Economic Development & Planning

Greater Franklin County Economic Target Area (ETA)

Project Overview

The FRCOG administers the Economic Target Area program in coordination with the Massachusetts Executive Office of Housing and Economic Development and as part of the Massachusetts Economic Development Incentive Program (EDIP). The purpose of the EDIP is to stimulate business development, particularly in areas of economic distress. This is achieved by offering businesses tax incentives that promote job creation and retention, attract new business investment, and encourage existing businesses to expand. For a business to take advantage of the initiatives offered, it must apply for "Certified Project" status, which requires approval by the municipality and the state.

Current Activities

Thirty municipalities are eligible to participate in the EDIP through the Greater Franklin County ETA Region designation. From 1994 through June 2011, sixteen municipalities have participated in the Greater Franklin County ETA Program, which has created 107 Certified Projects. With one exception, these projects use Tax Increment Financing (TIF) for improvements. It is estimated that the Certified Projects have created 1,544 new jobs, retained 3,085 jobs and leveraged over $402 million in private investment. 

Future Plans

The FRCOG will continue to administer this program and support communities working together for the long-term economic vitality of the ETA Region. Several communities in the Greater Franklin County ETA Region anticipate the continued use of the tools offered through the EDIP. Even though many municipalities have experienced difficult financial times recently, implementing a Tax Increment Financing agreement with selected businesses may spur much needed economic development that would not have been possible otherwisee. 

Links

Massachusetts Economic Development Incentive Program

Page last updated on July 23, 2008 .