BEDFORD – During the Bedford Redevelopment Commission meeting Monday afternoon, the board approved a ten-year 100 percent Personal Property tax abatement proposal with General Motors.
This tax abatement will put the Bedford GM Plant in the running for a proposed $47 million, that will focus on the casting for GM’s electric vehicles.
Following this approval by the Redevelopment Commission, the proposed tax abatement will now move on to the Bedford City Council for final approval.
15 percent of the savings from the tax abatement will be given to the Bedford Redevelopment Commission per state statute for redevelopment purposes.
General Motors is finding a location for a future casting operation at a location in North America and the tax abatement is one of many factors in determining the location.
The General Motors Corporation has already had six tax abatements with the City of Bedford including:
- Personal Property 2010 – Equipment and tooling to produce Mold Head Casting
- Personal Property 2011 – Equipment and tooling to produce Mold Head Casting
- Personal Property 2014 – Personal property Furnish and install Machinery, equipment, and special tooling to produce aluminum Block castings – this is for small gas engines and this segment of the business is doing well
- Personal Property 2015 – Furnish and install machinery and equipment and special tooling to support Die Casting Operations for various products. This includes 6, 8, 10, speed transmissions
- Personal Property 2016 – Furnish and install machinery, equipment and special tooling to produce aluminum block castings – This CSS business haves struggled according to Glenn Sampson.
General Motors has invested over $108 Million in the Bedford Plant since 2010. The property tax generated by General Motors is at approximately $1.7 million in 2022, which the company contributes to all levels of government.