Economic Development Incentive
Program (EDIP)
Massachusetts Office of Business
Development
FY 2024 Annual Report
Economic Development Incentive Program - EDIP
• Designed to foster job creation and stimulate business
growth
• Companies may receive state tax credits and local property
tax incentives in exchange for job creation, job retention
and private investment commitments.
1
Letter from EDIP Director
COMMONWEALTH OF MASSACHUSETTS
EXECUTIVE OFFICE OF ECONOMIC DEVELOPMENT
MASSACHUSETTS OFFICE OF BUSINESS DEVELOPMENT
1 ASHBURTON PLACE, 21ST FLOOR
BOSTON, MA 02109
MAURA T. HEALEY TELEPHONE: 617-973-8600 YVONNE HAO
SECRETARY
GOVERNOR
FAX: 617-973-8554
KIMBERLY DRISCOLL
LIEUTENANT GOVERNOR www.mass.gov/eoed
Dear Governor Healey: September 30, 2024
On behalf of the Massachusetts Office of Business Development (MOBD), we are pleased to submit the Economic Development Incen tive Program (EDIP) FY 2024 Annual Report in accordance with
Section 3B(c) of Chapter 23A of the Massachusetts General Laws. The Annual Report covers the Economic Assistance Coordinating Council (EACC) and the Economic Development Incentive
Program for FY 2024, ending June 30, 2024.
The EDIP continues to be one of the largest job creation incentives in the Commonwealth. In fiscal year 2024, the EACC certified 14 projects to receive EDIPC tax credits and approved another 16
projects to receive a local-only tax incentives that are expected to result in private capital investment of more than $1.69 bil lion and create 1,165 jobs. In addition, 7 Vacant Storefront Districts and 5
Vacant Storefront Projects were approved. Together, the Certified Projects and Vacant Storefront projects came from 26 municipalities across the Commonwealth with 21 projects located in Gateway
Cities. Please note that this year’s report attempts to better differentiate projects that received state-awarded EDIPC tax credits with those only awarded municipal tax incentives.
Sincerely,
Geoff Kravitz
EDIP Director
cc The Senate Committee on Ways & Means / The House Committee on Ways & Means / The Joint Committee on Economic Development a nd Emerging Technologies
2
FY2024 EDIPC & Local-Only Projects
30 Projects Approved
1,165 Jobs to be Created
1,500 Jobs to be Retained
$1.69 billion Private Investment
3
FY2024 EDIPC & Local-Only Projects
Of the 30 Projects Approved:
13 are Manufacturers (43%)
18 Projects are located in Gateway Cities
(60%)
23 Projects are Small Businesses < 200
Employees (76%)
8
4
FY2024 EDIPC Projects by Region
Number of Private EDIPC*
Region New Jobs Retained Jobs
Projects Investment Awarded
Central 2 164 379 $38,740,000 $2,132,500
Greater Boston 0 0 0 $0 $0
MetroWest 1 20 11 $3,212,247 $100,000
Northeast 2 85 214 $13,700,000 $1,100,000
Southeast 2 37 91 $5,815,000 $655,000
West 7 240 103 $247,617,845 $3,054,500
Total 14 546 798 $309,085,092 $7,042,000
*Economic Development Incentive Program Credit (state tax credits) 5
FY2024 EDIPC Projects by Industry
Industry Jobs Created Jobs Retained EDIPC Awards* Local Incentives**
Manufacturer 339 365 $4,992,000 $1,260,907
Service 56 56 $312,500 $1,142,431
Distributor 131 366 $1,637,500 $4,930,919
Construction 20 11 $100,000 $18,571
Total 546 798 $7,042,000 $7,352,828
*EDIPC – Economic Development Incentive Program Credit
**Local Incentives – Tax Increment Financing (TIF), Special Tax Assessment (STA), Other
6
