Baker-Polito Administration Announces Economic Development Awards to help businesses create jobs

| Posted by | Categories: Grow, Work

Caption: U.S. Bedding Inc. in Fall River

This week the Commonwealth’s Economic Assistance Coordinating Council (EACC) approved 13 projects for participation in the Economic Development Incentive Program (EDIP). These projects are expected to leverage $708 million in private investment, while creating 1,299 new jobs, and retaining 3,686 jobs throughout Massachusetts.

Governor Charlie Baker said the EDIP “combines private investments with targeted public incentives to unlock business growth and support dynamic local economies throughout the Commonwealth.”

Lt. Governor Karyn Polito said, “Today’s investments will provide job opportunities for current and future residents, and will drive long-term growth for Massachusetts.”

Carolyn Kirk, Deputy Secretary of Housing and Economic Development, and Chair of the Economic Assistance Coordinating Council, praised “life sciences, technology, and manufacturing companies that have built their businesses around the talent and opportunities the Commonwealth provides. EDIP allows us to invest in these companies, helping to keep jobs and private investment in Massachusetts where they support our residents and communities.”

Nam Pham, Assistant Secretary of Business Development, said “EDIP allows Massachusetts to invest in our businesses in an effective and accountable way. Targeted business development tools allows us to realize the potential growth in businesses throughout the Commonwealth.”

Five of the awarded projects this quarter are manufacturing companies, and five are located in Gateway Cities.

APPROVED PROJECTS

Manufacturing Retention Projects

Golden Cannoli Shells, Inc. (Chelsea)

US Bedding, Inc. (Fall River).

Job Creation Project

Akamai Technologies, Inc. (Cambridge

Expansion Projects

Broadway Hotel LLC (Chelsea

VCA Inc. / Alloy LLC (Northampton

Local Incentive-Only Projects

Martin Development LLC (Amesbury)

Pfizer, Inc. (Andover).

Rosev Dairy Foods, Inc. (Chelsea)

Stationery Factory LLC (Dalton)

New Bedford Urban Renaissance II, LLC (New Bedford)

William Green, Inc. (Shelburne)

Siemens Healthcare Diagnostics, Inc. (Walpole)

Curtis Industries, LLC (West Boylston)

The EACC has approved 102 economic development projects since January 2015. These projects will lead to the creation of 5,830 jobs, the retention of 12,297 existing jobs, and will leverage more than $2 billion in private investment. Additionally, the EACC has assisted 44 manufacturing companies and 48 companies in Gateway Cities during this period.

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 at Massachusetts Office of Business Development.