BIW eyeing tax break for new shipyard building
Bath Iron Works has plans for a new outfitting building it says will help the General Dynamics subsidiary reduce building costs and stay competitive for Navy contracts. The company announced the plan in a request to city officials for a tax break on the new construction.
The Bangor Daily News reported the company submitted a proposal to city officials Friday, asking for a new tax increment financing deal on the property at the south end of its shipyard, where it plans to build the 51,314-square-foot, 11-story outfitting building. The agreement would return a yet unspecified portion of the shipyard’s property taxes on the new building to the company.
Separately, the company received a $212 million modification last week to its contract to build a third DDG-1000 destroyer, the paper reported.
In the last decade, BIW officials said the company has invested approximately $500 million in the shipyard. Many of those investments, the company said, have come with incentives from the U.S. Navy, the state of Maine and the city of Bath through payroll tax credits and three tax increment financing deals with the city.
The City Council is scheduled to consider the latest tax break proposal from BIW on Wednesday.
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