City of Salem Awards $579,089 Tax Increment Financing Contract to Tropical Products (April 2025)
City of SalemCity · Salem, MA- Disclosed value
- $579,089.40
- From resolution
- Approved
- Apr 24, 2025
- Term
- 5 years
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THE 30-SECOND BRIEF
Amendment of Tax Increment Financing (TIF) Agreement for Tropical Products, Inc. The agreement includes a five-year tax exemption schedule, where the exemption started with 100% in the first year (July 1, 2024) and gradually decreases to 10% in the fifth year, with additional $5 million remediation costs and 1 million for blasting.
Tropical Products holds this tax increment financing contract with City of Salem. Its other public contracts on record include work for Town of Salem.
Term as filed: 5 years.
Contract details
- Contract type
- Tax Increment Financing
- Amount
- $579,089.40
- Document date
- April 24, 2025
- Term
- 5 years
- Vendor
- Tropical Products
- Agency
- City of Salem
- Source document
- city-of-salem-resolution-tax-increment-financing-agreement-amendment_df0.pdf (Resolution)
Tropical Products's other public contracts
More City of Salem contracts
Questions about this contract
Who was awarded the tax increment financing contract by City of Salem?
Tropical Products was awarded this tax increment financing contract by City of Salem, as recorded on April 24, 2025. The contract value is $579,089.40.
How much is the Tropical Products contract with City of Salem worth?
The Tropical Products contract with City of Salem is valued at $579,089.40, covering tax increment financing work.
What type of contract is this?
This is a Tax Increment Financing contract, documented as a resolution record.
Where was this contract approved?
This contract appears in city-of-salem-resolution-tax-increment-financing-agreement-amendment_df0.pdf (Resolution), dated April 24, 2025 from City of Salem. Civic IQ extracts contract records directly from agency meeting documents and solicitations.
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What other contracts does Tropical Products hold?
Tropical Products may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.
What is City of Salem currently buying?
Explore City of Salem's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.