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August 19, 2008 - Mayor Domenic J. Sarno today announced that the City of Springfield and the town of East Longmeadow will expand the Springfield economic Target Area (ETA) to include East Longmeadow’s Garden Industrial Park as a regional economic target area making available tax abatement agreements for LENOX-American Saw & Manufacturing Co. and Hasbro, two major employers in the region. No other portion of East Longmeadow is included under the proposed agreement.
Mayor Domenic J. Sarno will present the proposal for a vote of the full Finance Control Board during its next regularly scheduled meeting on Thursday, Aug. 21.
“I am very excited about this proposal and what it means for maintaining a healthy stock of job opportunities for Springfield residents,” said Mayor Sarno. “At the same time, we are pleased to aid our sister community in providing tax incentives to two major East Longmeadow employers in support of their continued investment in their facilities, to help retain, and expand their businesses.”
Under the agreement, LENOX-American Saw and Hasbro will work with the City of Springfield and the Regional Employment Board to offer Springfield-based job fairs in advertising new positions.
The two municipalities will work cooperatively in the following areas: marketing, economic development incentives, retention of existing manufacturers and commercial businesses, foreign trade initiatives and state programs. Also under the agreement, Springfield is allowed to pursue new businesses and retain or expand existing ones without competition from East Longmeadow.
In return, the Town of East Longmeadow will grant LENOX-American Saw and Hasbro opportunities to expand or renovate under tax advantages provided by the ETA program with Springfield as the host community.
James D. Driscoll, Chairman of the East Longmeadow Board of Selectmen said the Economic Target Area is a win-win for East Longmeadow and Springfield.
“It is a tool that will help foster competitive advantages for doing business here,” said Driscoll. “Businesses in East Longmeadow’s Industrial Garden District will have opportunities, for example, to use the ETA status to expand operations and, in turn, create jobs. Since a significant amount of the workforce there is from Springfield, the economic benefits will be realized in the City as well.”
Allan W. Blair, president and CEO of the Economic Development Council of Western Massachusetts, congratulated the City of Springfield and Town of East Longmeadow for their “high level of regional cooperation.”
“Their recognition of the importance of these two large employers and their willingness to come together to enhance job creation is a critical step in growing our regional economy,” said Blair.
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