State approves $4.8M in tax breaks for Central Mass. businesses
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Girouard Tool Corp. in Leominster
Three businesses in Central Massachusetts have been approved for economic incentive development programs by the state’s Economic Assistance Coordinating Council, and two additional Worcester County towns have been approved for the council’s vacant storefront program.
The Central Massachusetts companies approved for funding are Devens-based Peak Performance Compounding LLC, Leominster-based Girouard Tool Corp., and Lykan Bioscience Holdings in Hopkinton. In addition, the two towns approved for the vacant storefront program are Acton and Gardner.
Peak Performance Compounding, which specializes in the production of blended plastics, and Girouard Tool Corp., an injection-molding company, both received certified investment tax credits of a combined $155,000 as part of the program. In addition, the two companies received five-year tax increment financing of $97,284 and $32,380 from their respective towns.
Lykan Biosciences, as a local incentive only program, did not receive tax credits as part of their approval, only the tax increment financing from the town. The company received a 14-year TIF with an approximate value of $4.5 million from the Town of Hopkinton.
For the storefront districts, the Town of Acton has been approved for its Great Road Commercial Corridor District, located along Skyline Drive, which contains 14 empty storefronts. Gardner was approved for two separate storefront districts, its Downtown District, located along Main Street, and Timpany Boulevard District, covering the intersection of West Street and Broadway Street.
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