A long time Abington company is proposing a major expansion, if the town agrees to tax incentives under the state’s Tax Increment Financing or T.I.F. program.
Abington based Cape Cod Lumber Compa wants to expand their operations by moving their Mansfield warehouse to a new, 132 thousand square foot building, on a 60 acre parcel of land on Groveland Street.
Part of the proposal is to strike a deal with the town to sign on to tax incentives, under the state’s Tax Increment Financing plan.
Lyn Tokarczyk, a consultant working with company on the T.I.F. proposal, told WATD, “The beauty about a T.I.F. is that the town doesn’t lose a dime on the existing taxes on a potential land-site. So, the company comes in and proposes to construct the building and invest $7 million. That assessed value is going to increase, as well as taxes. So, the incremental difference of the tax revenue is what that town and the company can negotiate, under Tax Increment Financing.”
Selectmen have voted to form a permanent T.I.F. Committee, consisting of representatives from various town boards and committees.
The T.I.F. proposal would also be subject to a vote at Special Town Meeting in October.