Bedford City Council Passes Resolution for Tax Abatement for GM Powertrain
BEDFORD - JULY 19, 2022 - The Bedford City Council passed a resolution for GM Powertrain to receive a 100 percent - 10-year tax abatement with a 15 percent fee going back to the Bedford Redevelopment Commission.
General Motors is currently seeking a location for castings for its Electric Vehicle product line. The company plans on a $47 million dollar investment wherever they choose to invest the capital. General Motors are looking at all casting facilities throughout the United States.
$45 Million will be invested in the installation of machines, tooling of the machines, and equipment which will help retain 43 jobs at the Bedford facility.
The announcement of location should be very soon according to John Blanchard, General Motors, who presented the information to city council members Monday night.
Construction of the product line will begin in mid 2022 with the completion of the project by 2025 depending on labor, supply lines, and business factors.
The company has invested several million dollars since 2011 in the Bedford economy with each employee making around $60,000.