One hundred thirty years after its founding as a rubber company in downtown Boston, Globe Composite Solutions (Globe), a subsidiary of ESCO Technologies, Inc., has evolved into a leading manufacturer of composite products that range from submarine parts for the U.S. Navy to essential products used by customers such as Raytheon, Lockheed Martin, Delta Airlines, FedEx, and many others. When the Stoughton-based company needed more space to accommodate rising customer demand, Globe turned to Lynn Tokarczyk and the Business Development Strategies, Inc. (BDS) team for help with securing government incentives in the form of Tax Increment Financing (TIF) for its real estate expansion.
Architectural rendering of proposed on-site building expansion
“Despite the many obstacles created by the COVID-19 pandemic, BDS’ understanding of how municipalities function helped Stoughton retain a major manufacturer that will continue to have a positive impact on the local economy,” said Stoughton Town Manager Robin A. Grimm, PhD.
As one of the state’s leading government tax incentives consulting firms, BDS has helped more than 100 companies save over $100 million with state and local tax incentives since 2003. But this project was different. Undertaking the complex public approval process in the middle of a global pandemic required creative new strategies that the BDS team quickly implemented.
After an 80,000 sq. ft. onsite expansion in Stoughton was recognized as a viable option, BDS assisted Globe with identifying, negotiating and securing the right incentives to make the $15 million project economically feasible. In-person sessions with government officials and resident voters were seamlessly transformed into virtual meetings and socially distanced company tours. Following favorable TIF proposal support from the Stoughton Select Board and Finance Committee, Town Meeting representatives voted to approve the TIF proposal at an online Special Town Meeting.
“Lynn Tokarczyk and the team of subject matter specialists at BDS successfully delivered valuable financial incentives within our fast-track timeline,” said Globe President Mike Dyson. “We were pleased with the town’s positive response to our project and their willingness to partner with us.”