Image Courtesy of Factorial, Inc. in Methuen, Massachusetts
On Thursday, June 16, the Commonwealth’s Economic Assistance Coordinating Council (EACC) approved seven projects for participation in the Economic Development Incentive Program (EDIP). These projects are expected to create 451 net new jobs and retain 148 jobs throughout Massachusetts, while leveraging approximately $209 million in private investment. Of the applicants this quarter, five are manufacturers and four are located in Gateway Cities. Additionally, three new Vacant Storefront Districts were approved.
The EACC has approved 320 economic development projects since the beginning of the Baker-Polito Administration in January 2015. These projects will lead to the creation of 24,892 jobs, retention of 41,383 existing jobs, and will leverage almost $8.1 billion in private investment. Additionally, the EACC has assisted 139 manufacturing companies and 144 companies in Gateway Cities during this period.
Peak Performance Compounding, LLC (Devens) – Founded in 2019, Peak Performance Compounding, LLC provides comprehensive services in custom compounding, toll compounding, and medical compound manufacturing. Peak intends to purchase 4.8 acres of land across two parcels in Devens to build up to a 90,000-square-foot state-of-the-art facility in three phases, the first phase at 25,000 square feet, with the second and third to be built within the first five years. The first phase entails the creation of 40 new full-time jobs, the retention of 12 existing jobs, and a private investment of $8.86 million. Devens plans to approve a five-year TIF valued at approximately $97,284. The EACC Board has approved EDIP investment tax credits in the amount of $130,000.
Rapid Coatings, Inc. (Haverhill) – Rapid Coatings, Inc. began operations in 2014 providing conformal coating services for electronic circuit boards, including underfill, encapsulation, potting, and staking. Its customer base includes a combination of Electronic Manufacturing Service Providers and OEMs. The company is capacity constrained at its current facility in Haverhill and so will relocate and purchase another building in Haverhill that will triple its square footage and provide ample parking. Rapid Coatings plans to create 15 new full-time jobs, retain 11 full-time employees, and make a private investment of approximately $2.4 million. The City of Haverhill plans to reclassify the property from office/professional to light industrial, resulting in the forgoing of property tax in the amount of approximately $15,000 to benefit the company. The EACC Board has approved EDIP investment tax credits in the amount of $75,000.
Girouard Tool Corp. (Leominster) – Girouard Tool Corp. is a full-service customer injection molding company founded in 1966 and purchased by current ownership in 2002. The company provides turn-key services to the medical, technical, and packaging industries. Currently at capacity, Girouard plans to expand to a new 14,000-square-foot facility in Leominster that doubles its size and will allow it to take on new business. The company will also be adding new machinery and equipment. This expansion will create five new full-time jobs, retain 10 full-time employees, and result in an investment of approximately $3 million. The City of Leominster plans to approve a five-year TIF valued at approximately $32,380. The EACC Board has approved EDIP investment tax credits in the amount of $25,000.
Soliyarn, LLC (Lynn) – Soliyarn, LLC has a proprietary textile coating system that produces conductive and water-repellant coatings used to create smart textiles and DWR (durable water repellant) fabric. The technology was originally developed out of a research lab at the University of Massachusetts Amherst, and the company was formed in 2018 to commercialize the technology further. The project entails a 21,000-square-foot renovation of a building in Lynn for manufacturing and R&D. Soliyarn will create 105 new full-time jobs, retain seven existing jobs, and make a private investment of $7.75 million. The City of Lynn plans to approve a five-year TIF valued at approximately $200,529. The EACC Board has approved EDIP investment tax credits in the amount of $1,225,000.
Factorial, Inc. (Methuen) – Founded in 2019 and headquartered in Woburn, Factorial, Inc. is a leading developer and manufacturer of solid-state battery technology most notably for the manufacturing and operation of electric vehicles. Factorial is proposing to expand its R&D, manufacturing, and HQ and considered sites in New Hampshire and Massachusetts. The company is considering leasing and renovating a 78,000-square-foot building in Methuen that would include space for office, operations, R&D, dry rooms, battery testing facilities, and manufacturing. The project would entail the creation of 136 new full-time jobs, retention of 30 existing jobs, and a private investment of $45.472 million. The city of Methuen plans to approve a 15-year TIF valued at approximately $2 million. The EACC Board has approved EDIP investment tax credits in the amount of $680,000.
Local Incentive Only Projects:
TEI Biosciences, Inc. (Braintree) – TEI Biosciences, Inc. is a leading biomedical company that applies its expertise in regenerative medicine to develop and commercialize novel biologic devices, including SurgiMend®, for a broad spectrum of soft tissue repair and regeneration applications. Due to an increased market demand for its products, the company decided to begin a site selection process to locate a new suitable building to meet its needs to expand production. TEI’s main criteria for a new location included a building that could be fit out to meet FDA regulations for pharmaceutical manufacturing and be located within a reasonable distance of its current manufacturing facility to reduce the impact on its current employees. TEI plans to create 25 new full-time jobs, retain 78 full-time employees, and make a private investment of approximately $51 million. The Town of Braintree approved a 15-year TIF valued at approximately $1.2 million.
Lykan Bioscience Holdings, LLC (Hopkinton) – Founded in 2019 and headquartered in Hopkinton, Lykan Bioscience Holdings, LLC is a contract development and manufacturing organization producing a wide range of cell-based therapies and immunotherapy treatments for cancer and other illnesses. Lykan currently leases and occupies an estimated 64,000-square-foot facility located at 97 South St. in Hopkinton that serves as its corporate headquarters and manufacturing facility. Due to anticipated growth, Lykan needs to expand its real estate footprint and is evaluating a property also located on South Street. The proposed project would consist of demolishing two existing buildings on the property and constructing an estimated 112,141-square-foot manufacturing facility with a 54,000-square-foot parking area below. Lykan also plans to retain its existing facility in Hopkinton. The project entails the creation of 125 new full-time jobs and a private investment of $90 million. The Town of Hopkinton approved a 14-year TIF with a value of approximately $4.5 million.
Vacant Storefront Districts:
The Town of Acton has applied for a vacant storefront district. The Great Road Commercial Corridor District is located between Skyline Drive to the town border with Concord. This district contains 14 storefronts that have been vacant for more than a year.
The City of Gardner has applied for two vacant storefront districts. The Downtown District covers Main Street, Central Street, Lake Street, Connors Street, Parker Street, and West Street, containing 34 storefronts that have been vacant for more than a year. The Timpany Boulevard District covers the Timpany Boulevard intersection of West Street and Broadway Street, containing 10 storefronts that have been vacant for more than a year.