Market Basket and the shopping plaza that is slated to replace the Harbor Mall in Fall River was given a tax break after a recent meeting of the State Economic Assistance Coordinating Council.
Executive Director of the Office of Economic Development Ken Fiola says the vote to approve the Tiff’s was unanimously approved. The agreement allows for a 15 year tax break for the project.
Back in January of this year, the City Council approved a tax increment financing agreement with Market Basket’s parent company, Demoulas Super Markets Inc., and the CEA Group of Cambridge, which owns the 30-acre site on William S. Canning Boulevard that held New Harbour Mall.
The new Market Basket will be laid out similarly as the 90 thousand square foot New Bedford facility and is expected to open its doors in the summer of 2017.
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