Middlebury Approves Winchester Electronics' Tax Incentive Application

Middlebury residents quickly voted to accept Winchester Electronic's tax incentive application, at a Monday, Oct. 1, town meeting at Shepardson Community Center.

Jasmine McIntyre, human resources manager of Winchester Electronics, said the company is moving into the Timex building on Park Road Extension.

According to the Winchester Electronics website, the Wallingford company designs and manufactures an interconnect products, including PCB, RF, and Power connectors.

The company is the first company to participate in the town's incentive program, according to Mike Kenausis, Economic Development co-chair.

Kenausis said Winchester Electronics met criteria in order to apply for a tax break.

________________________________________________________________________________________

Have you signed up for the Woodbury-Middlebury Patch daily newsletter, "liked" us on Facebook and followed us on Twitter yet?

_____________________________________________________________________________________

The Purpose of the Tax Incentive Policy

The tax incentive policy was created as a way to attract, retain and expand businesses in Middlebury.

Real Property Tax Incentive Options

The assessment of the real property is subject to the cost of the project improvements, according to the tax incentive policy [attached to this article as a PDF].

• More than $3,000,000 - 5 years
• $500,000 - $3,000,000 - 4 years
• $100,000 - $499,999 - 3 years

The percentage of the incentive a business may apply for differs based on the net gain of assessed value.

A Net Gain of Assessed Value of $100,000 or More

• Year 1 - 35 percent
• Year 2 - 25 percent
• Year 3 - 15 percent

$500,000 or More

• Year 1 - 35 percent
• Year 2 - 30 percent
• Year 3 - 25 percent
• Year 4 - 20 percent

$3,000,000 or More

• Year 1 - 35 percent
• Year 2 - 30 percent
• Year 3 - 25 percent
• Year 4 - 20 percent
• Year 5 - 15 percent

The motion to accept Winchester Electronics' tax incentive application passed unanimously by the approximately 30 people in attendance.