Ceramics manufacturer seeks tax deal on $4.1M expansion
Photo/Zachary Comeau
PremaTech is looking to invest in a $4.1-million expansion, for which the city is considering a 10-year tax break.
Ceramics manufacturer PremaTech Advanced Ceramics is hoping Worcester will help facilitate its planned $4.1-million expansion at its Goddard Memorial Drive facility with a 10-year tax deal.
According to documents submitted to the City Council, the company wants to add 9,000 square feet of space onto the existing 27,000-square-foot facility.
PremaTech would invest $2 million for the construction and another $2.1 million for equipment.
The woman-owned company has secured financing but is hoping the city will sign off on a 10-year tax increment financing plan with the company paying the full taxes of its base assessed value and 60 percent of the increase in the new value.
That deal would result in savings of $109,000 over 10 years and an additional $50,000 a year to the city.
The deal calls for the creation of at least 14 full-time jobs with at least $35,000 in annual pay, but more than half of those jobs will have a salary of at least $60,000.
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