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Board of Assessors Meeting Page <br /> State Pro rare to Promote Business and Industrial Growth <br /> (continued) <br /> a representative from the Commonwealth the Massachusetts <br /> Office of Business and Development . * . who was presenting a <br /> program that the State has core up with to promote commercial and <br /> industrial growth in the State. A brief synopsis of the program <br /> is as follows <br /> This is a program where the state Office of Business and <br /> Development declares certain areas in the Commonwealth <br /> 'reconomic target areas" .* All of Cape cod plus Wareham and <br /> New Bedford have been declared as such. This allows the <br /> local government to delineate an economic opportunity area. <br /> Through a Town Meeting Mote, certain areas are designated as <br /> "economic opportunity areas" , dtef�,W! for those areas, <br /> businesses with Town Meeting approval , can qualify for <br /> certain tax incentives for locating their business there. <br /> The State guidelines are that the business must employ <br /> people year round. The Town itself can set Its own <br /> criteria. what these people get from the local government <br /> is either a tax break for five gears at a set rate where n <br /> taxes are paid the first year, up to of taxes the second <br /> year, up to the third year, up to the fourth year, <br /> and perhaps in between 10 and in the fifth year. <br /> The second program is quite a bit more complicated and can <br /> be a twenty year contract and is a combination of incentives <br /> where taxes can be cut or applied to inmprovements to the <br /> infrastructure in the area, etc. The State cures a tax <br /> credit for state Income Tax on any investment with the life <br /> of over four years . It does not include land, but it could <br /> include quite a lot in the way of furnishings and the like, <br /> and certainly buildings . There is a l abandoned building <br /> tax deduction, and is given priority for capital funding <br /> from the state. The Town Meeting has to approve every <br /> single recipient of this. <br /> A negotiator for the Town "hammers out a deal" ].t can <br /> be either a five year plan or a twenty year plan; it then <br /> goes to Town Meeting for approval . <br /> Lengthy discussion followed. David Bailey expressed opinion <br /> that there would be very little risk for Mashpee, He would like <br /> to send a letter to the Board of Selectmen stating that the <br /> 4 Assessors support this Town Meeting Article to declare the <br /> Industrial Park an Economic Opportunity Area. <br /> .i <br /> w <br />