Fastenall landlord gets tax assistence from GCEDC for building expansion
A landlord in Stafford is receiving a $36,837 tax exemption to expand the building on its land, the GCEDC announced today.
BGW Properties, LLC, owns the land and building that is currently leased by Fastenall, a wholesale distribution company.
Fastenall has run out of space at the facility and was looking for a new location. The tax break will help BGW add 4,000 square feet to the building and keep Fastenall as a tenant.
The exemptions come in the form $5,600 in sales tax relief, a $1,375 mortgage tax exemption and a $29,862 property tax exemption.
BGW is expected to invest $110,000 in the expansion, and GCEDC estimates that the multiplier effect for the local economy is $47 for each dollar of tax relief.
