Canton-based Harbar approved for state tax credits

A proposed expansion project by Harbar LLC, a Canton-based tortilla manufacturer, was among 14 projects recently approved by the Economic Assistance Coordinating Council for participation in the state’s Economic Development Incentive Program (EDIP).

The EDIP is an investment tax credit program for businesses. In 2009, Governor Deval Patrick, Secretary of Housing and Economic Development Greg Bialecki, along with the state legislature, significantly reformed the program. Since these changes, 81 projects have received approval, leading to the creation of 4,979 new jobs, retention of 16,286 existing jobs and leveraging of $2.7 billion in private investment.

Harbar, with headquarters on Turnpike Street, manufactures tortillas and specialty flatbreads for the food service and retail markets, such as Stop & Shop. Founded in 1986, the company has consolidated its position with sales across the Eastern and Midwest United States, as well as selective international markets.

The objective of the expansion project is to increase production capacity for the manufacturing of tortillas, wraps and other baked goods by acquiring an 84,000-square-foot vacant building and preparing it for production. The project adds capacity to the company’s current manufacturing capacity, which is supported by an EDIP project certified in 2005.

Harbar plans to create 30 new jobs while retaining 90 jobs and making a private investment of over $10 million. The project is contingent upon the town of Canton granting the company a TIF (tax increment financing) at its next town meeting in 2012. Once the TIF is in place, Harbar will have access to $553,020 in investment tax credits from the commonwealth and approved by the EACC board.

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Posted by Canton Citizen on Dec 29 2011. Filed under Business. Both comments and pings are currently closed.