Peabody City Council approves $65,000 site readiness grant for Centennial Business Park

During the Peabody City Council Regular Meeting on June 12, 2025, a significant resolution was passed to secure a $65,000 grant aimed at enhancing the city's industrial park. This grant, provided by MassDevelopment, is intended to assist in assessing the Centennial Business Park, which spans approximately 459 acres and includes 58 parcels.

The resolution, which received unanimous support from the committee prior to the meeting, allows the city to enter into a contract with the state. It stipulates that if the city sells or leases any property within the park and profits exceed $65,000, the city must repay that amount to MassDevelopment. Currently, the city owns only one parcel in the park, which contains a water tower.

Councilor Peach presented the motion for the resolution, emphasizing its importance for the city's economic development. The council voted in favor of the resolution with a unanimous 9-0 outcome, indicating strong support for the initiative.

In addition to the grant discussion, the meeting briefly addressed a zoning amendment, which was disposed of without prejudice, suggesting that it may be revisited in the future.

The approval of the grant marks a proactive step for Peabody in enhancing its industrial capabilities and potentially attracting new businesses to the area. As the city moves forward, the implications of this grant and the assessment of the industrial park could play a crucial role in shaping Peabody's economic landscape.