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| By G. Michael Dobbs Managing Editor SPRINGFIELD - The Finance Subcommittee of the Springfield City Council approved on Thursday a measure to bring a discussion on a tax exemption that could help new businesses develop in the city to the full council. Subcommittee Chair Bruce Stebbins said the state's 2006 Economic Stimulus Act allows municipalities to provide a personal property exemption to new businesses dedicated to research and development. Stebbins explained the investment in equipment for these companies is considerable and such an exemption could be a deciding factor for a business to either relocate to the city or develop here. The exemption would be to new businesses and Stebbins said that it should not affect the existing tax base. Instead the new businesses would be "drivers to bring in good research and development jobs." Russell Denver, president of the Affiliated Chambers of Commerce of Greater Springfield, attended the meeting and explained that research and development companies are looking for locations that provide adequate space to buy or develop, availability of potential workers with needed skills and proximity to higher education. Springfield has all of these and Denver located there are about 12 research and development businesses already in the city. He noted the city is becoming better known in the biotech field thanks to the collaborative efforts between the University of Massachusetts and Baystate Medical Center. The exemption would be "a perfect fit for the growing biotech research and development entities," Denver said. Stebbins said that he believes the city's economic growth will come from start-up businesses, such the research and development firms, rather than larger established businesses relocating to the city. |