The plans called for modifying the building to include 30,000 square foot of office space. EMN would occupy 315,000 square feet of the building and employ 275 to 300 people. The company would invest approximately $6.5 million in a new operating system and $3.5 million in new real estate.
CB Richard Ellis Group asked the IDA for assistance, said Leveille, and the group has agreed to an "$8 million assessment freeze" for 10 years. Leveille explained there will be a 2 percent "escalator" assessment system in place for the property.
"In 10 years it will revert to its full value," he said. "This gives them a little wiggle room and an incentive to move forward."
Describing the tax break as "a relatively modest tax incentive," Leveille said the long-term gains would have a lasting impact on the town. He said the "spin-off effective of 150 jobs" from "a solid long-term company" would go a long way during a national economic crisis.
"The hope is that bigger things will come," Levielle said. "At this time " let's be honest " we need these types of opportunities.""