Haverhill and Methuen Businesses Receive State and Local Tax Help to Expand, Create Jobs

Bay State Pallet Co. Plans to rehab and expand this abandoned industrial building at 293 Neck Road, in Ward Hill. (WHAV News photograph.)

Businesses in Haverhill and Methuen plan to renovate and expand after their construction projects were awarded state Economic Development Incentive Program tax credits.

Bay State Pallet Co. of Haverhill plans to spend $4.5 million on an abandoned Ward Hill industrial property while Pleasant Street Designs of Methuen expects to spend $2.2 million on an undisclosed property which would allow the company to remain in Methuen. They were among 10 projects approved Thursday by the Commonwealth’s Economic Assistance Coordinating Council.

“It’s a nice reinvestment in the business park. It is really consistent with what we set out to do in the master plan. We are running out of industrial land, but we can create more density in existing land. We are seeing a densification on that the site which will bring in more tax revenue and a few more jobs,” Haverhill Economic Development and Planning Director William Pillsbury Jr. told WHAV.

As WHAV reported at the beginning of the year, Bay State Pallet Co. plans to rehabilitate an existing 15,000-square-foot abandoned building in the rear of 293 Neck Road and build a two-story, 21,900-square-foot addition with loading docks on the a 5.7-acre site. The building housed Kerrigan Paper Products for many years.

Bay State Pallet is a second generation, family-owned wooden pallet manufacturer and recycler. It will create three new full-time jobs and keep 14 existing jobs. The company was awarded a $5,000 state investment tax credit and the project is contingent on receiving a five-year tax increment financing property tax subsidy from the City of Haverhill, valued at about $31,053.

Pleasant Street Designs, known publicly as My Word!, has been in the gift and home trade for more than 30 years. The company designs and manufactures decorative signs wholesaled to more than 5,000 retailers, including ACE Hardware, Bed Bath & Beyond, Amazon and Kohl’s. It will create 45 new, full-time jobs and retain 89 existing jobs.

Pleasant Street Designs was awarded $328,000 in state tax credits and will also receive seven-years of Methuen property tax relief valued at approximately $52,020.

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