SPRNGFIELD — The city’s Office of Planning and Economic Development announced on Jan. 7 that Mason Square was approved for the Massachusetts Vacant Storefronts Program.
According to an announcement from the city, this statewide storefront incentive program allows a property owner to access a state tax credit when occupying a currently vacant storefront in a district with a new small business.
The program can also be coupled with assistance to a new small business through its citywide small business assistance programs, the city said.
“The goal of the program is to fill vacant storefronts, and this provides an extra incentive to do so,” said Brian Connors, the deputy director of the Office of Planning and Economic Development, regarding Mason Square’s approval into the Vacant Storefronts Program.
Connors told Reminder Publishing that in order for Springfield to qualify for this program, they had to send a list to the state of vacant storefronts in the Mason Square district.
Currently, there are 17 vacant storefronts in Mason Square, according to Connors, but that number can always change as businesses come and go, he said.
According to the city, the effort to join this program came from a concept developed by the Mason Square Transformative Development Initiative, which is a resident and stakeholder-led group that works to further assist small business and neighborhood development.
“It’s a positive step made by the TDI Leadership Council to provide another incentive to assist property owners and small businesses looking to locate in Mason Square,” Connors said.
The approved Mason Square area for the storefront incentive program includes Wilbraham Avenue from King Street to McKnight Street and State Street from Berlin Street to Terrence Street. According to the Massachusetts Economic Assistance Coordinating Council, Springfield has committed $500,000 in Community Development Block Grant funds to small business assistance programs for fiscal year 2025, with a match of up to $50,000 per business.
The overall purpose of the Massachusetts Vacant Storefronts Program is “to help municipalities of the commonwealth in their efforts to revitalize their downtowns and commercial areas,” according to the state.
The state’s website says that municipalities can apply to the Economic Assistance Coordinating Council for certification to designate a defined downtown or other commercial area as a certified vacant storefront district. After achieving such a designation, and achieving a commitment of local matching funds, businesses or individuals may apply to the EACC for refundable EDIP tax credits for leasing and occupying a vacant storefront in that district.
According to the city, Mason Square is the second district approved for the Vacant Storefronts Program; the first was downtown Springfield.
Readers can learn more about this program by visiting tinyurl.com/3zzdeyu2.
