The Economic Assistance Coordinating Council today approved 17 projects for participation in the Economic Development Incentive Program including Waste Management in Norton.
The projects are expected to create 1,341 new jobs and retain 4,099 existing jobs, in addition to leveraging over $417 million in private investment and supporting construction projects across the Commonwealth. Among the 17 approved projects there are seven manufacturing companies and six projects located in Gateway Cities. The EDIP program helps reduce the cost of business for these companies, which is one of the five main focuses of the Patrick-Murray Administration’s long-term economic development plan.
For calendar year 2012, the Economic Assistance Coordinating Council has approved a total of 51 projects for participation in the Economic Development Incentive Program. The projects will create 2,914 new jobs and retain 12,067 existing jobs, in addition to leveraging more than $1 billion in private investment. Among the 51 approved projects there are 22 companies in manufacturing industries and 18 projects located in Gateway Cities.
Waste Management is North America’s leading provider of collection, recycling, and disposal services for residential, government, and commercial customers. To support its continued growth and modernization, Waste Management of Massachusetts plans to merge two trucking operations into a new 30,000 square foot facility in Norton. An expected private investment of $6.6 million will enable construction, build-out and $780,000 in local infrastructure improvements. The expansion will create 10 new full-time jobs and retain 130 full-time jobs in the Commonwealth. The Town of Norton is supporting the project with an 11-year Tax Increment Financing agreement valued at $1,607,565.
“The Patrick-Murray Administration has made growing our economy, spurring economic development and creating good paying jobs through supporting our small businesses a top priority from day one,” said housing and economic development secretary Greg Bialecki. “These EDIP investments will help these small businesses expand here in the Commonwealth and is part of our overall economic development strategy that will help make our businesses and communities stronger in the long-term.”
The EDIP is the Commonwealth’s investment tax credit program for businesses. In 2009, Governor Patrick and Secretary Bialecki, along with the Legislature, reformed the program and as a result EDIP has become one of the most effective programs helping businesses grow in Massachusetts. Since these changes, 132 projects have received approval, leading to the creation of 7,893 new jobs, retention of 28,170 existing jobs and leveraging of $3.8 billion in private investment. The EACC has assisted 76 manufacturers through the EDIP program and supported 56 projects in Gateway Cities. The reforms in 2009 also included the creation of important clawback provisions that allows for the Commonwealth to recoup money invested through the credit if companies do not meet their job-creation targets.
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