Photo courtesy of Chase Corporation (Oxford), a leading manufacturer of protective materials.
Today, the Commonwealth’s Economic Assistance Coordinating Council (EACC) approved 15 projects for participation in the Economic Development Incentive Program (EDIP). These projects are expected to create 2,468 new jobs and retain 6,267 jobs throughout Massachusetts, while leveraging approximately $812 million in private investment.
MassMutual, a national mutual life insurance company, was awarded tax credits to pursue a significant expansion project in Springfield and Boston. This expansion, which the company announced in February, will bring 2,000 new jobs to Springfield and Boston, and leverage a $291 million investment in both cities.
“The Economic Development Incentive Program leverages private investments to create jobs and to contribute to regional economies across the Commonwealth,” said Governor Charlie Baker. “Our administration is pleased to support this slate of projects, including MassMutual’s expansion, and we welcome these companies’ commitment to expanding and investing in Massachusetts.”
“Our administration encourages communities to work with our many resources and tools to spur economic development at the local level through the EACC and the Economic Development Incentive Program,” said Lt. Governor Karyn Polito. “These awards will contribute to economic development opportunities, create new jobs and develop paths towards long-term, stable growth.”
“EDIP is an important tool to support local and regional job growth. MassMutual’s expansion in Springfield and Boston is a win for the entire Commonwealth,” said Housing and Economic Development Secretary Jay Ash. “The company’s substantial investment in Springfield will feed the current momentum in the city and the region, attracting new private investment, jobs, and residents.”
“Growing jobs across all regions of Massachusetts is our imperative and we can accomplish this when state and local incentives work in conjunctions with private investment,” said Assistant Secretary of Business Development & International Trade Nam Pham. “We are pleased that companies, large and small, continue expanding their operations and adding jobs to propel economic growth in Massachusetts.”
The EACC has approved 194 economic development projects since the beginning of the Baker-Polito Administration in January 2015. These projects are leading to the creation of 12,343 jobs, retention of 27,768 existing jobs, and are leveraging over $4.3 billion in private investment. Additionally, the EACC has assisted 86 manufacturing companies and 87 companies in Gateway Cities during this period.
Massachusetts Mutual Life Insurance Company, Springfield and Boston
MassMutual is a mutual life insurance company headquartered in Springfield. The company does business in all 50 states and provides a wide range of life insurance, annuity and disability products, pension and pension-related products and services, and investment-related products and services. MassMutual will renovate and expand their corporate headquarters in Springfield and construct a Boston campus. The company plans to hire 2,000 new employees, retain 3,649 employees, and make a private investment of $291 million. The EACC Board has approved EDIP investment tax credits in the amount of $46 million.
Chase Corporation, Oxford
Founded in 1946, Chase Corporation is a leading manufacturer of industrial coatings and tapes for high reliability applications with a global customer base. Headquartered in MA, they have wire & cable manufacturing facilities in MA, NC and RI. They plan to consolidate assets and hire 13 new employees, retain 57 employees, and make a private investment of $318,438. The EACC Board has approved EDIP investment tax credits in the amount of $162,500.
Local Incentive Only Projects:
Global Property Developers Corporation, Amesbury
Global Property Developers is a private real estate development and construction management firm in Bridgewater, MA. They plan to build and operate the Atlantic Sports Center, a state-of-the art mixed-use complex which will include three buildings with commercial space featuring a multi-sheet ice arena capable of hosting hockey tournaments and large entertainment functions. The facility plans to employ 50 full time employees and make a private investment of $48 million. The City of Amesbury approved a 10-year Tax Increment Financing (TIF) valued at approximately $3.9 million.
HD Systems, Inc., Beverly
HD Systems manufactures high precision, customized gear components, gear units and electronically driven servo actuators. Currently located in Peabody, they have been growing rapidly and are outgrowing their current facility. They plan to purchase 5-acres from Cummings Properties in Beverly and construct a 90,000 square foot, high tech, multi-story manufacturing facility to include manufacturing and assembly, R&D, engineering, sales, marketing and administration with the ability to expand in the future. The company plans to retain 112 full-time jobs, create 80 new jobs, and make an investment of more than $70 million. The City of Beverly has approved a 10-year Tax Financing Agreement with a value of approximately $272,325.
ClearMotion, Inc., Billerica
Founded in 2008, ClearMotion has designed the world’s first proactive digital motion controlled suspension system for automobiles to replace traditional shock absorbers with a software controlled digital chassis. The company has outgrown its current headquarters in Woburn and identified a facility in Billerica. They plan to relocate and move their current 195 employees, create 105 new jobs, and make an investment of $9.4 million. The Town of Billerica has approved a seven-year Tax Financing Agreement with a value of approximately $625,000.
