BEDFORD – The Bedford City Council approved a a ten-year 100 percent Personal Property tax abatement proposal with General Motors as a part of a selection process with casting operation locations around the country for a $45 million electric vehicle operation.
As General Motors is making the push to an electric future, updates to current casting operation locations will be needed to begin implementing the plans.
This is a job retention project, training current employees on how to assemble the necessary equipment. If Bedford is chosen, the construction will begin in late 2022, with the start of operation set for 2025. The decision on which location will be awarded the abatement will be determined in August of 2022.
15 percent of the savings from the tax abatement will be given to the Bedford Redevelopment Commission per state statute for redevelopment purposes.
The General Motors Corporation has previously 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 already 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.
