Ocean Scout Glider, Hefring, LLC., Gloucester, MA
Today, the Commonwealth’s Economic Assistance Coordinating Council (EACC) approved six projects for participation in the Economic Development Incentive Program (EDIP).
These six projects are expected to create 175 net new jobs and retain 135 jobs throughout Massachusetts, while leveraging approximately $42 million in private investment. Of the applicants this quarter three are manufacturers and three are located in Gateway Cities.
The EACC also voted to approve a new Vacant Storefront District in Attleboro, and a Certified Vacant Storefront project in Fitchburg’s Arts District.
Certified Vacant Storefront District and Project:
Dario’s on Main, Fitchburg (Project) – $10,000 in refundable EDIPC tax credits
Broco Oil, Inc. (Haverhill) Broco Oil, Inc. is a disabled veteran-owned business that provides sales, distribution, and manufacturing of petroleum products, lubricants, and propane for commercial, industrial, marine, and residential applications. The expansion will include adding 750 feet of new railroad siding, regrading, paving, and building structures for rail offload purposes. The project also includes funds to support the purchase and installation of two additional new 30,000-gallon horizontal double walled bio (B-99) storage tanks, the construction of several pipe bridges, and equipment upgrades. The company plans to create 15 new full-time jobs, retain 30 full time employees and make a private investment of $2.8 million. The city of Haverhill is approving a 5-year TIF with a value of approximately $3,687. The EACC Board has approved EDIP investment tax credits in the amount of $100,000.
Girouard Tool Corporation (Leominster) Founded in 1966, Girouard Tool Corporation is a full service custom injection molding company. Purchased by current ownership in 2002, the company provides turn-key services to the medical, technical and packaging industries. Currently at capacity, Girouard Tool purchased a new 14,000 sq. ft. facility in Leominster and will be adding new machinery & equipment. Girouard Tool plans to create 5 new full-time jobs, retain 11 existing jobs, and make a private investment of $2,811,750. The city of Leominster plans to approve a 5-year TIF with a value of approximately $32,364. The EACC Board has approved EDIP investment tax credits in the amount of $50,000.
Local Incentive Only Projects:
Karas & Karas Glass Co., Inc. (Avon)Founded in 1924 and headquartered in South Boston, Karas Glass is a fourth-generation business specializing in glass and glazing supplies, glass fabrication and building envelope services. They need to expand operations and recently purchased an 111,318 sq. ft. facility in Avon. They plan renovate the existing building and build an 18,000 sq. ft. expansion. This new facility will house their corporate HQ, manufacturing and distribution activities. The company plans to hire 20 new employees, retain 90 full-time employees and make an investment of $17.1 million. The town of Avon approved a 10-year TIF valued at approximately $862,000.
New Westgate Mall, LLC (Brockton)New Westgate Mall, LLC purchased the Westgate Mall in 2010. The Mall is the City of Brockton’s largest taxpayer, generating more than $5 million of commercial tax revenue over the past 5 years. Due to a number of factors, including competition from online retailers and challenges created by the COVID-19 Pandemic, the viability of the Mall is currently in danger. New Westgate mall intends to make an $8 million capital investment on improvements and to meet current market needs. The city of Brockton approved a 10-year TIF valued at approximately $1.8 million.
Hefring, LLC. (Gloucester) The corporate parent of Hefring, LLC was founded in 1996 and is based in Oslo, Norway. A U.S. subsidiary in Boston (operating as Hefring Engineering) started operation in summer of 2019 with aim to develop an underwater vehicle class referred to as “Glider.” The vehicle is used for collection of ocean data while “swimming” over long distances (more than 1000 miles) in the ocean. The expansion project will allow for the move of development and prototype testing; they will establish a facility to assemble, calibrate, test, and support the routine production of the new vehicle. The company is creating 60 new jobs, retaining 4 current employees and making an investment of $400,000. The city of Gloucester has approved a 5-year Tax Financing Agreement with a value of approximately $11,148.
H1 Lincoln, Inc. (North Attleboro) H1 Lincoln dba Majestic Honda is an RI Corporation which is part of the MA-based Balise family-run business of car dealerships which consists of 13 dealerships in MA, 10 in RI, and 1 in CT. Majestic Honda is currently in Lincoln, RI and operates out of an outdated facility. The company plans to invest $10.5 million to build a state-of-the art facility in North Attleboro and relocate 75 jobs from RI to MA. The city of North Attleboro has approved a 10-year TIF valued at approximately $115,603.
Certified Vacant Storefront Project:
Dario’s Ristorante dba “Dario’s on Main” (Fitchburg) Dario’s Ristorante has operated at 187 River Street for approximately 8 years. They are known for fine Italian cuisine and draw clientele from Fitchburg as well as surrounding communities. They seek to expand the business by relocating to the downtown district where major projects such as a restored City Hall, the renovation of the Fitchburg Theater and the creation of the Fitchburg Arts Community (60+ units of live/work housing for artists and creatives) are well underway. The 655 Main Street building was the old Fitchburg Gas & lighting building and has a stately facade and unique architectural elements. It is strategically located across from Fitchburg City Hall and abutting the Fitchburg State University theater block where 1,200 seat Fitchburg Theater is being restored.
The EACC has approved 260 economic development projects since the beginning of the Baker-Polito Administration in January 2015. These projects will lead to the creation of 21,084 jobs, retention of 37,891 existing jobs, and will leverage over $5.8 billion in private investment. Additionally, the EACC has assisted 111 manufacturing companies and 117 companies in Gateway Cities during this period.