Southgate Business Park

Leominster, MA - Commercial, Office, High Tech, and Manufacturing Land/Space. Purchase, Lease, Build to suit.

Economic Incentives

Commercial and industrial developments have many opportunities to utilize smart growth principles. One of the benefits of Chapter 43D is designated Priority Development Sites are given priority consideration of Public Works Economic Development grants (PWED), the Community Development Action Grant Program (CDAG), brownfields remediation assistance, MORE infrastructure funds and other financing through quasi-public organizations. The following incentive programs may be available to those companies interested in Southgate Business Park:

Economic Development Incentive Program (EDIP): The program is designed to attract and retain businesses in Economic Target Areas. Programs eligible through certification to participate in the program include new facilities and existing facilities that propose an expansion of the number of permanent full time employees. State government incentives include an investment tax credit and a deduction for the renovation of existing buildings.

District Improvement Financing (DIF): District Improvement Financing is a public financing alternative available to all cities and towns in the Commonwealth. Municipalities can fund public works, infrastructure and development projects by allocating future tax revenues from a predefined district to pay project costs. The Economic Assistance Coordinating Council (EACC) approves District Improvement Financing.

Mass Development Real Estate Financing: provide borrowers with access to up to $5 million for facility acquistion, renovation, construction, and permanent financing. MassDevelopment also provides guarantees to secure a portion of a private real estate loan, providing lenders with incentives to extend credit. MassDevelopment provides below market rate financing for loans of $50,000 to $1,000,000 for new equipment purchases. Guarantees of up to 90% are available on working capital lines of credits and other eligible loans. MassDevelopment allows exporters to access export credit insurance. TechDollars are also available with access to 100% financing at below- prime rates for technology equipment purchases and installation by nonprofit organizations with annual revenues of $5 million or less.

Emerging Technology Fund (ETF): The Massachusetts Emerging Technology Fund targets companies that are starting up or expanding manufacturing in Massachusetts by providing financing for manufacturing facilities and equipment. The ETF offers loans or loan participants up to $2,500,00 and loan guarantees up to $1,000,000. Companies that receive ETF financing must have strong management teams, demonstrate technical feasibility, and a proven fundraising record.

Green Loan Program: Mass Development wants to help business optimize efficiency and reduce energy costs. Our Green Loan Program bridges the gap between energy efficiency project costs and the rebates or subsidiaries provided by utility companies and state/federal incentive programs.

Investment Tax Credit: The Massachusetts Investment Tax Credit offers credit for qualifying businesses against their state corporate excise tax. This credit may be used to purchase and lease tangible property used in business operations. Manufacturers, research and development corporations, and agricultural/fishing businesses are qualified to use the credit.

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Economic Incentives