WAREHAM – The state’s Economic Assistance Coordinating Council has approved 9 projects, including one in Wareham, to participate in the Economic Development Incentive Program.
In total, they are expected to create 449 new jobs and retain 187 jobs throughout Massachusetts.
The board approved $75,000 in tax credits for Stone Path Malt, LLC in Wareham.
Founded in 2015, Stone Path Malt imports and manufactures specialty malt for the craft brewery industry. They plan to occupy a 30,000 square foot facility in the town.
The building will be renovated to accommodate malt manufacturing equipment, warehousing of malt products, offices, and a tap room to provide tastes and tours.
Stone Path Malt plans to add ten new employees, retain two existing employees and make a private investment of $4.9 million.
The Town of Wareham has approved a five-year Tax Increment Financing (TIF) agreement valued at approximately $65,000.
Statewide, the projects will leverage approximately $180 million in private investment.
The program provides businesses with resources to expand or relocate in Massachusetts and create new job opportunities for Massachusetts residents.
“Our administration is committed to growing our nation-leading economy, building our workforce and equipping our residents with the skills they need to connect with career pathways,” said Governor Charlie Baker.
“The projects supported by the Economic Development Incentive Program and companies associated with them create the conditions for strong, regional economic growth.”
“The Economic Development Incentive Program is one element of our robust set of tools for businesses, cities and towns to leverage existing assets, foster economic development opportunities and create the conditions for long-term success,” said Lt. Governor Karyn Polito.
“I want to congratulate the nine companies that will receive state or local incentives to build their business, grow jobs and expand their presence here in Massachusetts.”
“Helping local companies succeed pays dividends to Massachusetts’ economic well-being,” said Assistant Secretary of Business Development & International Trade Nam Pham.
The EACC has approved 173 economic development projects since the beginning of the Baker-Polito Administration in January 2015.
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