The town council has agreed to extend a three-year tax break to Arburg Inc., as further incentive for the company to relocate its corporate headquarters from Newington to Rocky Hill.
The council’s agreement calls for a 50-percent tax abatement on the real estate assessment once the company’s new building at 644 West St. in Corporate Ridge office park is complete. The economic development commission had recommended a five-year tax break for the new property.
The 3.7-acre site of the planned building is currently undeveloped woodland. Once the project is completed, it is expected that the value of the property will increase from $128,400 to $5.8 million. The town expects that the business will generate approximately $105,000 in real estate taxes, with an additional $25,000 in personal property taxes each year.
The North American headquarters of Arburg Inc., one of the world’s foremost producers of plastic injection molding machinery, has been located in Newington since it was first established in 1991. It is planning to move its 34 employees to the new building at West St., and will hire at least six more individuals.
