WESTPORT – On the agenda for a July 26 town meeting is a warrant article that would authorize the first tax incentive for a Route 6 business, SouthCoastToday.com reported Tuesday.
The article would authorize a tax increment financing arrangement for Mid City Steel, which is looking to expand at its 275 State Road location, the newspaper said.
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Eleven parcels along Route 6 would be eligible for similar consideration thanks to a recent decision by the state’s Economic Assistance Coordinating Council which approved the creation of the first Economic Opportunity Area between Sanford Road and Route 88.
Mid City was the first to request one and two other businesses, which could not be named, recently requested consideration for TIFs.
Businesses are eligible for tax incentive in exchange for “job creation, manufacturing retention and private investment commitments.”
Mid City would need to create four jobs over the next 10 years. Its deal outlines no discount for the first year, paying full property taxes on a new facility, then 22.5 percent of its tax bill the following year and eventually reaching 2.5 percent in the final year.
The company’s TIF request will be considered at a July 26 special town meeting, slated for 7 p.m. in the auditorium of Westport High School.
