The Worcester City Council on Tuesday night voted unanimously to approve a tax-increment financing plan to provide $4.6 million in tax relief to dessert manufacturer Table Talk Pies as the company prepares to move its headquarters to the Main South area of Worcester.
Before the vote, city officials announced Table Talk had changed the amount of time it would take for new employees to receive $15 an hour. The timetable was changed to six months from two years, which led councilors to speak in favor of this change before their vote.
As a result of the vote, the TIF Plan will be put in place for 20 years at an average exemption of 60% on the increased value of the property. The proposed project is anticipated to increase the value of the property by $8.6 million. The estimated savings over the course of the TIF will be approximately $4.6 million with anticipated tax revenue of $4.37 million.
Table Talk announced in January it would build a $22-million facility at the former Crompton & Knowles campus in Worcester’s Main South neighborhood. Plans call for hiring 50 more employees, bringing its total to 180 at the new facility. Table Talk proposed a 120,000-square-foot plant to include production space, a warehouse, and offices.Â
