Petricca Industries Plans Expansion, Seeks Funding
PITTSFIELD, Mass. — Petricca Industries is planning a 15,500-square-foot expansion that will add 50 more employees.
On Tuesday the City Council acted as a decades-defunct financing authority to OK MassDevelopment assistance for the company at 550 Cheshire Road. Approval from the Pittsfield Industrial Development Financing Authority, formed in the 1970s, is needed to move the process forward yet the body is far in the past.
"We don’t even know when it went defunct," Mayor Peter Marchetti said.
He explained that Petricca approached the city through MassDevelopment. The project's financing package is about $4 million and the finance agency will vote on it this week.
While these are not city funds, Marchetti reported that he will be requesting assistance for the company at the next council meeting.
"I can share with you that Petricca Industries is doing a 15,500 square-foot addition and planning on adding 50 employees," he said.
"And this isn't the last conversation that we will have regarding Petricca and what we may be able to do to help them."
Expansion to the existing facility will include the installation of overhead cranes to provide additional production and fabrication space to meet increased demand for precast/prestressed concrete structures.
The company, founded in 1936, is in its third generation of family leadership.
Because the Pittsfield Industrial Development Financing Authority is defunct, approval could have been obtained through a letter from the mayor or an order at the council.
Finance Director Matthew Kerwood explained that these local investment development agencies are a "creature of the 1970s" and that Pittsfield's was established in 1977.
"MassDevelopment, again, does economic development. They do lending. They have access to the bond market," he said.
"And so this is basically allowing MassDevelopment to play that role that would have been or could have been played on the local level in the same area. So essentially gives them access to bond financing."
Ward 1 Councilor Kenneth Warren said it became defunct in the city's charter change.
"As a matter of fact, if you look into the ordinances, you, the community development are the industrial development board so you can do this in the future," he said.
"Obviously, I will not stop this and stuff. I think is a great idea."
Ward 5 Councilor Patrick Kavey pointed out that the company's jobs start around $50,000 annually, adding "Fifty jobs, a little $50,000 a year. I think it's good. We need increases like this with existing and then new businesses."
