We see port related development as a primary means to further the ongoing transformation of the city. Development in New Bedford provides dynamic and tangible signs of the progress and growth of New Bedford and the region.
Creative and well planned projects grow the job base in the trades, create permanent jobs, expand the commercial tax base and underscore the increasing vibrancy which makes New Bedford more and more attractive to additional and greater investment vehicles and projects.
The NBEDC can provide a high level of technical assistance for real estate port development projects in such areas as: site selection, pre-planning, financing, permitting and incentive agreements. The NBEDC team members are often vital in negotiations with state agencies, lending institutions and even amongst separate private interests. This assistance is based on our extensive municipal, state and federal experience in facilitating successful projects for the growth of New Bedford.
Foreign Trade Zone
The City of New Bedford’s Foreign Trade Zone Corporation, working with the NBEDC, offers a unique “tax abatement” opportunity that is recommended to any company that currently imports or plans to import, directly or indirectly, through purchases from importers. New Bedford is a designated Foreign Trade Zone grantee. This means it can sponsor applicable companies and developers to realize unique financial benefits specifically offered to Foreign Trade Zones. These benefits include, but are not limited to:
A firm can move its current inventory of domestic or duty-paid merchandise into a Zone and duty is paid on imported material only after it has remained in the Zone during its normal inventory cycle.
Tariffs are never paid on goods that are exported from the FTZ. Unlike a drawback program which refunds previously paid tariffs, Zones allow a company to avoid payment altogether. Goods may be destroyed in the FTZ, and all tariffs do not have to be paid, and waste or scraps are never assessed any duty.
Duty Reduction (a.k.a. Inverted Tariffs):
Unique to manufacturing operations, imported components that undergo a “substantial transformation” into a final product with a different Customs classification for duty assessment, may benefit from inverted tariffs. The inverted tariff occurs on a final product that would have had a lower duty rate if it had been imported as a finished product, rather than the duty rate that is assessed on all its imported components separately.
Tax Increment Financing Program
The Tax Increment Financing Program is designed to encourage new development and job creation in New Bedford. This program is administered as the local component of the state’s Economic Development Incentive Program, and is a partnership between the state, the municipality, and an expanding company. In exchange for job creation and investment commitments, a company becomes eligible for the best possible state and local tax benefits, exclusive to Gateway Municipalities such as New Bedford.
Permitting Task Force
The Permitting Task Force is comprised of a representative from each city department, board and/or commission that is regularly involved in New Bedford’s permitting approval process. Task Force pre-application meetings encourage proactive planning with applicants and help to ensure that projects move efficiently through the city’s permitting process, usually within 60 days.
Workforce Training, Placement, and Grants
The New Bedford Career Center is an efficient, innovative and responsive way for businesses or individuals to get employment, education, and job training services. Connecting with job seekers, training opportunities and community partners has never been easier. The Workforce Training Fund is a state fund financed entirely by Massachusetts employers. Its purpose is to provide resources to Massachusetts businesses and workers to train current and newly hired employees.
1213 Purchase Street
New Bedford, MA 02740