Mayor Ken Cockayne announced in a press release the purchase of 100 Wooster Ct. in Bristol, by local manufacturer Century Spring, as part of a business expansion.
Century Spring reversed its decision to move to a property in a neighboring community after it was awarded a 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. As such, it was awarded 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 in a press release from the mayor’s office. “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.”
Century Spring, which manufactures custom springs, metal stampings, and wire forms for a variety of industries, was considering a facility in a nearby community that better suited its needs than the Wooster Court property. However, the city encouraged the company to remain in Bristol by offering the Mayor’s Economic Development Committee Grant combined with tax incentives through the Urban Jobs Program. These programs will enable Century Spring to rehabilitate the Wooster Court facility and remain a vibrant employer and taxpayer in Bristol.
The mayor’s press release said Century Spring owner William Waseleski credited former Mayor Arthur Ward, current-Mayor Ken Cockayne, former Central Connecticut Chambers of Commerce president/ CEO Michael Nicastro, and the Bristol Development Authority staff for putting together an incentive package that tipped the scales in favor of locating 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,” the press release quoted Waseleski.
Stephen C. Foote of OR&L Commercial represented the seller, Hartland-Plainville, LLC, while Vance Taylor of Commercial Real Estate Group represented the buyer, QueensPeak, LLC. Robert Palazzo of Architectural Building Services will complete building renovations at the Wooster Court facility.