The following press release confirms the last step in the process for Hamilton Storage Technology to get the tax incentive that the Town Council approved. Hamilton Storage has purchased 3 Forge Parkway for its new headquarters facility.
The tax incentive allows the company to pay a smaller amount initially on the improvements they are making and gradually the amount increases over ten years. So whatever the tax would be on the base value they pay full and then only 5% for the first year on the improvement amount. The improvement amount increases to 10% the next year and ten percent each year thereafter.
Franklin gets revenue and an increasing amount of revenue over time. The company gets to develop their property bringing jobs to the area. A good win-win proposition.
Press Release - Hamilton Storage Technologies
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