FY2024 EDIP Local-Only Projects
Snapshot of FY 2024 Local-Only Projects
Local
Number of Private
Municipality New Jobs Retained Jobs Incentives
Projects Investment
Awarded
Brockton 1 43 59 $21,800,000 $719,403
Dracut 1 20 50 $4,100,000 $141,696
Fall River 3 66 141 $50,000,000 $699,874
Framingham 1 15 20 $8,500,000 $1,348,094
Haverhill 1 2 2 $20,000,000 $1,601,144
Marlborough 1 120 0 $100,000,000 $1,127,681
Northbridge 1 45 0 $30,125,000 $1,856,110
Norwood 1 20 351 $593,000,000 $5,439,326
Pittsfield 1 18 9 $18,000,000 $194,068
Salem 2 33 0 $170,500,000 $53,498,109
Somerset 1 175 0 $300,000,000 $20,402,095
Tewksbury 1 27 70 $40,000,000 $5,052,100
Uxbridge 1 35 0 $23,000,000 $1,227,600
Total 16 619 702 $1,379,025,000 $93,307,300
7
FY2024 Vacant Storefront Program
• 7 New Vacant Storefront Districts Approved: Athol, Westfield, Burlington,
Springfield, Oxford, Medford, Winchendon
• 5 Vacant Storefront Projects Approved (3 in Gateway Cities):
- New Star MA, Inc. dba Koto Lowell (Lowell) – Asian fusion restaurant
- Black Bull Meat Market, Inc. (Webster) – Butcher shop
- Trem Caipira Restaurant, Inc. (Lowell) – Brazilian restaurant
- Diamond Hearts Art Studio (Gardner) – Pour art studio and retail gallery
- Revival Aesthetics, LLC (Lowell) – Full time med spa providing wellness and skin care treatments
• The EACC has approved a total of 30 Vacant Storefront Districts, 25 Vacant Storefront
Projects, and awarded $235,000 in tax credits since the inception of the Vacant
Storefront Program.
8
FY2024 EDIPC & Local-Only Projects Approved
Central, Greater Boston and MetroWest
Jobs Jobs Private EDIPC Local Estimated TIF Gateway
Municipality Region Business Name Industry
Created Retained Investment Award Award Value City
AJ Seabra Supermarkets XV, Inc. / AMS
Framingham Metrowest RET 15 20 $8,500,000 $0 TIF $1,348,094 N
Massachusetts Holdings, LLC
Northbridge Central EyePoint Pharmaceuticals US, Inc. LS 45 0 $30,125,000 $0 TIF $1,856,110 N
Greater
Brockton Air Energy Group, LLC MFG 43 59 $21,800,000 $0 TIF $719,403 Y
Boston
Grafton Central Feedback Earth, Inc. MFG 33 13 $2,500,000 $495,000 TIF $24,424 N
Marlborough Central Sartorius Stedim North America USA, Inc. MFG 120 0 $100,000,000 $0 TIF $1,127,681 N
Greater
Norwood Factory Mutual Insurance Company SER 20 351 $593,000,000 $0 TIF $5,439,326 N
Boston
Performance Food Group, Inc. / Performance
Springfield Central DIS 131 366 $36,240,000 $1,637,500 TIF $4,930,919 N
Transportation, LLC
Acton Metrowest Natural Stone Wall Solutions Const 20 11 $3,212,247 $100,000 TIF $18,571 N
9
FY2024 EDIPC & Local-Only Projects Approved
Northeast and Southeast Regions
Estimated
Jobs Jobs Private EDIPC Local Gateway
Municipality Region Business Name Industry TIF/STA
Created Retained Investment Award Award City
Value
Fall River Southeast 37 Park Street Partners LLC SER 11 0 $18,000,000 $0 TIF $247,392 Y
Fall River Five Cents Savings Bank
Fall River Southeast SER 5 122 $12,000,000 $0 TIF $69,579 Y
dba BankFive
Lawrence Northeast Helfrich Brothers Boiler Works, Inc. MFG 60 200 $7,600,000 $725,000 TIF $69,992 Y
Salem Northeast Salem Wind Terminal LLC DEV 8 0 $170,000,000 $0 TIF $53,466,875 Y
Prysmian Cables & Systems USA,
Somerset Southeast MFG 175 0 $300,000,000 $0 TIF $20,402,095 N
LLC
Cambridge Isotope Laboratories,
Tewksbury Northeast LS 27 70 $40,000,000 $0 TIF $5,052,100 N
Inc.
