Holyoke tradeoff: property tax exemption in return for 16 new jobs, $5 million in expansions at Marcotte Ford
“Company President Bryan Marcotte and Filomeno and city planning officials met with the council Development and Government Relations Committee at City Hall. The committee voted 5-0 to recommend that the full City Council March 3 approve an incentive known as Tax Increment Financing (TIF).
The TIF would apply both to construction of the commercial truck repair center at 933 Main St. and the renovation and rebuilding of Marcotte Ford’s existing facility at 1025 Main St.
The TIF consists of five years of decreasing exemptions on the value of only the new construction that takes place, said Marcos A. Marrero, director of the city Department of Planning and Economic Development.
Under the TIF, Marcotte Ford would get a 100 percent exemption on the property taxes assessed on the new construction in the first year, 75 percent the second year, 50 percent the third year, 25 percent the fourth year and 5 percent the fifth year, he said.
If the full council approves, the plan would go to Mayor Alex B. Morse, who supports it, and then to the state Economic Assistance Coordinating Council, he said.”
Plaisance, Mike. Mass Live 24 February 2015.