The tax increment finance agreement says that if Hamilton Storage leaves before the decade is up, the agreement ends and the next tenant will pay the normal rate.
"The benefit is that they are going to double their staff size," Councilor Matt Kelly said. "We're going to give them a little break, and those people are going to shop out of our stores, eat at our restaurants and stay at our hotels."
The deal is part of the town's economic development incentive plan to attract businesses such as Hamilton to the Forge Park area. The tax on the land itself, 3 Forge Park, won't change, but improvements to that land, such as buildings, will be taxed at a lower level initially and gradually rise over the 10 years, at the end of which the company would pay normal taxes.
"I think it's a good thing for our community," said Town Administrator Jeffrey Nutting, noting potential jobs and business brought to area hotels and restaurants through clients of the company. "What we lose in property tax, we hopefully will recover in hotel tax and meals tax."
Read more: http://www.milforddailynews.com/archive/x1499150553/Franklin-approves-tax-break-for-prospective-Forge-Park-business#ixzz1ZKjplI1p
For a complete set of reporting from the Town Council meeting on Weds 9/27, check here