Economic Development & Planning
Greater Franklin County Economic Target Area (ETA)
Owners of the Blue Heron restaurant received tax credits as an incentive to rehabilitate and relocate to the unused, historic Sunderland Town Hall.
Project Overview
The FRCOG administers the Economic Target Area program in coordination with the Massachusetts Executive Office of 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 a "Certified Project" designation, which requires approval by the municipality and the state. Thirty municipalities in the greater Franklin County region participate in this program.
Current Activities
From December 1994 through May 2008, sixteen municipalities have participated in the Greater Franklin County ETA Program, which has created 91 Certified Projects. With one exception, these projects use tax increment financing for improvements. It is estimated that the Certified Projects have created 1,374 new jobs, retained 3,445 jobs and leveraged over $309 million in private investment.
In June 2008, the state's Economic Assistance Coordinating Council voted to amend the Greater Franklin County ETA Region to include the Towns of Hawley and Warwick, per the request of these communities and the FRCOG.
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 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 otherwise.
Links
Massachusetts Executive Office of Economic Development's EDIP
Page last updated on July 23, 2008 .