The Herald News, Sunday, December 18, 2016 – Page B1
By Kevin P. O’Connor
Fall River – Three local companies won state approval for tax breaks granted on projects underway.
The Economic Assistance Coordinating Council, an arm of the state Office of Housing and Economic Development, met Tuesday to pass three Tax Incentive Financing packages approved by Fall River.
A TIF is an agreement with the city in which the increase in taxes that result from improvements to the property are phased in over several years.
Hutchens Holdings, the umbrella company for Raw Seafoods in the industrial park, received $150,000 state in tax credit from the EACC, plus approval of an $800,000 TIF granted by the city.
The state tax credit allows Raw Seafoods to deduct that amount from the taxes it pays the state. The company can alternately chose to sell the credits to other companies to help finance its project.
Raw Seafoods I building a cold storage facility and is expanding its operations in the Industrial Park. By accepting the tax breaks, the company promised to create at least 12 new jobs.
Two local projects received approval for TIFs already granted by the city.
775 Davol Street LLC is a group of investors, led by Peter Cabral of The Cove Restaurant and Dr. Henry Crowley of Same Day SurgiCenter on Stanley Street. They purchased the lot at 775 Davol Street and demolished a vacant building. Construction is underway on a 19,450-square-foot medical office building. They will receive a TIF worth $235,000. The project is expected to create 16 new jobs.
CEA Nashua LLC is a subsidiary of the company reconstruction the New Harbour Mall. The group received a TIF worth $620,000 for this phase of the project. CEA Nashua was created to purchase the building that houses the Staples store, which is still open, and a former Dollar Tree store. That building will be expanded. Staples officials said the company has no current plans to expand that store.