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The Economic Development Incentive Program (EDIP) is a tax incentive program designed to stimulate business growth and foster job creation throughout the Commonwealth. Through this incentive program, a three way partnership is developed between a growing company, the City of Gardner, and the Massachusetts Executive Office of Housing and Economic Development (EOHED). Participating companies may receive state and local tax incentives in exchange for job creation and private investment commitments.
The Program
The EDIP was created as a tool to attract and retain businesses in specific economic target areas (ETA) through a certified project application process. The City of Gardner is an Economic Target Area (ETA), and has created six (6) Economic Opportunity Areas (EOA) where certified projects can be located. Businesses that develop or expand within an EOA, create jobs, and invest capital, may be eligible for a series of incentives designed to encourage further investment in the
business and community.
Eligibility Requirements
Development projects will be certified if the business is expanding, relocating, or building a new facility and creating permanent jobs within the EOA. The proposals should present:
- A reasonable chance of increasing employment opportunities;
- A project consistent with the city’s goals for the EOA, including private investment and increase of local tax base;
- A project that will not overburden or harm the City’s existing infrastructure.
The City of Gardner’s DCDP offers businesses Certified Project assistance at the local level, while the EOHED through the Massachusetts Office of Business Development (MOBD) offers administrative support on the state level. Businesses are strongly encouraged to contact the Gardner DCDP at the inception of the certified project process.
For approval of Certified Projects at the local level, the DCDP will consult with the Mayor, the City Assessor, and the City Solicitor (when applicable). Once the Certified Project contract is signed by all interested parties, the City Council votes to approve or disapprove, and the approved projects are sent to the EACC for final ratification. More specific information on the Certified Project approval process can be found here.
Incentives
The City of Gardner must enter into a contract with the Certified Project applicant, which offers a local tax incentive. Tax Increment Financing is the most common form of tax incentive offered to Certified Project applicants.
The City Assessor’s Office determines the full and fair cash value of the new additions to existing property in accordance with normal assessment standards, and then reduces the taxes for any additional fixed taxable property by the agreed percentage per the Certified Project Contract.
Required Forms
External Resources/Helpful links
Applicable Regulations/Statutes
Source: Massachusetts Office of Business Development
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