In 2012, Package Machinery utilized a Special Tax Assessment in order to relocate their West Springfield business to the City of Holyoke. Located at 80 Commercial Street, Package Machinery designs and produces custom wrapping machinery for consumer products, ranging from entrepreneurs to Fortune 50 companies in North and South America. The Company designs, builds and sells high-end servo overwrappers and entry-level semi-automatic overwrappers and diefold wrappers.
Progress has been underway at 80 Commercial Street to replace some or all windows, roofs, heating and cooling systems and upgrading wiring, insulation, lighting and fencing. The investment in the project is estimated at $400,000 – $450,000 for acquisition and renovation of the property.
A Special Tax Assessment was granted by the City of Holyoke on the full assessed value of the property for five years. The exemption took effect in 2013 and is calculated as follows:
FY13: 100% exemption
FY14: 75% exemption
FY15: 50% exemption
FY16: 25% exemption
FY17: no exemption
Additionally, Package Machinery was provided with a low-interest, $120,000 Industrial Loan from the Holyoke Economic Development and Industrial Corporation (HEDIC) to help with the acquisition and improvements to the company’s new location at 80 Commercial Street.