Investments in expanding companies reap benefits across the Commonwealth
BOSTON – June 24, 2015 – (RealEstateRama) — Today, the Commonwealth’s Economic Assistance Coordinating Council (EACC) approved 16 projects for participation in the Economic Development Incentive Program (EDIP). These projects are expected to create 606 new jobs and retain 879 jobs throughout Massachusetts, while leveraging approximately $197.8 million in private investment.
“The projects we support through the EDIP program help build a framework for future growth and development across the Commonwealth,” said Housing and Economic Development Secretary Jay Ash. “Effective, targeted investments cultivate local companies, create new jobs for our residents, and grow our economy.”
Among the approved projects are eight manufacturing companies and two projects located in Gateway Cities. The EACC also approved seven locally-directed economic development projects, showcasing municipalities’ efforts to control their own economic growth.
“Massachusetts is committed to supporting entrepreneurs and expanding businesses,” said Assistant Secretary for Business Development Nam Pham. “These incentives are an investment in job opportunities for our residents, and long-term sustainable growth in our future.”
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. Click here to learn more about the Economic Development Incentive Program (EDIP) .
The EACC has approved 29 economic development projects since January. These projects will create 1604 jobs, retain 2481 existing jobs, and leverage $375.8 million in private investment. The EACC has assisted 16 manufacturing projects, and 10 projects in Gateway Cities this year. The EACC meets on a quarterly basis to review applications.
Expansion Projects (EP):
Jack’s Abby Brewing LLC (Framingham) – Founded by three brothers in Framingham in 2011, Jack’s Abby is a craft brewer of distinctive lagers that are currently sold in Massachusetts, New York, Connecticut and Vermont. Jack’s Abby is capacity-constrained at its current 12,000 square foot Framingham facility, as the brewer’s production has more than doubled every year since its founding. The company proposes to invest over $6.2 million to renovate, fit and purchase equipment at a 67,000 square foot facility in Framingham. The expansion will enable the company to double its production of approximately 200,000 cases of beer in 2014, and allow for a long-term expansion of about 2 million cases of beer per year. As part of the Expansion Project, Jack’s Abby will create 35 net-new full-time jobs and retain its current workforce of 26 full-time employees in the Commonwealth. The Town of Framingham is supporting the project with 7-Year Tax Increment Financing Agreement valued at $255,357. The EACC approved $262,500 in EDIP Investment Tax Credits.
Advanced Cable Ties, Inc. (Gardner) – Founded in 1994, Advanced Cable Ties is America’s leading manufacturer of nylon cable ties and wiring accessories. In order to fulfill its current customer orders, Advanced Cable Ties operates its 56,000 square foot facility seven days a week and twenty-four hours per day. As a result of steady success that has led to capacity challenges, the company is proposing to invest $11.3 million to construct and equip a 50,000 square foot expansion to its existing facility. The Expansion Project will nearly double the company’s real estate footprint, and more than double its employment base. Advanced Cable Ties will create 80 net-new full-time jobs and retain its existing workforce of 75 full-time employees in Gardner. The City of Gardner is supporting the project with a 10-Year Tax Increment Financing Agreement valued at $210,989. The EACC approved $400,000 in EDIP Investment Tax Credits.
New England Peptide, Inc. (Gardner) – Founded in Gardner in 1998, New England Peptide is a privately-held manufacturer of research-grade peptide and polyclonal antibodies for research laboratories all over the world. The company’s 2014 sales increased 30 percent over 2013, and as a result, their operations are now capacity constrained at their 10,000 square foot facility in the Gardner Industrial Park. In order to accommodate the increase in new orders, the company will invest almost $2.2 million to construct a 12,500 square foot addition located adjacent to their existing facility. The Expansion project will create 23 net-new full-time jobs in the Commonwealth and retain their existing workforce of 39 full-time employees in Gardner. In September 2014, the City of Gardner and the EACC approved 10-Year Tax Increment Financing Agreement valued at $74,214. The EACC approved $127,037 in EDIP Investment Tax Credits.
Markley Boston LLC and Markley Management, Inc. (Lowell) – The Markley Group is a multi-tenant mission-critical data and cloud computing center that offers scalable solutions in housing client IT infrastructure. The company currently operates a 920,000 square foot facility in Boston, and is proposing to expand into a 350,000 square foot facility in Lowell. The vacant building will be converted into a 50 megawatt mission critical data center to meet the growing bandwidth, data storage and cloud needs of business across the country. In Phase I of the project, the Markley Group will invest $72.8 million to renovate, fit out and purchase equipment for the three-story data center. The Expansion Project will create 25 net-new full-time jobs in the Commonwealth. The City of Lowell is supporting the project with a 20-Year Tax Increment Financing Agreement and Personal Property Tax Exemption valued at $77,182,505. The EACC approved $187,500 in EDIP Investment Tax Credits. The Markley Group is also eligible to take advantage of the Commonwealth’s 10% Abandoned Building Deduction.
