The Opportunity Zone program provides a federal tax incentive for taxpayers who reinvest unrealized capital gains into "Opportunity Funds," which are specialized vehicles dedicated to investing in low-income areas called "Opportunity Zones."
Mayor Linda Tyer is asking to use $580,000 of Pittsfield Economic Development Funds to help LTI Smart Glass expand.
LTI Smart Glass is looking at a 16,692 square-foot expansion to its current Federico Drive facility to accommodate a large contract the company recently received for its newest bulletproof glass product. It requires a $2.25 million capital investment and will add 38 new jobs over the next three years.
Last May Fire Cider Owner Dana St. Pierre said the company needed to find a new commercial kitchen within a year and a half or the company's growth would come to a halt.
The company was searching locally for a spot to build out a commercial kitchen but struggled to find the right match. It seems it has found the right match and this week the company will be asking the City Council for a tax increment financing package to help make the financial work.
The City Council approved a tax agreement to help the redevelopment of the former Holy Family Church on Seymour Street.
The project proposed by Developer David Carver, owner of Scarafoni Properties and doing this project under WDM Properties, is looking to turn the former church into 10 market-rate housing units.
The town may take a more in-depth look at business tax incentives to attract companies to the industrial park and downtown.
Selectman John Duval asked Wednesday during a workshop meeting if the town could benefit from offering tax breaks to businesses of all kinds in hopes of attracting some that will create jobs and vibrancy downtown.
Williams College and the Chamber of Commerce believe they have solutions in place to avoid a repeat of last summer's parking woes on Spring Street, and they're asking downtown merchants to be part of the answer.
In 2015, parking inventory in the Village Business District was squeezed by construction vehicles related to the college's renovation of the Log pub on Spring Street.
Two in-development projects on State Road have been approved for development incentives through the city and state.
The Beyond Place LLC and Greylock Works LLC entered into tax incremental financing agreements with the city; the state's Economic Assistance Coordinating Council on Wednesday approved both agreements and 16 other projects for participation in the Economic Development Incentive Program.
It was in 1997 when Downtown Pittsfield Inc. revealed a downtown master plan which called for a movie theater on North Street.
City officials and DPI went searching high and low for a developer, from big chains to independent operators with little luck. Eventually they found Richard Stanley, who ran the Triplex in Great Barrington, and he too wanted nothing to do with the project.