PITTSFIELD — Interprint will benefit from a reduction of approximately $482,841 in property taxes over the next 10 years thanks to a tax increment financing agreement approved by City Council Tuesday evening.
The company is embarking on a nearly $28 million expansion of its Pittsfield plant, increasing space at its Route 41 facility by 57,000 square feet and creating 20 new jobs over the next three years.
It’s a company that has been supported by the city’s red carpet economic development team as well as state officials, who have awarded the company $300,000 in tax credits as part of of the state’s economic development incentive program in September.
Over the next three years, the company will purchase three new printing machines – presses capable of printing on paper and vinyl film – and expand its facilities to house the new machines and create additional warehousing space.
The expansion is intended to give Interprint a competitive edge in the luxury vinyl tile market – tiles used to create the vinyl flooring often used in kitchens, bathrooms and basements.
Interprint plans $22 million expansion of its Pittsfield plant
The company currently supplies approximately 2.7% of the US luxury vinyl tile market, but hopes to become the leading domestic supplier of the product.
Bill Hines Jr., Interprint’s co-chief executive, told the board’s finance subcommittee earlier this month that Interprint was considering building a new facility in Georgia. Hines said Georgia is the “flooring capital of the nation” for the luxury vinyl industry and the state has offered the company “incredible incentives from a tax and real estate perspective.” .
Hines said that ultimately the city’s economic development team “did a really good job of also committing that we’re part of Pittsfield and they’re part of Interprint and we we’ll get through this together.”
“We’re looking to stay in Pittsfield for a long time,” Hines added. “There’s no getting us out of here once we’ve done this, that’s for sure.”
It is a commitment that the city council reaffirmed on Tuesday evening with the quick decision to enter into a tax treaty with the company.
“I’m just amazed at what you’ve done in this community and how you’ve helped us create jobs and sustain growth within our community for all these years,” Councilor Athony Maffuccio said before until he and nine other councilors approve the tax deal. . Councilor Patrick Kavey abstained during the vote.
Interprint mulls expansion to Pittsfield, but remains mum on details
The terms of the tax agreement allow Interprint to continue paying property taxes at the current land value – approximately $5.58 million – over the next two years as the construction phase of the project begins. Over the next eight years of the agreement, Interprint would slowly increase the percentage of property taxes it pays on the increase in value brought to the facility through the expansion.
Property taxes for the facility for fiscal year 2024 would be approximately $229,000. Over the course of the agreement, Interprint is expected to pay nearly $2.8 million in property taxes.
Hines said Interprint plans to launch the expansion in November and has a tentative end date of October next year. The first of the new machines is expected to arrive at the factory in February.