Haverhill’s Broco Oil was approved Thursday for $100,000 in state investment tax credits.
The veteran-owned company will spend nearly $3 million to add 750 feet of new railroad siding, regrading, paving and buildings for rail offload purposes on Hale Street. The project, one of six approved by the state Economic Assistance Coordinating Council, includes the purchase and installation of two additional 30,000-gallon horizontal double walled biostorage tanks, construction of several pipe bridges and equipment upgrades.
Broco Oil plans to create 15 new full-time jobs and keep 30 full-time employees. Last month, Haverhill approved a five-year tax increment financing arrangement, providing property tax relief of $3,687.
According to a press release, the state council has approved 260 economic development projects since the beginning of the Gov. Charlie Baker administration in 2015. These projects will lead to the creation of 21,084 jobs, retention of 37,891 existing jobs and leverage more than $5.8 billion in private investment. Additionally, it has assisted 111 manufacturing companies and 117 companies in Gateway Cities during this period.