Local Business Expands with TIF Agreement

March 16, 2012
By

Mayor Carlo DeMaria Jr. continues to deliver on his push to bring additional growth opportunities to Everett. With the recent City Council approval of tax incentive financing (TIF) for Cumar, Inc., an Everett based Marble and Tile importer, distributor the company can begin to expand their operations and maintain their headquarters on Norman Street in Everett.

Cumar, Inc. is a longtime family owned Everett business, run by a father and daughter team.  The company is looking to expand from a 40,000 square foot building to a 78,000 square foot building investing $6.5 Million in the project.  With the expansion project, the company hopes to create 30 new permanent jobs over the next 5 years.

“This is a great start for both the city and our partner in Cumar,” states Mayor DeMaria, “we are committed to bringing quality growth into our city, and what better way than to start with a company who wants to expand their existing operation, keeping good jobs in Everett.”

The financing agreement will allow Cumar Inc. to spread out tax payments over the next five years, allowing the company to invest in purchasing land and start construction upgrades to their facility.  Mayor DeMaria is very excited about the opportunity, noting another recent expansion of Boston Coach, Inc., which moved its headquarters back to Everett.

“Growth is all about partnership and creating the right opportunities,” states Mayor DeMaria, “we are serious about bringing positive, tax revenue and jobs creating development to this City.”