Joseph’s Gourmet Pasta Company, Southwick/Brooks Brothers and a proposed Amesbury hotel will benefit from state tax assistance as a result of recent approval from the state’s Economic Assistance Coordinating Council (EACC).
Joseph’s Gourmet Pasta Company, 262 Primrose St., Haverhill, plans to invest $19 million to purchase its existing leased building as well as an adjacent property with two structures. The company will demolish one for parking. It will receive $762,000 in state Economic Development Incentive Program (EDIP) investment tax credits. Joseph’s Gourmet Pasta became eligible under the Manufacturing Retention Project to save 254 full-time, permanent jobs. The EACC approved $762,000 in EDIP investment tax credits, state officials said.
“These investments will help these companies expand and continue to enhance the Massachusetts economy by making our communities stronger in the long term,” said Massachusetts Office of Business Development Executive Director Michael Hunter.
Brynwood Partners VII L.P. acquired Joseph’s Gourmet Pasta Company from Nestle USA earlier this year.
Besides local tax relief previously granted to Southwick/Brooks Brothers Group Inc. of Haverhill, the company will also benefit from $2.1 million in EDIP investment tax credits. Archgrove Hospitality Inc. also received $37,500 in tax credits for a $10.6 million hotel construction project in Amesbury. The 92-room hotel is also receiving a city 10-year Tax Increment Financing agreement, valued at more than $800,000.
EACC approved 18 projects in all for tax incentives across the state, creating an estimated 1,696 new jobs and retain 4,491 existing jobs. The projects also leverage more than $342 million in private investment, officials said. EDIP tax credits and other incentives are available to companies that make qualifying investments in new facilities and create new jobs.
Founded in 1991, Josephs Gourmet Pasta Company is a manufacturer of frozen stuffed pasta for the food service segment. Products include artisan cannelloni, ravioli, tortellini, gnocchi and manicotti.
Southwick/Brooks Brothers Group is a manufacturer of high-end suits, sport coats and trousers for Brooks Brothers and other retailers both domestically and internationally. The company is moving from its current 86,000 square foot facility at 20 Computer Drive across the street to former Lowes Home Center. The company is spending $16 million to purchase and fit out of the building.