TAUNTON — Could FedEx soon be moving into Taunton? Yes, it could.
A massive business proposal will soon be brought before the City Council for a brand new distribution warehouse facility for FedEx Ground Package Systems, to be located at 2 and 8 Galleria Mall Drive.
According to documentation on public record with the City of Taunton, the proposal is for a 560,000-square-foot building costing an estimated $165 million, all funded privately by FedEx. Of that, $95 million is earmarked for all costs associated with the construction of the facility, while $70 million is listed for additional personal property, such as machinery and other equipment.
The facility would create 150 new jobs for the local economy — 32 full-time and 118 part-time.
“They are considering a significant, long-term capital investment in Massachusetts and planning the development of a new, build-to-suit facility that could accommodate the package volume overflow of existing facilities in South Boston, MA and Hartford, CT.,” Vice President of Kroll LLC Eileen Egan said in a letter of intent to the city.
Kroll, a consultant helping FedEx with the site selection process, first reached out to the city back in March, according to William Roth, executive director of the city’s Office for Economic and Community Development.
“We’ve reviewed the terms and are recommending that City Council look at this proposal,” he said.
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FedEx will be looking to utilize the state’s Economic Development Incentive Program (EDIP), which offers tax credits and property tax incentives to businesses committed to private investment and creating new jobs.
FedEx is only applying for local, not state, tax incentives.
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Through a tax-increment financing plan, it is estimated the proposed FedEx facility will save $3.1 million in taxes over 10 years, while the city will get $15.7 million in total property tax revenue during the same period.
The City Council is the final voice of approval for the project. If the Council votes “yes” on the project, FedEx’s EDIP application will go to the state’s Office of Business Development for approval.
Stay tuned for further developments on this story.