The Commonwealth’s Economic Assistance Coordinating Council (EACC) has approved eight projects across the state for participation in the Economic Development Incentive Program (EDIP), including projects in Peabody and Salem.
These projects are expected to create 375 net new jobs and retain 370 jobs, while leveraging about $130 million in private investment.
In Peabody, the EACC Board has approved EDIP investment tax credits in the amount of $45,000 for a new development on Washington Street.
The new corporation, Farm Street Real Estate LLC, was established to develop a restaurant and inn on the vacant property located at 2 Washington St., formerly owned by the city.
The existing building will be converted to a 10-room boutique inn, restaurant, and speakeasy bar and lounge.
The project includes the creation of six new, full-time jobs and a private investment of $7.7 million.
The city plans to approve a 10-year tax increment financing (TIF), valued at approximately $84,742.
In Salem, the EACC Board has approved EDIP investment tax credits in the amount of $340,000 for a new facility for Tropical Products.
Tropical Products, a family-owned manufacturer and bottler of pet care and cleaning products, has been around for 28 years, but its current 45,000-square-foot facility is poorly situated and inefficient.
The new facility will increase the seven current production lines to between 14 and 20, while also hiring employees from specific demographics including veterans, persons with disabilities, and individuals who were previously incarcerated.
The company plans to create 123 new full-time jobs, with 10 full-time employees, and make a private investment of $21.5 million.
The city approved a five-year TIF valued at approximately $474,668 for this project.
The EACC has approved 294 economic-development projects since the beginning of the Baker-Polito administration in 2015.
These projects will lead to the creation of 22,640 jobs, retention of 40,739 existing jobs, and will leverage almost $6.6 billion in private investment.
The EACC has also assisted 125 manufacturing companies and 130 companies in gateway cities during this period.
