The approval of the Tax Increment Financing Board of Fall River could help to create at least 30 new jobs in the city.
Raw Seafoods, Inc. and Ice Cube, LLC, located in the Fall River Industrial Park, are looking for relief from local property taxes in order to expand their existing facilities. These new relief measures are tax increment finance agreements, more commonly known as TIFs.
Ice Cube would increase its facility by 40,00 square feet and introduce another seven employees. In 2016, the company signed a TIF with the city so the new measure would be amended to adjust for the expansion. Raw Seafoods wants to expand by 10,000 square feet and employ 25 more people by the end of next year.
Business card printing is often used when companies expand and add new employees.
Cathy Ann Viveiros, City Administrator, said the TIF for Raw Seafoods would last for five years and, once the expansion was completed, would enable the company to pay the complete value of its property tax.
Other companies looking for special tax assessments are TIGIR (Merrow Manufacturing’s parent company), and Alexandra’s Boutique, which has a store on South Main Street and had opened a second location, into which it invested $1.5m to renovate.
Any TIFs approved by the Financing Board also need the approval of the City Council before they can go into effect.
