November 23, 2024
Archive

Pine Tree Zone potential before Pittsfield council

PITTSFIELD – A brief business agenda Tuesday night will give Pittsfield town councilors plenty of time to discuss economic development and the possibility that the town will be successful in being named a Pine Tree Zone.

Pittsfield is one of 21 owners of property in 19 towns that are part of the state-sanctioned Pine Tree Zone application. Town Manager Kathryn Ruth said Friday “This is very exciting and the business owners within this designation are very excited.”

By creating such a zone, businesses could see a 10-year sales tax exemption for sales of personal property, a 100 percent reduction of state income taxes for the first five years of any project and then a 50 percent reduction for the next five years, and a 10-year sales tax exemption for construction contractors.

Ruth said the Pine Tree Zone would allow local businesses that have wanted to expand and have been unable to, to participate in the regional program and possibly realize savings of tens of thousands of dollars.

It will also allow the town to expand its existing tax increment financing districts, which overlap the proposed Pine Tree Zone. “If successful in designation as a Pine Tree Zone, local tax increment financing plans will not be counted toward the town’s total TIF capacity under state law,” said Ruth. “A TIF, in conjunction with a PTZ designation, would be a very important economic development incentive for a large business prospect.”

Discussions of both the Pine Tree Zone application and local TIFs are on the council agenda for 7:30 p.m. Tuesday, Feb. 3, at the municipal building.

The agenda also includes:

. Appointing David A. Quint, a former mayor, councilor and planning board member, to fill the unexpired term created by the resignation of Charles Cianchette.

. Setting a special election for Quint’s seat for Tuesday, June 8.

. Approving a tax installment payment plan for a Somerset Avenue resident.


Have feedback? Want to know more? Send us ideas for follow-up stories.

comments for this post are closed

You may also like