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The Bristol Press, local news, sports and weather serving Bristol, Conn., and surrounding areasThe Bristol Press (bristolpress.com), Serving Bristol, CT

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Century Spring staying in Bristol

 

Thursday, December 5, 2013 4:29 PM EST

 

By DANIEL B. KLINE
STAFF WRITER

BRISTOL — Century Spring is staying in Bristol.

Mayor Ken Cockayne said Wednesday that the local manufacturer will purchase 100 Wooster Court in order to expand its business. This a reversal of an earlier decision by the company to move to a property in Farmington.

According to Cockayne, the company changed its mind thanks in part to a $100,000 grant from the Mayor’s Economic Development Committee.

Currently based on Middle Street, Century Spring will use the $100,000 grant to offset building renovation costs and the purchase of new equipment associated with its move to the 33,000 square-foot Wooster Court facility. The company anticipates adding six new, full-time positions associated with its expansion. Adding the new workers makes the company eligible for a Job Creation Reimbursement grant of up to $6,000, or $1,000 reimbursement for each new, full-time position.

“Century Spring’s relocation project is a perfect example of how powerful the Mayor’s Economic Development Committee Grant program can be,” Cockayne said. “The program is designed to bring new businesses to the City, but also to ensure that our most successful organizations, particularly manufacturers, remain in Bristol when it is time to expand.”

The company will also receive tax incentives through the state’s Urban Jobs Program though that has yet to be officially approved by the state.

”They have applied and will be eligible once they have recived their certificate of occupancy. They will qualify,” said Justin Malley, acting director of economic development for the Bristol Development Authority.

The Urban Jobs Program is a state-wide effort to bring jobs in the fields of manufacturing, warehouseing and distribution into designated areas. Benefits provided by the program include a five-year, 80 percent abatement of local property taxes on all qualifying real and personal property that are new to the Grand List of the city/town as a direct result of a business relocation, expansion or renovation project. Program participants also receive a 10-year, 25 percent credit on that portion of the Connecticut corporation business tax that is attributable to this business relocation, expansion or renovation project as determined by the Connecticut Department of Revenue Services.

Tom Denoto, the city’s assessor explained that the 80 percent tax abatement is partially reimbursed by the state. Under the program, which Denoto said the city has a number of businesses participating in, the state pays the city back for 50 percent of the 80 percent abatement.

“The advantage is that you grow employment and you will have the business for more than five years,” he said. “And, you keep the building viable. Century Spring is a mainstay in the city and this helps to keep them here.”

Malley added, “We end up making out in the long-run.”

Century Spring owner William Waseleski credited former Mayor Arthur Ward, Mayor Ken Cockayne, Michael Nicastro and Bristol Development Authority staff for putting together an incentive package that tipped the scales in favor of remaining in Bristol.

“The city’s rapid response and extremely attractive incentives made us feel appreciated. As the adage goes, businesses go where they’re wanted and stay where they’re appreciated,” he said.

Daniel B. Kline can be reached at (860) 584-0501, ext. 7257, or at dkline@centralctcommunicaitons.com.

URL: http://www.bristolpress.com/articles/2013/12/05/news/doc52a094513327a899112641.prt

© Copyright 2013 The Bristol Press, a Central Connecticut Communications. All rights reserved

The Bristol Press, local news, sports and weather serving Bristol, Conn., and surrounding areasBristol Press, The (CT)

June 20, 2013

 
Section: News

City OKs funds to help businesses expand

Author: STEVE COLLINS STAFF WRITER

Article Text:

BRISTOL — In a special session Thursday, the City Council gave its approval for two longtime local businesses to receive municipal grants to help them expand.

The council unanimously backed giving $12,000 to Harvest Bakery and $106,000 to Century Spring,

“Both of these companies are longstanding companies in the city of Bristol,” Mayor Art Ward said. He said they deserve assistance in their expansion bids.

He said the city expedited the approval process “because of the energy they’ve shown and their willingness to move forward” quickly with plans to grow in town.

Century Spring plans to move to Wooster Court, where it intends to take over the former J&S Metals building, putting hundreds of thousands of its own money into renovating the factory space.

Harvest Bakery isn’t moving from its Route 6 location but plans to upgrade everything from its freezer to its display cases, adding two more employees in the process.

City Councilor Mayra Sampson said the bakery has been “so generous to the community” over the years that “it’s nice to be see that we can help them.”

Ward said both companies are putting up a sizeable amount of money, especially Century Spring, and the government aid is merely a help.

He said he doesn’t want city aid to go only to bring new businesses to town. It’s important to lend a hand to established firms as well, the mayor said.

Century Spring will get a $100,000 grant from the city and another $6,000 for the six new jobs anticipated from its expansion, contingent on keeping them employed for a decade.

The bakery is getting $10,000 plus another $2,000 if it hires the two additional workers promised and keeps them employed.

Two city councilors, Ken Cockayne and Henri Martin, were absent for the special meeting. The proposed grants were the only items on the agenda.

Steve Collins can be reached at (860) 584-0501, ext. 7254, or at scollins@bristolpress.com .

Copyright 2013 The Bristol Press, All Rights Reserved.

Record Number: 81aca229f01107236d225a071db5f964b124817