The Economic Assistance Coordinating Council (EACC) today approved 19 projects for participation in the Economic Development Incentive Program (EDIP), which are expected to create 2,347 new jobs and retain 3,102 existing jobs, in addition to leveraging nearly $406 million in private investment and supporting construction projects across the Commonwealth.
The projects approved today push the number of new jobs created through the EDIP program to over 10,000, following Governor Patrick’s reform of the program in 2009.
Among the 19 approved projects is the renovation of Invensys Systems, Inc. Located in Foxborough for over 100 years, Invensys Systems is a leading global technology, software and consulting company. The company designs and manufactures measurement and instrumentation products to manage specific parameters (temperature, pressure, flow, etc.) of the manufacturing process for the global industrial control and process markets.
Invensys has proposed plans to renovate and consolidate its three facilities into two of its existing Foxborough buildings to maximize efficiency and provide a more modern and attractive workspace.
A private investment of $33 million is expected for renovation of office, research and development, assembly and engineering space. The project will retain 900 full-time jobs in the Commonwealth. The Town of Foxborough is supporting the project with a 15-year Tax Increment Financing agreement valued at $1,880,944.
“Supporting companies that are choosing to grow in Massachusetts is an important part of our effort to create economic opportunity for everyone,” said Secretary of Housing and Economic Development Greg Bialecki. “These investments will help these businesses expand here and fit with our overall economic development strategy of making our businesses and communities stronger in the long term.”
The EDIP is the Commonwealth’s investment tax credit program for businesses. In 2009, Governor Patrick and Secretary Bialecki, along with the Legislature, reformed the program and, as a result, EDIP has become one of the most effective programs helping businesses grow in Massachusetts.