Caption: IPG Photonics Corporation is expanding facilities and adding jobs in Marlborough, (Photo courtesy of Mystic View Design)
Massachusetts is helping to support businesses across the Commonwealth seeking to expand their facilities and create new jobs while using private funds.
This week the Economic Assistance Coordinating Council (EACC) approved seven projects to participate in the Economic Development Incentive Program (EDIP), the Commonwealth’s investment tax credit program for businesses. The projects are expected to create 433 new jobs and retain 460 existing jobs, in addition to leveraging over $61 million in private investment and supporting construction projects across the Commonwealth. They include five manufacturing companies and three projects located in Gateway Cities.
“Supporting companies that are choosing to grow in Massachusetts is one of the Administration’s key economic development objectives to create economic opportunity in every region of the Commonwealth,” says Michael Hunter, Executive Director of Massachusetts Office of Business Development. “These investments will help these companies expand and continue to enhance the Massachusetts economy by making our communities stronger in the long term.”
The EACC, which meets quarterly, approved these projects:
Manufacturing Retention Projects (MRP)
Jacqueline’s Wholesale Bakery, Inc. in Salem
Metrigraphics, LLC in Lowell
Expansion Projects (EP)
IPG Photonics Corporation in Marlborough
Amazon.com.dedc LLC in Stoughton
Tax Increment Financing Only Projects
SMC Limited in Devens
New England Peptide in Gardner
Freedom Credit Union in Springfield
Here are fuller descriptions of the projects.
In 2009, Governor Deval Patrick and Housing and Economic Development Secretary Greg Bialecki, along with the Legislature, reformed the EDIP program, turning it into one of the most effective programs to help business grow in Massachusetts. Since then, 204 projects have received approval, leading to the potential creation of 14,416 new jobs, the retention of 40,911 existing jobs and leveraging of over $5.5 billion in private investment. In all, the program has assisted 111 manufacturers and supported 94 projects in Gateway Cities.
For more information about the EDIP and the Local Incentive Program, contact the MOBD regional representative in your area.