BOSTON, Mass. (State House News Service) – A state board that oversees a tax credit and incentive program on Thursday approved aid for eight projects, including a boutique inn and sweatshop in Peabody and the developer of a hotel on the site of the long abandoned Great Barrington High School and College.
The Economic Aid Coordination Council estimated that the projects will create 375 new jobs, help retain another 370 jobs and mobilize around $ 130 million in private investment. Other newly approved projects for participation in the Economic Development Incentive Program are located in Salem, Chicopee, New Bedford, Norton, West Boylston and Worcester.
Under this program, companies receive state tax credits or local tax incentives in return for commitments to create or retain jobs and make private investments. The board assesses whether the projects are likely to go ahead without government support.
The Peabody Project, proposed by Farm Street Real Estate, is envisioned by council as a new anchor for the Washington Street neighborhood and involves converting a vacant property at the corner of Washington and Main streets into a 10-storey boutique inn. rooms, a restaurant and lounge bar and underground bar.
The developer of the 88-room hotel project adjacent to Great Barrington’s River Walk has pledged a $ 15 million investment, with project officials anticipating the creation of 16 new jobs and a facility that will attract tourists and help commerce in the regions. downtown restaurants and shops one block one way.
The council also approved a project in which Tropical Products, a family-owned manufacturer and bottler of pet care and cleaning products, will create 123 new full-time jobs by building a new facility in Salem. Aid was also approved for Milton CAT, which plans to open a new equipment site in Chicopee; NFI LLC, a graphics solutions company that consolidates two locations in Wareham into one facility in New Bedford; the relocation and expansion of Yale Appliance from its Stoughton headquarters to Norton; construction of a new plant in West Boylston by manufacturing service provider Cogmedix; and the construction of a mixed-use building next to Polar Park by Madison WG Holdings LLC, a commercial real estate developer in Worcester.