By TAYLOR MURCHISON-GALLAGHER
The Bristol Development Authority held their monthly meeting on Monday, July 23, and approved a manufacturing equipment grant.
Precision Threaded Products, 220 Business Park Rd., requested a grant of up to $47,111.62 in order to purchase new equipment.
“We make aerospace fasteners, specialized ones – inserts and studs,” said Lincoln Thompson, president of Precision Threaded Products. “[The grant will] go towards… new equipment to make us more efficient and improve our capabilities and our capacity, because we need to be able to make new products, new things, better and faster.”
The BDA “offers manufacturing equipment economic development grants to manufacturers investing in equipment purchases of $50,000 and above that will result in a business expansion.”
According to the grant application, approximately $46,111.62 will be allocated for equipment purchasing, which “represents five percent of purchase and install cost.” The equipment being purchased includes “CNC machine ($310,900), tooling for the CNC machine ($16,043.38), a lathe ($12,999), a press ($23,890), measurement system ($61,000), CNC automatic lathe ($310,900), tooling for CNC automatic lathe ($16,500), and two thread rolling machines ($170,000).
The remaining $1,000 will go towards job creation, and “the company will receive $1,000 reimbursement for each full-time position filled by a Bristol resident and $750 reimbursement for each full-time position filled by individuals that reside elsewhere.”
“Precision Threaded Products is as an example of the type of growing manufacturer that the city has supported for decades,” said Mayor Ellen Zoppo-Sassu. “As one of the first businesses to build in the Southeast Bristol Business Park, PTP is committed to growing in Bristol but must purchase new, innovative equipment to do so. The Bristol Development Authority’s Manufacturing Equipment Grant Program helped encourage PTP to make significant equipment investments to ensure it continues to expand in Bristol.”
Executive director of the BDA Justin Malley also announced that the Tax Increment Financing, TIF, draft plan was approved by the ordinance committee. It will make its way to the city council, and should the plan be approved, there will be a public hearing in August.
Malley also said that the Bristol Hospital Ambulatory Care Center official beam signing ceremony will be held on Tuesday, Aug. 7, at 10:30 a.m.