Fall River Backs Tax Breaks to Assist Blount's $10 Million Expansion
SEAFOODNEWS.COM [Herald News] (Editorial) - February 24, 2015 -
One of Fall River’s largest employers plans to add even more jobs under a $10 million expansion plan. The City Council has signed off on one of the key ingredients for Blount Fine Foods Corp.’s expansion: a 12-year Tax Increment Financing Agreement. Under the terms of the agreement, the company would be exempt from 60 percent of all property and personal taxes related to the $10 million expansion between July 1, 2016, and June 28, 2028.
From the Fall River plant, the company processes and distributes frozen and refrigerated soups under its own brand. It also provides soup for such well-known restaurants as Panera Bread, Legal Sea Foods and other private labels.
Let’s hope the EACC follows the lead of our local officials and offers the state incentives this company is seeking for its expansion. In addition to providing a much-needed boost to Fall River’s employment and tax bases, Blount’s expansion would signal that Fall River — and Massachusetts — are open for business.
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