SWANSEA — Town Administrator Mallory Aronstein is pleased to announce that the Town of Swansea recently offered its first Tax Increment Financing (TIF) to Isabellenhuette USA.
A TIF is a financial incentive for businesses that allows for a reduction in taxes on new capital investments over a period of time, enabling a company to remain in town and expand its operations.
“By offering this TIF, we are indicating that Swansea is open for business,” said Community Development Director John Hansen. “It adds another tool to our toolbox for attracting and retaining businesses.”
The 10-year TIF, valued at over $150,000, was approved by the Town of Swansea in May for Isabellenhuette USA’s capital investment project.
Isabellenhuette USA purchased a building and land in Swansea and began planning renovations in June. The company will create 14 new well-paying professional jobs, retain 11 existing jobs and make a private investment of $3.2 million dollars.
“We are so appreciative of the support we have received from both the Town of Swansea and the Massachusetts Office of Business Development,” said Isabellenhuette USA President Uwe Keller. “We are excited to move ahead with the expansion of our facilities, and to continue our growth here in Swansea.”
Additionally, the Massachusetts Executive Office of Economic Development’s Economic Assistance Coordinating Council (EACC) approved $100,000 in tax credits for Isabellenhuette USA through its Economic Development Incentive Program.
The Economic Development Incentive Program (EDIP) is designed to foster job creation and stimulate business growth. A company that participates in EDIP may receive state tax credits and/or local property tax incentives in exchange for a commitment to new job creation, existing job retention, and private investment in the project.
“The Economic Development Incentive Program is an important tool to boost job creation and business growth in cities and towns across the state,” said Economic Development Undersecretary Ashley Stolba. “We’re excited that the EDIP program and local support from Swansea will help Isabellenhuette USA expand its operations, add new jobs, and spur economic activity in the community.”
The Town of Swansea encourages businesses seeking a TIF to contact Community Development Director John Hansen via email at jhansen@swanseama.gov. or call 508-674-5731 ext. 6
“The Town is thrilled that we were able to retain this business and also support its expansion,” said Town Administrator Aronstein. “We are happy to be a host community to Isabellenhuette and other local businesses that contribute towards the betterment of Swansea and all that it has to offer.”
Isabellenhuette USA
Isabellenhuette USA, located at 1199 GAR Highway, is a producer of precision thermoelectric and resistance alloys, passive electronic components, and current measurement sensors. The products are sold in the automotive, aerospace, medical and energy markets. The company sells, stocks, and distributes products manufactured at its headquarters in Germany. To learn more about Isabellenhuette USA, click here.
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