In 2014, Marcotte Ford announced plans to expand and upgrade their auto sales and service facility on Main Street and submitted tax incentive applications to the City to help finance the project. Marcotte Ford has been doing business in Holyoke since 1961 and its current location at 1025 Main Street is considered a full service Ford dealership. Over the last few years Marcotte’s management explored expansion opportunities and eventually decided to acquire the adjacent property at 933 Main Street. As part of Marcotte’s growth, the company is also planning a complete renovation of its headquarters.
Marcotte Ford broke ground on this project in May 2015, and the $5 million project will retain 114 existing employees and create an additional 6-10 jobs. The new construction of the commercial truck center is expected to be complete by the Fall, and then renovations at the existing facility can take place.
The Mayor and City Council approved the local tax incentives for Marcotte Ford, along with the state’s approval by the Massachusetts Economic Assistance Coordinating Council. The exemption will only be on newly created real estate valuation and will be calculated as follows:
- Year One: 100%
- Year Two: 75%
- Year Three: 50%
- Year Four: 25%
- Year Five: 5%