Revitalization of the South Hadley Falls has been a long-term goal for community. To further this end, the Selectboard applied for designation of an Economic Target Area (ETA) and an Economic Opportunity Area (EOA). The Economic Target Area was designated by the state's Economic Assistance Coordinating Council in Spring 2007 and the Economic Opportunity Area was designated by the same council on December 27, 2007.
The goals of the Economic Target Area for the next 5 years are:
Upgrade the visual image of the South Hadley Falls area with a focus on the commercial / industrial properties
Expand access to improved employment opportunities for the residents of the South Hadley Falls area
Achieve a 100% occupancy of the viable commercial / industrial space in the South Hadley Falls area
Develop a tourism program and market in the South Hadley Falls area with vacant retail storefronts fully utilized
The designation of the ETA and EOA afford the community the opportunity to offer Tax Increment Financing and Special Tax Assessment Agreements under Massachusetts General Laws, Chapter 23A for Certified Projects within the EOA. Additionally, Certified Projects are also eligible for other State Tax Incentives. Projects supportive of the EOA may receive further consideration for grant funds.