The Holyoke Economic Development and Industrial Corporation (HEDIC) is a special economic development corporation chartered under Chapter 121C of the Massachusetts General Laws. This corporation is governed by a seven member Board of Directors. The purpose of the HEDIC is to undertake and facilitate certain development projects. The HEDIC has been granted most of the powers of a private corporation. It can acquire, demolish, construct, finance and handle the disposition of land and buildings. It enjoys a unique position, having many of the benefits of both a public agency and a private concern. This gives it unprecedented flexibility, as well as access to many programs. The HEDIC was not created, though, to compete with the private sector. It is a non-profit entity, whose purpose is to assist the City and business. Its activities are limited to specially designated target areas, which in Holyoke include the West Holyoke Industrial Area and the Valley Paper Company Project Area. HEDIC has been granted the Foreign Trade Zone License #201. HEDIC has begun development of the Holyoke Crossroads Development Park - a 142 acre office and industrial park.