| The
Economic Development and Industrial
Corporation of Lynn (EDIC/Lynn) is a nonprofit corporation
established under a state mandate in 1977 and functions
as the City's development bank. |
| EDIC/Lynn
has a 20-year history of providing financing to the businesses
of the City of Lynn. Through innovative programs, EDIC/Lynn
is able to put financing tools into the marketplace that
allows for capital to become available at very attractive
rates. |
| Since
1977, EDIC/Lynn has strengthened Lynn's economy by encouraging
existing companies to expand or new companies to relocate
into the City. |
| Simply
stated, EDIC/Lynn has all the financial tools and capabilities
from the public sector's vantage point that private developers
need at their disposal. |
| The
Economic Development and Industrial Corporation (EDIC/
Lynn) has taken the first step to property tax relief
with Tax Incremental Financing (TIF's). |
| In
conjunction with the Massachusetts Office of Business
Development, the Lynn Office of Economic and Community
Development (Lynn OECD) launched a series of aggressive
initiatives geared at job creation, attracting new businesses
and helping firms expand. |
| One
such initiative is Tax Incremental Financing - known as
a TIF plan - in which the City of Lynn and a prospective
developer agree to a property tax exemption based on the
value added through construction, rehabilitation, and
renovation over as many as 20 years. |
|
|
