The Massachusetts Economic Assistance Coordinating Council (EACC) today approved 16 projects for participation in the Economic Development Incentive Program (EDIP). According to a press release statement, “the projects will create over 1,303 new jobs and retain 3,384 existing jobs.” Both BNY Mellon and eClinical Works, with offices in Westborough, were offered tax incentives through this decision.
“Today’s projects will put shovels in the ground across the Commonwealth, creating short and long-term economic opportunities for our residents and businesses and helping to attract the private investment that will accelerate our economic recovery,” stated Housing and Economic Development Secretary Greg Bialecki.
The EDIP is the Commonwealth’s investment tax credit program for businesses. In 2009, Governor Patrick and the legislature reformed the program so that instead of awarding a fixed 5 percent investment tax credit (ITC) for all projects, the EACC now has the flexibility to make awards based on the applicant’s job creation and retention commitments as well as its level of sales outside of Massachusetts. Since these changes, 58 projects have received approval, leading to the creation of 3,905 new jobs, retention of 13,046 existing jobs and leveraging of $1.1 billion in private investment.
BNY Mellon Investment Servicing in Westborough was awarded $316,834 in EDIP investment tax credits as a result of renovating 12,000 square feet of existing office space at 440 Computer Dr. The project will relocate approximately 250 positions from a site in Pawtucket by Oct. 1 and create 146 additional hires in 2012 while also retaining 900 jobs already on site. When complete, BNY Mellon will operate in approximately 304,000 square feet of building space. The private investment will be $3.2 million for the renovation and build-out along with purchases of equipment, fixtures and furnishings.
eClinical Works in Westborough was approved for $177,000 in tax relief. The electrical medical records company and the Town of Westborough entered into a tax incentive financing (TIF) agreement that includes some personal property tax relief. The project is creating 130 new jobs and retaining 400 exisiting jobs.
Information courtesy of the Economic Assistance Coordinating Council.