Press Release: 2025-01-06

Massachusetts Economic Assistance Coordinating Council Approves New Projects in Gateway Cities to Receive $1.8 Million in Tax Credits

 

Projects Will Create 125 New Jobs, Retain 40 Existing Jobs, and Spur $14.5 Million in Private Investment

FOR IMMEDIATE RELEASE:

1/03/2025

MEDIA CONTACT

Meggie Quackenbush, Director of Communications

 Online

Email Meggie Quackenbush, Director of Communications at Margaret.M.Quackenbush@mass.gov

BOSTON — The Massachusetts Economic Assistance Coordinating Council (EACC) approved two projects for participation in the Economic Development Incentive Program (EDIP), a program that seeks to create new jobs and help businesses grow by offering credits to lower taxes in exchange for job creation. The awardees, CMZ USA LLC in Brockton and Nye Lubricants Co. Inc. in Taunton, are both manufacturers expanding in Gateway Cities. They will receive a total of $1,890,000 in state tax credits for their projects that are expected to create 125 net new jobs, retain 40 jobs statewide, and leverage approximately $14.5 million in private investment. Both of this round’s applicants are manufacturers with projects in Gateway Cities. 

Additionally, the EACC has approved two new Vacant Storefront Projects in Western Massachusetts that will receive EDIP refundable tax credits of $10,000 each. The awardees are LaBonte and Banas LLC D/B/A Toasted in Northampton and Comfort Bagel in Westfield.

“This round of awards through the Economic Assistance Coordinating Council will support small businesses that bring economic energy to our communities and manufacturers seeking to expand their footprint in Massachusetts,” said Economic Development Secretary Yvonne Hao. “We are proud to offer this vital economic development tool that helps make our state the best place for businesses to launch, grow, and succeed.”

The Healey-Driscoll Administration's economic development bill that was recently signed into law, the Mass Leads Act, reforms EDIP to lean into Massachusetts’ competitive advantage in supporting early stage, high-growth companies. While maintaining the existing overall statutory cap, this legislation would increase the cap on refundable credits to make the program fully refundable and improve program mechanics to strengthen execution as a key business development tool for the state, especially as it pertains to supporting the startup economy in Massachusetts.  

“The Economic Assistance Coordinating Council is dedicated to supporting businesses of all sizes and across every sector as they grow their operations and create new jobs in Massachusetts cities and towns,” said Undersecretary of Economic Foundations Ashley Stolba. “We look forward to seeing how this round of awards will benefit economic activity across the state in the years to come."

The projects include: 

EDIP Certified Projects

EDIP is designed to foster job creation and stimulate business growth. A company that participates in EDIP may receive state tax credits and local property tax incentives in exchange for a commitment to create new jobs, retain existing jobs, and commit private investment to the project.

CMZ USA LLC - Brockton 

CMZ Machinery Group is a 75-year-old Spanish company that produces high-precision metalworking machines for industries including automotive, defense, aerospace, sustainable energy, and healthcare. CMZ operates seven manufacturing plants, five subsidiaries, and an extensive distribution network across Europe, Turkey, and the United States. CMZ is seeking to expand its business in the US by investing in its own warehouse and plant, distributing products through a yet-to-be-created dealer network to sell and service CMZ machines. CMZ plans to invest $2 million and create 25 new jobs in Massachusetts. The EACC has approved $375,000 in EDIP tax credits.

Nye Lubricants Co. Inc. - Taunton 

Nye Lubricants Inc. is a Massachusetts-based lubricants company with a German parent company, FUCHS, the world's largest independent supplier of lubrication solutions. Nye plans to develop more than 120,000-square-feet of space for a 78,000-square-foot R&D Technology Center and a 42,000-square-foot warehouse and add 100 new jobs. Approximately 80 of the new jobs will be professional STEM jobs. The EACC approved $1,515,000 in EDIP tax credits and the City of Taunton approved a 15-year TIF valued at $876,765.

Vacant Storefront Program 

The Massachusetts Vacant Storefront Program helps municipalities revitalize their downtowns and commercial areas. Municipalities may apply to the EACC to designate a defined downtown or other commercial area as a Certified Vacant Storefront District. After such a designation, a business may secure a commitment of local matching funds in order to apply to the EACC for refundable EDIP tax credits for leasing and occupying a vacant storefront in that district.

Vacant Storefront Projects: 

LaBonte and Banas LLC D/B/A Toasted - Northampton 

Toasted is a breakfast and lunch restaurant featuring a full café bar with barista drinks. The EACC awarded Toasted $10,000 in EDIP state tax credits and the business also received a $10,000 municipal grant from the City of Northampton. 

Comfort Bagel - Westfield 

Comfort Bagel has a shop in Holyoke and is opening a second, larger location in Westfield with its own dedicated kitchen. The EACC awarded Comfort Bagel $10,000 in EDIP state tax credits and the City of Westfield provided the business with $14,265 in funds through Community Development Block Grant (CDBG), a federal program that supports community development activities to build stronger and more resilient communities.

Vacant Storefront Districts:

City of Springfield – Springfield has approved the Mason Square area as a Vacant Storefront District, including Wilbraham Avenue from King Street to McKnight Street and State Street from Berlin Street to Terrence Street. The district has 17 available vacant storefronts, and the City committed $500,000 in CDBG funds to small business assistance programs for FY2025, with a match of up to $50,000 per business.  

About the Economic Assistance Coordinating Council  

The Massachusetts Economic Assistance Coordinating Council (EACC) is a state board comprised of public and private sector officials that review and approve Economic Development Incentive Program projects and tax credit incentives. The EACC also approves local Tax Increment Financing and Special Tax Assessment agreements for municipal property tax relief associated with an EDIP project. The EACC’s is part of the Massachusetts Office of Business Development (MOBD) in the Executive Office of Economic Development, which assists businesses expanding in and relocating to Massachusetts, with specific attention paid to projects that create and retain jobs and invest capital. The MOBD team provides a highly responsive, central point of contact that facilitates access to resources, expertise, and incentive programs for businesses.