BOSTON – The Commonwealth’s Economic Assistance CoordinatingCouncil (EACC) this week approved 13 projects for participation in the Economic Development Incentive Program (EDIP). These projects are expected to create 998 new jobs and retain 1,602 jobs throughout Massachusetts, while leveraging approximately $178 million in private investment.
“These economic development projects will help build the framework for a new wave of growth and revitalization in our local communities,” said Jay Ash, Secretary of the Executive Office of Housing and Economic Development. “Through these types of targeted investments, we are creating new jobs for our residents, strengthening our economy and showcasing Massachusetts as a great place to start and grow and a business.”
“One of the ways to build and sustain a job creating economy is by supporting businesses that are looking to expand here in Massachusetts,” said Nam Pham, Assistant Secretary for Business Development. “Through these incentive packages, we are investing in job opportunities for our residents and enhancing long-term economic growth for our future.”
Among the approved projects are eight manufacturing companies and nine projects located in Gateway Cities, including a new $54 million Amazon facility in Fall River announced by Governor Baker Tuesday. The EACC meets on a quarterly basis to review applications.
In partnership with local towns and cities, the EDIP is the Commonwealth’s investment tax credit program for businesses and is one of the most effective tools in helping businesses grow in Massachusetts. EDIP tax credits and other incentives are available to companies that make qualifying investments in new facilities and create new jobs. To learn more about the program, click here.
Since 2010, 235 projects have received approval from the EACC, leading to commitments to create 17,110 new jobs, and retain 47,004 existing jobs. EDIP incentives have leveraged over $6 billion in private investment since 2010. The EACC has assisted 126 manufacturers through the EDIP and has supported 108 projects in Gateway Cities.
Two local projects approved this week include, Jen-Coat, Inc. of Westfield, a subsidiary of Prolamina, Inc., and an award-winning, top 10-manufacturer of flexible packaging solutions for retail food, healthcare and other specialty markets. Prolamina operates three strategically located facilities in Westfield, Wisconsin and Canada. Jen-Coat plans to invest over $6.9 million to renovate their existing 23,000 square foot facility, construct an 8,700 square foot expansion for administrative space, and purchase new equipment. The improvements will make the Westfield site a showpiece facility for Prolamina and beautify the entry to downtown Westfield. The Manufacturing Retention & Job Growth Project will create 12 net-new full-time jobs in the Commonwealth and retain 256 full-time employees in the Gateway City of Westfield. The City of Westfield is supporting the project with a 5-year special tax assessment valued at $608,189. The EACC approved $240,000 in EDIP Investment Tax Credits.
The other approved project is Tell Tool, Inc. of Westfield, founded in Westfield in 1967. Tell Tool Inc. is a manufacturer of precision complex components for the commercial and defense aerospace industries. The company utilizes advanced engineering modeling programs coupled with state-of-the-art CNC machinery to deliver its products to major players in the global aerospace market. Tell Tool recently entered into a 15-year client contract that will result in a 40 percent annual increase in revenue. The company is capacity constrained at its two existing Westfield facilities and is proposing to invest $5 million to construct a 10,000 square foot expansion and purchase substantial manufacturing equipment. The Manufacturing Retention & Job Growth Project will create 17 net-new full-time jobs in the Commonwealth and retain 110 full-time employees in the Gateway City of Westfield. The City of Westfield is supporting the project with a 5-year Tax Increment Financing Agreement valued at $33,823. The EACC approved $255,000 in EDIP Investment Tax Credits.
