The Mayor’s Office in a press release announced the Mayor’s Economic Development Committee has approved five Economic Development Grants for Jo-Vek Tool & Die, Faneuil, Connecticut Portable Storage (PODS), AMKO, and Springfield Spring.
The total value of the proposed grants is nearly $500,000, said the press release. The number of jobs associated with the grant projects is over 300 full-time positions, with new tax revenue of approximately $182,000 per year, said the press release.
Jo-Vek Tool & Die, currently located in Waterbury, plans to purchase and renovate a 22,000 square foot manufacturing facility at 474 Birch St. The blighted property is in tax arrearage, and through the sale the city will recover back taxes and can expect tax revenue moving forward, said the release. In addition, Jo-Vek will renovate the property while bringing the company’s current full-time staff to Bristol with plans to add several new positions in coming years. Jo-Vek has been approved to receive a $55,000 grant that will be repaid in new tax revenue within six years.
Faneuil is a nationally recognized leader for operating customer care centers on behalf of both commercial and government entities, said the release. Faneuil proposes to establish its Northeast/New England presence by leasing approximately 38,000 square feet of office space at 32 Valley St. (often referred to as the old “Cigna building”), said the release. Faneuil plans to pursue additional space within the building as it expands, said the release. Faneuil will invest over $700,000 to renovate the office space and more than $2.5 million on new furniture, fixtures, and equipment. Faneuil plans to hire 150 individuals initially to staff the call center, with plans to grow to at least 250 full-time positions in the near future. Faneuil is slated to receive a $150,000 grant with the potential to add $50,000 in grant funds once 250 full-time, non-seasonal employees are on the company’s payroll.
Connecticut Portable Storage (the Connecticut/Western MA PODS franchise), working in partnership with Uniprop, recently purchased Lot No. 1 and a portion of Lot No. 2 of the Southeast Bristol Business Park and is constructing a 127,050 storage and distribution center for Connecticut Portable Storage. The city’s news release said benefits of this project are many – the city will realize an estimated $115,000/year in new tax revenue, and Connecticut Portable Storage will bring approximately 30 new full-time jobs to Bristol with additional hires in the coming years. Connecticut Portable Storage was approved by the committee to receive $150,000 in grant funds.
AMKO, an aerospace manufacturer relocating from Berlin, Conn., is constructing a 12,752 state-of-the-art CNC machine shop on Lot No. 5 of the Southeast Bristol Business Park. The company plans to complete construction by the end of 2016. Certified to the AS9100C and ISO 9001:2008 levels, AMKO currently employs six full-time employees and expects to double its workforce following its move to Bristol. AMKO was approved for a $66,000 grant.
Springfield Spring Corporation has expanded its footprint, leasing a 5,000 square-foot building adjacent to its property on Dell Manor Drive. As part of this expansiond, the release said, the company is purchasing new equipment that will allow it to provide new products and services and expand its customer base. Springfield Spring will purchase and install a versatile spring forming machine, a premium efficiency air compressor, and compressed air piping. Springfield Spring Corp. is eligible to apply for a grant of up to 5% of the quoted price, equaling $12,237. In addition, Springfield Spring will hire one additional employee associated with the equipment purchase, bringing the grant total to $13,237.
“The Mayor’s Economic Development grants are incredibly valuable as we work to either recruit new companies or encourage existing companies to expand,” said Justin Malley, executive director of the Bristol Development Authority in the press release. “The opportunity to apply for this assistance is a unique ‘tool in our toolbox.’ The grants send a message that Bristol is supportive of local businesses and help us compete in a competitive environment to attract and retain companies.”
“One of my priorities is ensuring that Bristol promotes a business-friendly environment,” said Mayor Ken Cockayne in the press release. “When companies are looking to expand or relocate, they should consider speaking with Bristol. My administration is committed to ensuring that the Mayor’s Economic Development Grant Program continues to help bolster the City’s tax base while bringing new employees and employment opportunities to Bristol.”