State Development Program OKs Incentives for State Road Projects| 03:14PM / Wednesday, June 22, 2016 | |
 The massive Greylock Mill project was approved along with the Redwood Motel for tax incentives. |
NORTH ADAMS, Mass. — Two in-development projects on State Road have been approved for development incentives through the city and state.
The Beyond Place LLC and Greylock Works LLC entered into tax incremental financing agreements with the city; the state's Economic Assistance Coordinating Council on Wednesday approved both agreements and 16 other projects for participation in the Economic Development Incentive Program.
All 18 projects are expected to create 855 new jobs and retain 2,958 jobs throughout Massachusetts, while leveraging approximately $199 million in private investment.
"Massachusetts boasts a robust, pro-growth business environment, and our administration is committed to maintaining and improving the commonwealth's business ecosystem," said Gov. Charlie Baker. "Through targeted business development tools like the Economic Development Incentive Program, we will continue to support sustainable, long-term growth."
The Beyond Place is the development group restoring and rebuilding the 50-year-old Redwood Motel across from Stop & Shop. The 18-room motor court is being expanded to 47 or 48 rooms with a focus on the environmental and recreational attributes of the area. It is expected to create 14 new full-time jobs and generate more than $5.3 million in private investment. Future plans include a 40-acre nature activity park and restoration of the historic Blackinton Mill on the other side of Hoosic River.
The City Council approved a tax increment financing agreement valued at $60,000 over five years. The EACC Board approved $70,000 in tax credits.
Latent Productions is redeveloping the 240,000-square-foot Greylock Mill complex as Greylock Works, creating new space for residential lofts, hospitality and cultural projects, and cleaning a current brownfields site. The event space has already been renovated and elements of the artisanal food production areas are anticipated to open in July.
The project will generate $8.5 million in private investment. The city of North Adams has approved a 10-year TIF valued at $257,000 for the project's commercial component.
The EDIP is the state's investment tax credit program for businesses, and is considered one of the most effective tools helping businesses to grow in Massachusetts. EDIP tax credits and other incentives are available to companies that make qualifying investments in new facilities and create new jobs. The EACC meets on a quarterly basis to review applications.
The EACC has approved 88 economic development projects since January 2015. These projects will create 4,557 jobs, retain 8,607 existing jobs, and leverage more than $1.4 billion in private investment. During the Baker-Polito Administration, the EACC has assisted 39 manufacturing companies and 44 companies in Gateway Cities.
"The projects we approved this quarter demonstrate the diversity of the Massachusetts economy," said Assistant Secretary for Business Development Nam Pham. "By deploying targeted, cost-effective incentives, we are encouraging new growth in information technology, medical device manufacturing, and hospitality, and spurring job creation from Beverly to North Adams."
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