MARLBOROUGH – The City Council has sent to its Finance Committee budget transfer requests totaling nearly $700,000 to fund the Marlborough Economic Development Corp. (MEDC).
In a letter to the council dated April 6, Mayor Arthur Vigeant said, “Marlborough maintains the lower commercial vacancy rate in the area while the MEDC continues to bring on average annually 20 new or expanded businesses, increasing job growth while supporting small businesses.”
One transfer from the city’s Economic Development account is for $648,290, and it will allow the MEDC to operate for fiscal 2024. The other transfer for $100,000 will replenish MEDC’s economic development toolbox to help provide grants for small businesses.
The funding comes from state aid.
Of the first transfer, about $355,000 will go toward salaries and benefits, and $124,300 will go toward operating and administrative expenses. More than $210,000 will be allotted for special projects, including business retention and expansion.
On the second transfer, the $100,000 will help the toolbox fund four reimbursement grant programs, including amenities funding and beautification grants.
Since its creation, the toolbox has awarded more than $400,000 in reimbursement grants, retained more than 70 jobs and added more than 230 new jobs to the market.
The MEDC is at 91 Main St. For more information, visit marlboroughedc.com.
