1.25.2024 Tax Increment Financing Board Meeting

The Fall River Tax Increment Financing Board convened on January 25th, 2024, and unanimously approved the minutes from its October 23rd meeting. Two significant Tax Increment Financing (TIF) exemption requests were presented and unanimously approved. The first request was for Inagen Pharmaceuticals, a division of Cipla Limited, located at 594 Airport Road. Kenneth Fiola, Executive Vice President of Bristol County EDC, presented the project, detailing a $20 million investment to build out a 45,000 sq ft facility, creating 30 to 50 new permanent jobs over an eight-year period, focusing on respiratory product manufacturing and R&D. The TIF agreement provides a graduated property tax exemption on the new value created, starting at 100% in year one and decreasing to 10% by year eight. An amendment to correct a parcel ID (from 0-02-024 to 0-03-024) in the agreement was also approved prior to the main vote.

AI-generated summary. May contain errors. Watch the video to verify.