The State Economic Aid Coordination Council has approved six projects to participate in the Economic Development Incentive Program, including Millstone Medical Outsourcing in Fall River.
WORCESTER – The State Economic Aid Coordinating Council has approved six projects to participate in the Economic Development Incentive Program, including Millstone Medical Outsourcing in Fall River.
The EACC Board of Directors has approved EDIP investment tax credits in the amount of $ 750,000 as the company considers a 60,000 square foot inspection facility on land adjacent to its current location in the business park. The new project is expected to create 100 new jobs and retain 271 existing jobs, as the company makes a private investment of $ 10,720,000.
Fall River officials have already approved a 12-year tax financing deal valued at around $ 1.945 million.
The local agreement begins in 2021 with a 100 percent exemption in the first year. Years two and three represent 75%; years four, five and six are at 60%; years seven to nine are 40 percent; and the last three years are at a 25 percent property value allowance.
Millstone Medical Outsourcing, LLC has been in business since 2004 providing the medical device industry with post-manufacturing services including: validation and engineering services, advanced mechanical inspection, ultrasonic cleaning and passivation, clean room packaging, non-sterile packaging and complete storage.
“Our administration continues to work with several agencies to support opportunities for residents, from our Workforce Skills Cabinet to prepare residents for employment opportunities in high growth industries, to the incentive program economic development, which allows employers to relocate or expand to Massachusetts, ”the governor said. Charlie Baker said in a statement. “We are committed to leveraging all of our assets to help businesses grow here and create new jobs for residents of every region of the Commonwealth.”
The EACC has approved 210 economic development projects since the start of the Baker-Polito administration in January 2015. These projects will create 16,949 jobs, maintain 34,324 existing jobs and mobilize more than 5.8 billion dollars. private investment dollars. In addition, the EACC assisted 93 manufacturing companies and 94 companies in Gateway Cities, including Fall River, during this period.