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City approves greater tax incentives for business

Date: 2/15/2012

Feb. 15, 2012

By G. Michael Dobbs

news@thereminder.com

HOLYOKE — The recent passage of an extension of the city's Tax Increment Financing (TIF) Program means Holyoke will have a program similar to that of Springfield, Westfield and Chicopee.

John Dyjach, the assistant director of the Office of Planning & Development explained to Reminder Publications the TIF program had given approved businesses five years of tax breaks and the new one extends those benefits for 20 years.

Dyjach said the TIFs are designed to help businesses when making capital investments such as the purchase of new machinery or the construction of a new business.

Mayor Alex Morse supported the legislation brought to the City Council by City Councilor Joseph McGiverin. The TIF program, which is part of the Massachusetts Economic Development Incentive Program, provides local and state tax incentives for businesses that are investing in Holyoke and creating new jobs.

Morse said, "This flexible and expanded program will help generate and support economic activity which will result in the creation of new investment in Holyoke, the establishment of job opportunities — particularly for Holyoke residents, the preservation and enhancement of property values, and the addition of real estate taxes to support services provided by the city to its citizens. Extending the program to at least equal to that of what other cities can offer is a valuable marketing tool when trying to attract new businesses to locate to Holyoke, and this is something I championed throughout my mayoral campaign."

The TIF program complements other incentive programs the city offers, Dyjach added. He noted there is a state investment tax credit as well as a tax deduction for the renovation of an abandoned building.

The TIF program is strictly for new investments, but Dyjach said the city offers businesses in the downtown and industrial areas a special tax assessment on the total value of a property to provide better assessments.

For more information on this program, contact the Office of Planning & Development at 322-5655.



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