Tuesday, December 13, 2011

I'm Back.............

    I did make my way back into the country with little fanfare.  It is good to get away but being part of the 80 per-centers, I had to take a couple of days to catch up on work load, household chores, and Christmas decorating/shopping. 
   Nothing much has changed.  Today a company is getting some tax breaks to stay in town and continue to employ at a good paying wage. Not much is moving in Gloucester these days but Gorton's Fish has been in town for years and is expanding, good news. 

After clearing a few local government hurdles, one of Gloucester's most iconic waterfront businesses has moved closer to firming up a $13 million expansion project at its Rogers Street facilities.
City Council has approved an $18,672 tax increment finance agreement (TIF) for the company, which city officials say helps pave the way for additional tax relief from the state.
Gorton's, a part of the city's harborfront landscape since 1849, is clear to build its new product line as well. The Zoning Board of Appeals approved a height exemption for the new production line last week, with the company emphasizing there will be no expansion of the building's footprint at the Gorton's complex.
Next week, Gorton's will head to the state to request additional tax relief, according to city Chief Administrative Officer James Duggan.
Gorton's TIF agreement starts in 2014, according to the deal approved by City Council.
The city agreement calls for the company to receive a tax break benefit of somewhere around $3,700 each year for five years, topping off at $3,856.
At the same time, the company will pay roughly 90 percent of the increase the new line adds to Gorton's assessed value in the city.
Gorton's could build its new production line for less out of state, says Duggan. But the city provided the TIF to help keep that expansion in Gloucester, he said, to send a message that Gorton's has local support and is eligible for a state-level subsidy.

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