The Haverhill City Council gave the okay last night to a request by Broco Oil to work out an agreement with Mayor James J. Fiorentini giving the company a relatively small tax break on a property located at 81 Hale St.
The Tax Increment Financing plan will save the company about $4,000 over five years. In addition, Broco will receive other tax credits once the state approves the plan. In return, the company will rehabilitate the Hale Street building, make improvements to the rail siding and hire 15 new employees.
Economic Development and Planning Director William Pillsbury Jr. told the Council he is excited about the plan.
“Broco Oil is, I believe they are owned by a veteran. He has come to Haverhill—he and his family have come to Haverhill in a strong presence with his oil company. He has gotten involved in an activity down there on Hale Street that is doing tremendous things to stabilize and improve that former, and really kind of disinvested, industrial area,” he said.
The company is owned by Bobby Brown, a veteran, who launched the enterprise in 2007. (See earlier WHAV story.) Last year, the Small Business Administration named Brown the 2019 Veteran Small Business Owner of the Year for Massachusetts.