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Casino News:

  Concessions in taxes for expansion of two casinos

SPRINGFIELD – Relaxation in imposition of taxes in respect of Nash Manufacturing and Latino Food Distributors would be the agenda of the meeting to be held today at 7 p.m. by the regular council at the City Hall. The special concessions meant to promote job opportunities and business expansion in the financially backward areas will be awarded to the properties to come up at North End and adjoining Knight.

As per the five years tax-concessions pact in respect of Latino Food Distributors; a piece of land measuring fifteen thousand square feet will be added by this 90 Meat Outlet affiliate to its existing facility, situated at 90 Avocado St., located in the North End section of Brightwood. The company has to pay the existing building taxes but would avail of concessions on the fresh building, i.e. no taxes would be levied on the new construction during the first year. However, it would enjoy a concession of twenty percent through the fifth year. As assessed by the city officials, they would get approx $30,400 through the fresh taxes whereas the company could benefit by approx $45,600 in the coming five years on account of the concessions in the taxes.

As agreed upon by the company under the terms of the agreement, it would spend approx $1.5 million for equipments, necessary improvements and seven new jobs in the proposed project at Springfield. It intends to shift its head office to the site at avocado Street.

The Holyoke-based precision producer, i.e. Nash Manufacturing intends to move to 572 St. James Ave., in Spring Field under its expansion program at the said site that has been vacated after seven years by its tenant Custom Carbide, since shifted to interior Springfield. An amount of approx $30,000 would be saved by Nash Manufacturing through the four year tax concessions pact, since allowed by the council. Under the said agreement, it would spend approx $435,000 towards procurement of machinery, improvements and jobs for a total of seven employees, including the existing two. An amount of approx $30,000 will be received by the city council from the company during the period of four years of the agreement. As regards the concessions, the taxes would go down in a gradual manner against the value of the property.  It is worth mentioning that approval from the State as well as from Mayor Domenic J. Sarno is mandatory for the above concessions. Further, voting for casino gambling will also be held throughout the city instead of the existing voting-pattern by the respective ward that intends a casino.

A change in the structure of trash fee is also under proposal by the council. Sarno intends that the fee of $50 should remain untouched for the seniors & challenged home owners.


   2012-09-12






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