Tropical Products, Inc. (Salem)
On September 23, the Commonwealth’s Economic Assistance Coordinating Council (EACC) approved eight projects for participation in the Economic Development Incentive Program (EDIP). These projects are expected to create 375 net new jobs and retain 370 jobs throughout Massachusetts, while leveraging approximately $130 million in private investment. Of the applicants this quarter, one is a manufacturer and four are located in Gateway Cities.
The EACC has approved 294 economic development projects since the beginning of the Baker-Polito Administration in January 2015. These projects will lead to the creation of 22,640 jobs, retention of 40,739 existing jobs, and will leverage almost $6.6 billion in private investment. Additionally, the EACC has assisted 125 manufacturing companies and 130 companies in Gateway Cities during this period.
Farm Street Real Estate, LLC (Peabody) Farm Street Real Estate, LLC is a new corporation established to develop a restaurant and Inn on the vacant property located at 2 Washington Street, formerly owned by the city of Peabody. This prominent location at the corner of Washington and Main Streets will provide an anchor to the Washington Street district. The existing building will be converted to a 10-room boutique inn, restaurant, and speak-easy bar & lounge. The project entails the creation of six new full-time jobs and a private investment of $7.7 million. The city of Peabody plans to approve a 10-year TIF valued at approximately $84,742. The EACC Board has approved EDIP investment tax credits in the amount of $45,000.
Tropical Products, Inc. (Salem) For 28 years Tropical Products has been a family-owned manufacturer and bottler of pet care and cleaning products. Their current 45,000 sq. ft. facility is poorly situated and extremely inefficient. The planned new facility will increase the seven current production lines to between 14 and 20. Tropical’s plans for adding to its workforce include hiring employees from specific demographics including veterans, persons with disabilities, and individuals who were previously incarcerated. The company plans to create 123 new full-time jobs, retain 10 full-time employees and make a private investment of $21.5 million. The city of Salem approved a five-year TIF valued at approximately $474,668. The EACC Board has approved EDIP investment tax credits in the amount of $340,000.
Local Incentive Only Projects:
Milton CAT (Chicopee) The Milton Organization is a collection of business and real estate entities, the most significant of which is Southworth-Milton, Inc., dba Milton CAT. Milton CAT is a private, family-run business that is approximately 50-years-old and one of the largest dealers of Caterpillar equipment in the country. A separate company in their portfolio, Milton Rents, offers equipment rentals and used machinery sales in Massachusetts, New Hampshire, Vermont, Rhode Island, and Maine. Milton CAT plans to open a new location in Chicopee. The company is creating 15 new jobs and making a private investment of $7.45 million in Chicopee. The city of Chicopee approved a 10-year TIF valued at approximately $681,513.
79 Bridge Street Realty, LLC (Great Barrington) 79 Bridge Street Realty, LLC was formed to purchase, develop, and operate an 88-room, upper- to mid-scale hotel on the site of the long abandoned Great Barrington high school and middle school. The hotel will be adjacent to the River Walk and one block away from the heart of the Great Barrington’s downtown. This location will be an important generator of tourists for the restaurants and shops of downtown Great Barrington. The project will result in the creation of 16 new jobs and an investment of $15 million. The town of Great Barrington has approved a 15-year Tax Financing Agreement with a value of approximately $2.2 million.
NFI, LLC (New Bedford) NFI, LLC is a global leader in the production of custom, high-performing graphic solutions that are customized and crafted for a variety of industries. This project includes the consolidation of NFI and Design Mark Industries, which have operations in three locations (New Bedford Industrial Park, and two sites in Wareham) into one facility with over 100 employees. The project entails an investment of $1.14 million and the retention of 100 jobs. The city of New Bedford plans to approve a five-year STA with a value of approximately $71,810.
Yale Appliance, Inc. (Norton) Founded in 1923, Yale Appliance is a third-generation, family-owned business and has grown into a leading retailer of home appliances. Headquartered in Stoughton, Mass., Yale Appliance seeks to relocate and expand its corporate headquarters and distribution operations to Norton, Mass. The company is creating 15 new jobs, retaining 100 existing jobs and making an investment of $18.75 million. The town of Norton approved a 10-year Tax Financing Agreement with a value of approximately $1.18 million.
Cogmedix, Inc. (West Boylston) Cogmedix, Inc. provides turnkey manufacturing services to a broad range of innovative medical and dental OEM’s. The company’s primary focus is on complex electro-mechanical and electro-optical devices as well as a specialized niche in laser based technologies. Cogmedix plans to construct a new manufacturing facility of approximately 101,400 sq. ft. In this new facility Cogmedix will provide manufacturing and engineering services to a broad range of innovative medical and dental customers. The company is creating 200 new jobs, retaining 160 existing jobs and making an investment of $8.7 million. The town of West Boylston approved a five-year Tax Financing Agreement with a value of approximately $328,930.
Madison WG Holdings, LLC (Worcester) Madison Properties is a commercial real estate developer with direct familiarity in the Worcester area. This project includes the construction of a 121,000 sq. ft. multi-story, mixed-use building on the left edge of Polar Park ballpark. The building will be comprised of retail on the ground floor, four floors of office space and a rooftop terrace overlooking the ballpark. The proposed below-ground parking garage will help serve parking needs. The project entails a $50 million investment and the city of Worcester plans to approve a 15-year TIF valued at approximately $2.9 million.