million private investment. The Town of Canton has approved a five-year Special Tax Agreement (STA) valued at $265,605.

Chicopee Hospitality, LLC (Chicopee) - Chicopee Hospitality will construct a 49,750 square foot TRU Hotel by Hilton which will have 108 rooms commercial or retail space.  The new hotel will create 30 new jobs and retain an existing 3 jobs. They plan to make a $11.3 million private investment and the Town of Chicopee approved a five-year TIF valued to be $187,756.

GlassTech Boat Service, LLC (Gloucester) - GlassTech Boat Service provides owners of watercraft, large or small, high-quality custom repair and detailing services as well as full engine services for all major brands of marine engines, diesel repair and maintenance.  The company plans to expand and erect a 60' x 120' storage facility onsite and create 3 new jobs and retain the 3 existing jobs.  The private investment is expected to be $550,000 and the City of Gloucester has approved a seven-year TIF valued at $22,749.

CPI Radant Technologies Inc. (Hudson) – The Company is a leading supplier of advanced composite radomes, reflectors and antenna for military and commercial use.  They plan to lease a new facility, make the alterations needed and purchase and install new equipment, creating 30 new jobs, retaining 70 jobs and making a private investment of $5.4 million.  The Town of Hudson has approved a 20 year TIF valued at $671,650.

Morrison’s Home Improvement Specialists, Inc. (Lenox) - Morrison's Home Improvement is a family-owned and operated company established in 1992. They purchased and renovated an abandoned building and turned it into a renovation and remodeling center and will create five new employees and retain 15 while making a private investment of $666,000.  The Town of Lenox approved a five-year TIF valued to be $19,734.

NBCUniversal Media LLC (Needham) - NBCUniversal Media is one of the world's leading media and entertainment companies.  They are considering the establishment of a world class broadcast and digital media center in Needham.  The project would relocate 375 employees at current facilities in Burlington and Newton to Needham.    The Town of Needham approved a 10 year TIF valued to be over $2 million. 

Cox Engineering Company (Randolph) - Founded in 1914 Cox Engineering is a third-generation, family-owned manufacturer of large air handling units, HVAC piping and sheet metal ductwork and will be purchasing and renovating an estimated 70,380 square foot vacant building in Randolph for use as a corporate headquarters and for manufacturing operations. The expansion will create 20 new jobs, retain 140 jobs and make a private investment of $9 million. The Town of Randolph has approved a six-year STA valued at $463,000.

Arland Tool and Manufacturing, Inc. (Sturbridge) – Arland Tool and Manufacturing is a 65 year old contract manufacturer and engineering company, which has expanded into commercial real estate leasing.  They plan to build a 43,000 square foot office building to attract new professional and medical services businesses to town. The company will be making a $4 million investment and the Town of Sturbridge has approved a five-year TIF estimated to be worth $67,000.

Agri-Mark, Inc. (West Springfield) – Agri-Mark is a premier dairy co-operative in the Northeast in business since 1916 and marketing $3.2 billion gallons of fresh milk each year for 1,075 dairy families in New England and New York.  Agri-Mark farmers own the award-winning Cabot brand of cheddar products. The company plans to develop a 15,600 square foot expansion to an existing plant. They will hire 16 new employees and retain 115 current positions while investing over $17 million. The Town of West Springfield approved a five-year TIF estimated to be worth over $240,000.

Armory Business Center, LLC (Worcester) – Amory Business Center plans to construct a new 20,500 square foot. building consisting of 10 suites of between 1,880 and 2,300 square feet for high tech industrial, manufacturing and R&D companies.  The City of Worcester has approved a 20 year TIF valued at over $770,000.