Sportswear company considers $ 500,000 tax break in East Bridgewater
Founded in 1947 by twin brothers Arthur and Henry D’Angelo, 47 Brand began selling sports pennants and memorabilia from a street cart outside Fenway Park, the company said in its letter. Today, it offers equipment ranging from sports souvenirs and accessories to headgear and sportswear. The company is an approved supplier with four US sports leagues and 900 colleges and universities.
On Monday, the City of East Bridgewater special meeting will discuss the tax increase financing deal that city officials have negotiated with the company. The 15-year agreement would exempt the company from taxes on about 72% of the increase in the value of goods and equipment generated by its investment, or about $ 500,000 in tax savings, according to the city administrator George Samia.
The company has estimated that it will invest $ 18.6 million on the site, including $ 15.6 million to purchase the building, $ 1 million to renovate it and $ 2 million in equipment. At full occupancy in several years, 47 Brand expects up to 120 existing employees and 30 more to work in the warehouse, Samia said.
“Overall, it’s a good thing for the city,” Samia said. “There aren’t a lot of downsides.”
The increased use of the building – about a third of it is currently occupied by multiple businesses – will generate $ 42,000 in immediate new annual tax revenue, he said.
Samia said the project will also boost the local economy, noting that some of the warehouse workers may frequent local restaurants or stores. And he said the company is committed to trying to hire residents of East Bridgewater to fill the 30 new jobs planned.
“It’s a kind of industry about as clean and non-offensive as what you’d get for a small town like this,” Samia said, adding that the warehouse would generate little noise or impact on air and would generate only limited traffic.
A company spokesperson could not be reached.
In addition to its head office in Westwood, the company operates a distribution facility in Brockton and a screen printing facility in Salisbury, according to his letter.
If authorized by the municipal assembly, the tax deal would also have to be approved by a state council, which could also give the project a state investment tax credit.
John Laidler can be contacted at [email protected]