Dunkin’ Brands announces deal to stay in Canton
By Jay TurnerThe slogan boasts that “America runs on Dunkin,” but only Canton can call itself home.
On Tuesday the popular restaurant franchisor reaffirmed this fact at a public meeting of the Board of Selectmen, announcing that Dunkin’ Brands will be staying on Royall Street for the foreseeable future following successful negotiations with both its landlord on a lease agreement and with Canton officials on a tax increment financing (TIF) extension.
Gene Manning, Rep. Bill Galvin and Jason Maceda of Dunkin’ Brands (Tanya Willow photo)
“I’m here to happily announce that Dunkin’ Brands has decided to remain in Canton for another 16 years,” said Jason Maceda, Dunkin’s vice president of financial planning and field treasury.
Maceda, who appeared before the board alongside assessor and state Representative William Galvin and Economic Development Committee Chairman Gene Manning, characterized the negotiations process as “tedious” and difficult, yet very much worth it in the end.
“The town has stepped up,” he said. “I want to thank [the selectmen and assessors] for their support of the TIF. Our landlord has made concessions. The mortgage holder has made concessions. Dunkin’ Brands has stepped up to the plate. Basically all the parties have come together.”
The TIF extension will run through 2025 and is expected to save Dunkin Brands an estimated $1.2 million over the next 10 years. In exchange, the company has agreed to several mitigation steps, including a donation to the new Canton senior center; the establishment of two annual scholarships for Canton High School seniors; and the creation of a summer internship position for a graduating senior.
In addition, Dunkin’ Brands will install new signage on the hillside adjacent to routes 128 and 93. The entrance to 130 Royall Street will be renamed Dunkin’ Brands Way, and 50 parking spaces will be added on the south side of the property.
Galvin, who worked closely with Manning and Selectman John Connolly on the negotiations, called Dunkin Brands’ a “world-class operation” while noting that the company took a “home discount” to stay in Canton after receiving a better offer from Westwood town officials.
“They really wanted to stay, but they had to make sure it made fiscal sense,” explained Galvin.
Manning characterized the deal with Dunkin Brands’ as a “tremendous win” for the town, particularly in light of the media exposure that the company brings.
“Dunkin is probably, of Massachusetts corporations, one of the highest media content companies around,” he said. “So every time that’s out there, a Canton, Mass. byline is at the top of the story. We’re really proud of that. We have a great location, and we look forward to them being here for many years to come.”
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Posted by Jay Turner
on Oct 17 2013. Filed under Business.
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