J and J Heating & Air Conditioning
Dracut Northeast SER 20 50 $4,100,000 $0 TIF $141,696 N
Inc.
Salem Northeast Chambers Restaurant Group, LLC SER 25 0 $500,000 $0 TIF $31,234 Y
Life
Fall River Southeast Invagen Pharmaceutical, Inc. 50 19 $20,000,000 $0 TIF $382,903 Y
Science
Haverhill Northeast Merrimack Street Property 3 LLC DEVLP 2 2 $20,000,000 $0 TIF $1,601,144 Y
Heav'nly Commissary Inc. &
Methuen Northeast MFG 25 14 $6,100,000 $375,000 TIF $52,164 Y
Heav'nly Investments IV LLC
New Bedford Southeast Horacio's, Inc. MFG 7 52 $3,075,000 $105,000 TIF $82,461 Y
New Bedford Southeast Wildfish, LLC DBA Red's Best MFG 30 39 $2,740,000 $550,000 STA $83,154 Y
10
FY2024 EDIPC & Local-Only Projects Approved
West Region
Estimated
Jobs Jobs Private EDIPC Local Gateway
Municipality Region Business Name Industry TIF/STA
Created Retained Investment Award Award City
Value
Holyoke West Sublime Systems, Inc. SER 70 0 $157,000,000 $1,050,000 TIF $351,257 Y
Holyoke West Valley Malt LLC SER 5 8 $2,445,400 $75,000 STA $95,968 Y
Blackinton Mill LLC / TOURISTS
North Adams West MFG 33 56 $17,427,645 $247,500 TIF $896,407 N
Welcome LLC
Pittsfield West Bousquet Sport Enterprise LLC MFG 18 9 $18,000,000 $0 TIF $194,068 Y
West
West Desai & Sons Inc. MFG 23 0 $15,476,800 $65,000 TIF $246,024 N
Springfield
Uxbridge West Big Y Foods, Inc. SER 35 0 $23,000,000 $0 TIF $1,227,600 N
Holyoke West Clean Crop Technologies, Inc. SER 9 18 $1,100,000 $135,000 Other $233,276 Y
Westfield West ERD Metal Inc. / EPRO LLC DEV 92 13 $52,500,000 $1,380,000 TIF $18,211 Y
Pittsfield West Elegant Stitches, Inc. SER 8 8 $1,668,000 $102,000 Other $250,000 Y
11
MOBD Contacts
Peter Milano, Director of Strategy & Business Maria DiStefano, Regional Director
Development Phone: 617-519-9380
Phone: 617-939-4380 maria.g.distefano@mass.gov
peter.milano@mass.gov
Kevin Kuros, Regional Director, State ESOP Coordinator
Geoff Kravitz, EDIP Director Phone: 617-549-1803
Phone: 857-393-5362 kevin.j.kuros@mass.gov
geoffrey.kravitz@mass.gov
Susan Whitaker, Senior Regional Director
Joey Giovino, EDIP Program Manager Phone: 617-620-1005
Phone: 857-327-2739 susan.whitaker@mass.gov
joey.govino@mass.gov
Alexandra Husted, Regional Director
Phone: 617-872-9926
Visit:
alexandra.husted@mass.gov
https://www.mass.gov/economic-assistance-
coordinating-council-eacc Paul St. Pierre, Regional Director
https://www.mass.gov/info-details/economic- Phone: 857-301-0822
development-incentive-program-edip paul.st.pierre@mass.gov
16