State Approves Tax Incentive To Help Worcester Build Armory Business Center

WORCESTER, MA—On Wednesday, the Commonwealth’s Economic Assistance Coordinating Council (EACC) approved tax incentives through the Economic Development Incentive Program (EDIP) that will support the expansion of 16 companies, including the Armory Business Center. Plans for the center are to construct a new 20,500 square foot building consisting of 10 suites of between 1,880 and 2,300 square feet for high tech industrial, manufacturing and R&D companies. The City of Worcester has approved a 20 year TIF valued at over $770,000.

These projects are expected to create 644 new jobs and retain 2,196 existing jobs across Massachusetts, leveraging $359 million in private investment, according to the announcement.

“The Economic Development Incentive Program is an important tool for leveraging private investment and creating new job opportunities across the Commonwealth,” said Governor Charlie Baker in a statement. “We welcome these firms’ commitment to expanding and investing in their local communities and providing careers for those looking for work.”

“Our administration continues to invest in infrastructure needs, educational opportunities and workforce development programming that support our communities, residents and those companies looking to expand here in Massachusetts,” said Lieutenant Governor Karyn Polito. “These awards will support job and economic growth at family owned companies, manufacturers, hospitality providers and more across fifteen communities in Massachusetts.”

Among the 16 projects brought before the EACC, four companies receiving local or state tax incentives this quarter are manufacturers, and four companies are located in Gateway Cities.

Including the projects approved today, the EACC has approved 150 economic development projects since January 2015, including 64 manufacturers and 72 companies in Gateway Cities. These projects will lead to the creation and retention of more than 27,800 jobs, and will leverage more nearly $3.2 billion in private investment.

Photo via Shutterstock