Future Foam, Inc. (Mansfield) – Founded in 1958, Future Foam is a family-owned manufacturer of polyurethane foam used in bedding, carpet cushion, furniture and packaging. The company also offers a complete line of sponges and hydrophilic foams that are used for medical, industrial and household applications. Future Foam is expanding into a vacant 165,000 square foot facility in Mansfield. The company will invest $13.5 million to purchase, expand and renovate the facility. The Expansion Project will create 40 net-new full-time jobs and retain 2 full-time jobs in the Commonwealth. The Town of Mansfield is supporting the project with a 10-Year Tax Increment Financing Agreement valued at $464,800. The EACC approved $500,000 in EDIP Investment Tax Credits.
D.C. Bates Equipment Co. Inc. (Mendon) – Founded 1985, D.C. Bates is a second-generation, family-owned business that manufactures, distributes and services truck- and trailer-mounted hydraulic equipment. Due to increased customer demand, the company is proposing to relocate from its current 25,000 square foot leased facility in Hopedale and invest $4 million to construct a 45,000 square foot facility in Mendon. Upon completion, the new building will serve as D.C. Bates’s new corporate headquarters for office, manufacturing and distribution space. The Expansion Project will create 5 net-new full-time jobs and retain the company’s current workforce of 22 full-time employees in the Commonwealth. The Town of Mendon is supporting the project with a 10-Year Tax Increment Financing Agreement valued at $216,135. The EACC approved $25,000 in EDIP Investment Tax Credits.
Consigli Construction Co. Inc. (Milford) – Founded in 1905, Consigli Construction is a fourth-generation family business that has grown into a leading New England construction management and general contracting firm. The company operates its 20,000 square foot headquarters in Milford, but in recent years has expanded its footprint to offices in Boston, Connecticut, Maine and Washington, D.C. In order to maintain its headquarters in Milford and accommodate growth, Consigli has identified a site in Milford and is proposing to invest $5.5 million to construct a second 20,000 office building. The Expansion Project will create 50 net-new full-time jobs and retain the company’s full-time workforce of 329 employees in Milford. The Town of Milford is supporting the project with a 15-Year Tax Increment Financing Agreement valued at $643,403. The EACC approved $165,000 in EDIP Investment Tax Credits.
1A Auto Inc. (Pepperell) – Headquartered in Pepperell, 1A Auto is a second-generation, family-owned business providing automotive parts and solutions. In 1999, the company expanded to sell aftermarket auto parts online, and today offers more than 100,000 consumer products. 1A Auto sends approximately 1.5 million shipments to its customers annually. The company will invest $26.8 million to construct a new 100,000 square foot Main Street facility, which will serve as 1A Auto’s corporate headquarters and call center. The Expansion Project will create 150 net-new full-time employees. The Town of Pepperell is supporting the project with a 15-Year Tax Increment Financing Agreement valued at $1,076,451. The EACC approved $532,493 in EDIP Investment Tax Credits.
Capstan Atlantic (Wrentham) – A subsidiary of Capstan Industries, Capstan Atlantic is a leading manufacturer of precision powdered metal gears, sprockets and complex structural components. Capstan Industries operates three manufacturing facilities in North America: Wrentham, Massachusetts, California and Mexico. The company is proposing to invest over $4.8 million to expand its 100,000 square foot Wrentham facility by 30,000 square feet. The Expansion Project will create 50 net-new full-time jobs and retain 207 full-time employees in Wrentham. The Town of Wrentham is supporting the project with a 10-Year Tax Increment Financing Agreement valued at $109,071. The EACC approved $277,800 in EDIP Investment Tax Credits.
Local Incentive Only Projects:
New England Natural Bakers, Inc. (Deerfield) – Founded in 1977, New England Natural Bakers is a baker and manufacturer of natural granola cereals and trail mixes. The company is a true entrepreneurial success story as it has grown from baking its product during the off-hours at a pizza shop to operating two Massachusetts locations totaling almost 38,000 square feet. New England Natural Bakers has experienced steady growth and is capacity constrained. The company is proposing to invest $11.7 million to construct a 54,000 square foot facility that would consolidate the company’s manufacturing, warehouse and administrative offices into one location. The project will create 10 net-new full-time jobs in Deerfield and retain 51 full-time jobs in the Commonwealth. The Town of Deerfield is supporting the project with a 6-Year Tax Increment Financing Agreement valued at $69,366.
