The Economic Development and Industrial Corporation of Lynn (EDIC/Lynn) is a nonprofit corporation established under a state mandate in 1977 that functions as the City's development bank. EDIC/Lynn has a history of more than 25 years providing financing to the businesses in 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. |
EDIC Facilitated Eastern Banks expansion of their Operation Center to the Lynnway |
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.