Photo: The Gateway Cities Transformative Development Fund could benefit such shared office space buildings as this one owned by Kifor Development, LLC, 143 Essex Street, Haverhill.
Haverhill, Methuen and other “Gateway Cities” stand to benefit from a law signed this week by Governor Deval Patrick.
“An Act To Promote Economic Growth in the Commonwealth” provides $15 million for the Gateway Cities Transformative Development Fund that allows the state to directly invest in development projects, provide technical assistance and support the creation of shared office space that encourage interactions among tenants. Another $10 million is included to pay for environment cleanup and reuse of contaminated properties.
“In important ways, this legislation improves existing tools and provides a few new ones to continue our strong job growth, and I thank the Legislature for being so responsive,” said Patrick.
Northern Essex Community College and Whittier Regional Vocational Technical High School could benefit from $12 million set aside for training in advanced manufacturing and mechanical and technical skills. The law also creates a pilot Global Entrepreneur in Residence Program at the University of Massachusetts Lowell that encourages international students to stay in Massachusetts after graduation if they are starting or growing a business.
In housing, larger market rate projects may now be eligible for tax breaks by eliminating a 50-unit per project cap.
Employers are eligible to receive tax credits of up to $5,000 per job created in a Gateway City as long as the total credit per project does not exceed $1 million.
Besides Haverhill and Methuen, Gateway Cities include Lowell, Lawrence and 20 other urban areas.