Woburn Becomes State’s Newest Economic Target Area

The City of Woburn has earned an economic distinction that should help businesses and developers obtain tax incentives and spur business in the city. 

According to a release by Mayor Scott Galvin's office, the mayor is "pleased to announce the City of Woburn has earned distinction as an Economic Target Area as part of a state program that helps businesses and developers obtain state and local tax incentives in exchange for certain employment and private investment commitments" 

Becoming an economic target area will assist Woburn's efforts to attract new commercial and industrial businesses, the release states. 

Woburn’s new designation was the result of a vote this week by the Massachusetts Economic Assistance Coordinating Council, which is part of the Massachusetts Office of Business Development, at its meeting held at Worcester City Hall and attended by Mayor Galvin and Planning Director Ed Tarallo.

“It is imperative the City be equipped with the same tools as neighboring communities to attract prospective businesses to locate here, and help to grow our commercial tax base responsibly,” said Galvin. “This designation is an important step in achieving these goals.”

Click here to read the full release.