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Holliston - Local Town Pages

Select Board to Recommend TIF Agreement to Town Meeting Proposed tax incentives to span over 12 years

By Theresa Knapp
The Holliston Select Board has voted to recommend a tax incentive financing (TIF) agreement for New England Appliance Group (NEAG) to the Oct. 17 Town Meeting.  
NEAG, currently based in Franklin, hopes to relocate its company headquarters to 555 Hopping Brook Road.  
NEAG officials say the company would bring with it 63 employees and would plan to create 20 new jobs over eight years with Holliston residents receiving priority when possible. They expect to spend “well in excess of $100 million” on this building which they intend to own, not lease. 
The proposed project is making its way through the Planning Board process. NEAG proposes to build a 550,000 square feet with 80 to 100 loading docks and an average of 50 truck trips per weekday (no weekends), typically between 8 a.m. and 5 p.m. 
At the Select Board meeting on Sept. 7, Town Administrator Travis Ahern explained that “the TIF is based only on the increased assessed value due to the property improvements…The TIF is a discount only on the new real estate taxes during the life of the TIF. 
Ahern said the proposed TIF would be for 12 years, and shared this summary using the town’s current tax rate ($17.38):: “I think this is a good agreement,” said Select Board Chair Ben Sparrell. “I would very much appreciate having neighbors like you folks in our community.” 
If Town Meeting approves the agreement, it must then be approved by the state (likely in December).