Wednesday, September 3, 2008

Live reporting - Resolutions approved

  • Resolution 08-56: Establishing an Economic Opportunity Area
  • Resolution 08-57: Authorizing Tax Increment Financing (TIF)
Further to the Economic Opportunity Area being passed above, there is interest in obtaining the Tax Increment Financing.

Foundation tax collection does not change, the proposal is to provide a tax reduction for the improvement. With the improvements come 200 manufacturing jobs being relocated here from Holliston and RI.

By doing so, the owner would also get state tax credit. If he doesn't do the investment, he doesn't get the tax break.

Approved - unanimously

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