NORTON — Another hurdle has been overcome for a large-scale home appliance business to move into the town’s new business park.
The state has approved a 10-year, $1.2 million tax break for Yale Appliance, a measure residents at a special town meeting in August overwhelmingly supported.
The state’s Economic Assistance Coordinating Council Thursday approved eight projects, including the Norton one, for participation in the Economic Development Incentive Program that yields tax incentives for job creation.
Yale Appliance, which had been located in the industrial park in Mansfield before moving to Stoughton, is planning to move into the Blue Star Business Park off Interstate 195 in Norton.
The move will allow Yale to expand its corporate headquarters and distribution operations for its large home appliances such as refrigerators, washers, dryers and stoves. A retail showroom will also be located at the Norton site.
The company expects to create 15 new jobs and retain 100 existing jobs as part of an $18.75 million investment for a 210,000-square-foot building planned on a 27-acre site.
Norton residents would have first crack at the new jobs, and local businesses priority as suppliers and vendors.
The tax break would amount to $1.186 million, and $1.2 million would be paid in property taxes.
The so-called Tax Increment Financing agreement would run 10 years, with 85 percent of taxes exempt the first year with a reduction in that percentage reduced each year, ending up at 35 percent by the final year.
Founded in 1923, Yale Appliance is a third-generation, family owned business.