Elm Development LLC (Dracut) –The Gralia Group, headquartered in East Longmeadow, MA, is a family-owned business that was established in 1966 and is experienced in real estate development, construction, marketing, and management. The company or its subsidiaries currently own and operate eight assisted living residences across Massachusetts and employ over 700 people. Elm Development Services, LLC (a subsidiary) proposes invest $20 million to develop, own, and operate a 78-apartment, 78,000 square foot assisted living residence in Dracut. The project will create 13 net-new full-time jobs. The Town of Dracut is supporting the project with a 10-Year Tax Financing Agreement valued at $749,083.
H-Donuts Dracut, Inc. d/b/a Heav’nly Donuts (Dracut) –Heav’nly Donuts is a local coffee and donut shop that was started in 1975 in Methuen by George Saragas. In recent years, the business has expanded with additional family-owned locations, as well as with franchised stores mostly located in the Merrimack Valley and southern New Hampshire. The company will invest $1.4 million to construct a new 7,500 square foot Heav’nly Donuts shop, which will serve as their 14th location. The project will create 6 net-new full-time jobs in the Commonwealth. The Town of Dracut is supporting the project with a 5-Year Tax Increment Financing Agreement valued at $11,197.
Globe Composite Solutions, Ltd. (East Bridgewater) – Founded in 1890, Globe Composite Solutions is a full-service developer of specialty non-metallic materials for military and industrial applications. The company is currently located in Rockland, however, has recognized a need for a larger, more modern facility to accommodate future growth. Globe Composite Solutions has identified a site in East Bridgewater and plans to invest over $2 million upgrade the facility and purchase equipment. The project will create 15 net-new full-time jobs in East Bridgewater and retain 38 full-time jobs in the Commonwealth. The Town of East Bridgewater is supporting the project with a 12-Year Tax Increment Financing Agreement valued at $197,136.
Berkshire Innovation Center (Pittsfield) –The Berkshire Innovation Center is being established to catalyze, enable and accelerate innovation and growth of existing small to medium sized life-science manufacturing companies. The center will bring advanced research and development and manufacturing capabilities to companies that otherwise would not have access to these advanced resources. In 2014, the Massachusetts Life Science Center approved a $9.7 million grant for the design, construction and equipping of the Berkshire Innovation Center. The grant will be used to construct a 20,000 square foot facility in the William Stanley Business Park. The project is expected to create 2 new jobs directly, but anticipates additional job creation by the small to medium sized businesses availing themselves of their services. The City of Pittsfield is supporting the project with a 20-Year Tax Increment Financing Agreement and Personal Property Tax Exemption valued at $5,347,980.
Lamson and Goodnow, LLC (Westfield) – Established in Massachusetts in 1837, Lamson & Goodnow is the oldest cutlery manufacturer in the United States. The company is proposing to invest $190,000 to relocate from their current facility in Shelburne Falls to a facility in Westfield. The relocation will allow Lamson & Goodnow to improve their manufacturing capabilities and improve accessibility to their vendors. The project is expected to create 18 full-time jobs and retain 12 full-time jobs in Westfield. The City of Westfield is supporting the project with a 5-Year Special Tax Assessment valued at $35,583.
Brandywine Farms, Inc. (Winchendon) – Brandywine Farms, Inc. was established to develop the White’s Mill Farm Complex in Winchendon into economic driver of recreation, agriculture and services as a destination for agri-tourism. The White’s Mill Farm Complex consists of ten mill buildings, a dam, a pond, and acres of open land. Brandywine Farms will invest $6.5 million to repurpose each of the ten mill buildings, constructing 7,425 square feet of office space, 50,000 square feet of hydroponic growing space, a 3,200 square foot farm-to-table dining restaurant, a 6,000 foot function hall, and a 3,000 square foot craft brewery. The project will create 100 full-time jobs in Winchendon. The Town of Winchendon is supporting the project with an 8-Year Tax Increment Financing Agreement valued at $331,968. Brandywine Farms is also eligible to take advantage of the Commonwealth’s 10% Abandoned Building Deduction.
Paul McMorrow (HED) – paul.mcmorrow (at) state.ma (dot) us
Kristen Sabella (HED) – Kristen.j.sabella (at) state.ma (dot) us