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Patrick Administration Approves Economic Development Project in Foxborough

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.

Keith Vega June 28, 2013 at 08:36 AM
Granting the TIF to Invensys was the right decision for our town. Kudos to our board of selectmen.
Dennis Naughton June 29, 2013 at 03:11 PM
TIFs are nothing but welfare for the wealthy.
Keith Vega July 01, 2013 at 08:23 AM
Dennis, I couldn't disagree with you more. It is in our best interests to keep Invensys is Foxboro, and they would move if they found a better deal (which is a near absolute that they would). There is the old saying "you have to give a little to get a little" and that works for every type of relationship there is, be it personal or municipal. They weren't asking for much, just the ability to pay at a current tax rate so they could funnel the surplus into expansion. I think it was a great deal for the town, and it will make other businesses view us as a potential partner in the future.
Dennis Naughton July 01, 2013 at 12:09 PM
Corporate extortion that will stimulate more of the same.
Keith Vega July 01, 2013 at 03:10 PM
Of course it is. Most of the people running successful corporations aren't fools. If we didn't make it worth their while to stay here they would find greener pastures elsewhere. Andd then where would we be? If this is welfare, it is a MUCH healthier type than that which the Statehouse and White House espouse.
Dennis Naughton July 01, 2013 at 03:21 PM
What do you mean by the " type espoused by the State House and the White House?"
Keith Vega July 01, 2013 at 03:40 PM
What do you think I mean? I mean the kind that keeps people feeding from the public trough instead of the kind that gets people back to being productive members of society. A social safety net, in this day and age, is essential, but what we have today in this country is a disgrace.
Dennis Naughton July 01, 2013 at 07:45 PM
I asked because I thought it unfair to presume. What exactly is it that you are calling disgraceful?
Keith Vega July 02, 2013 at 08:14 AM
If you don't know anything about the abuses of the welfare system (by both recipients and politicians) in this state, I am not going to educate you. Read up on EBT card abuse and the Democrat's use of welfare rolls to bolster their electorate for a start. Then maybe look up all the hacks who have no intention of fixing any of the problems because it is in their best interests not to (start with Deval Patrick on that one).
Dennis Naughton July 02, 2013 at 10:47 AM
So the mask is off Keith. Just one more right wing diatribe.
Keith Vega July 02, 2013 at 11:05 AM
Goes to show just how much you know (I already know you are a liberal). I am as disgusted with the Republican/conservative crazies as I am with the Democrat/liberal idiots (look in the mirror for an example of that one). I am a fiscal conservative and a social liberal. In my view we should have small government, low taxes, and the freedom to do mostly whatever we want without a boatload of rules and laws. I disagree with both the religious rights attempts to dictate morals and the left's attempts to dictate political correctness. You might not want to assume you know a whole lot when you seem to continually prove that you don't actually know that much at all.

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