The Commonwealth’s Economic Assistance Coordinating Council (EACC) approved seven projects for participation in the Economic Development Incentive Program (EDIP) including Soliyarn, LLC of Lynn.
Soliyarn, LLC has a proprietary textile coating system that produces conductive and water-repellant coatings used to create smart textiles and DWR (durable water repellant) fabric. The technology was originally developed out of a research lab at the University of Massachusetts Amherst, and the company was formed in 2018 to commercialize the technology further. The project entails a 21,000-square-foot renovation of a building in Lynn for manufacturing and R&D. Soliyarn will create 105 new full-time jobs, retain seven existing jobs, and make a private investment of $7.75 million. The City of Lynn plans to approve a five-year TIF valued at approximately $200,529. The EACC Board has approved EDIP investment tax credits in the amount of $1,225,000.. These projects are expected to create 451 net new jobs and retain 148 jobs throughout Massachusetts, while leveraging approximately $209 million in private investment. Of the applicants this quarter, five are manufacturers and four are located in Gateway Cities. Additionally, three new Vacant Storefront Districts were approved.
The EACC has approved 320 economic development projects since the beginning of the Baker-Polito Administration in January 2015. These projects will lead to the creation of 24,892 jobs, retention of 41,383 existing jobs, and will leverage almost $8.1 billion in private investment. Additionally, the EACC has assisted 139 manufacturing companies and 144 companies in Gateway Cities during this period.