A. Crane Construction, LLC, Chicopee
A. Crane Construction has been serving Western Massachusetts’ construction needs since 1988, building custom homes, additions, and renovations for homeowners, and commercial spaces for businesses. The company has outgrown their existing 1,500 square foot facility and plan to build a new 3,000 square foot headquarters with an additional 4,000 square feet of warehouse space. The company plans to hire six new employees, retain seven employees, and make a private investment of $1.44 million. The City of Chicopee approved a five-year TIF valued at approximately $103,950.
RiverMills Assisted Living, LLC, Chicopee
RiverMills is a start-up venture which purchased a parcel in Chicopee to develop a 78,000 square-foot affordable, assisted living facility with dementia care. The project is being built on a former brownfields site. The facility plans to employ 65 full time employees and make a private investment of $24.2 million. The City of Chicopee approved a 10-year TIF valued at approximately $1,010,712.
OSJ of Fall River, LLC, Fall River
Ocean State Job Lot has 131 Stores throughout New England, New York and New Jersey with 50 stores in MA. OSJ of Fall River, LLC, an affiliated entity of Ocean State Job Lot, plans to purchase and remodel the former Shaw’s Plaza to relocate a Fall River Ocean State Job Lot store that will be almost 60% larger than their current store. They also plan to improve the appearance of the shopping center and facilitate the redevelopment of the site into a vibrant and active retail attraction. The company plans to hire nine new employees, retain 16 employees, and make a private investment of $9.4 million. The City of Fall River has approved a five-year Tax Financing Agreement with a value of approximately $165,000.
Rolf C. Hagan USA Corp., Mansfield
Founded in 1955, Hagen Group is the world’s largest, privately-owned pet products manufacturer and distributor. They plan to renovate their existing 302,000 square foot distribution space representing an estimated $500,000 in renovations and property value. The company plans to retain 100 full-time jobs and create 30 new, permanent full-time jobs over a 5-year period. The Town of Mansfield has approved a 10-year Tax Financing Agreement with a value of approximately $337,000.
Ace Molding, Inc., Monson
Ace Molding was founded in the 1960′s and moved to Monson in 1964, and manufactures bird feeders, knife handles and various industrial and healthcare components. The company plans to increase production which will result in five new jobs and the retention of three existing jobs and an investment $230,000. The Town of Monson has approved a 5-year Special Tax Assessment (STA) with a value of approximately $17,563.
Seaman Paper Company of Massachusetts Inc., Orange
Seaman Paper is a privately-owned manufacturer of decorative tissue papers and lightweight industrial papers, including wrapping paper, crepe streamers, art tissues, food wrappers and industrial interleaving grades. They are seeking to tear down an existing building in Orange and construct a new 165,000 square-foot warehouse/distribution building to house materials and finished goods to increase current manufacturing capacity. This project is expected to create 10 new jobs, retain 123 existing jobs and result in an investment of $5.58 million. The Town of Orange has approved a six-year Tax Financing Agreement with a value of approximately $362,010.
Horner Millwork Corp/North Atlantic Corp., Somerset
Horner is a distributor and manufacturer of windows, doors, kitchens, stairs, millwork and commercial building products. They service builders and contractors, architects, lumberyards, specialty millwork dealers, remodelers and homeowners. They plan to expand their Somerset, MA corporate office and manufacturing facility, adding an 85,000 square-foot, three floor manufacturing and warehouse building. The company plans to hire 20 new employees, retain 311 employees, and make a private investment of $6 million. The Town of Somerset has approved a 12-year Tax Financing Agreement with a value of approximately $885,000.
Emond Plumbing & Heating, Inc., Taunton
Emond Plumbing and Heating, Inc. is a 30 year-old plumbing and heating company with approximately 170 employees doing business in MA, RI, CT and NH. The company has outgrown its current location and intends to renovate an abandoned building in Taunton and expand their in-house construction and manufacturing operations. The company plans to hire 10 new employees, retain 45 employees, and make a private investment of $2.1 million. The City of Taunton has approved a 20-year Tax Financing Agreement with a value of approximately $224,884.
Waters Corporation, Taunton
Since 1958, Waters Corporation has creating innovative analytical instruments. Waters serves over 40,000 customers worldwide and its products are used in diverse markets, including pharmaceuticals, materials, food and environment, research, and clinical. They will expand their current silica manufacturing facility with a 135,000 square-foot addition. The company plans to hire 15 new employees, retain 94 employees, and make a private investment of $200 million. The City of Taunton has approved a 20-year Tax Financing Agreement with a value of approximately $3.7 million.
Analog Devices, Inc., Wilmington
Founded in 1965 and headquartered in Norwood, MA, ADI is a leading global manufacturer of a broad portfolio of products leveraging analog, mixed signal and digital signal processing technology. They are consolidating some of their MA-based operations into one campus. The will construct a 440,000 square-foot building for office space, lab space, a community hub and a parking. The company plans to hire 50 new employees, retain 1,555 employees, and make a private investment of $142.9 million. The Town of Wilmington has approved an eight-year Tax Financing Agreement with a value of approximately $4.3 million.