The Burke Administration has been working collaboratively with the owners of Bianco & Sons Inc. for the last several months in order to pursue the process of the Tax Increment Financing (TIF) agreement. Last week, the City Council approved the TIF Agreement between the City of Medford and Bianco INC. and Bianco White LLC regarding property located at One Brainard Avenue Medford, MA. Tax Increment Financing (TIF) is a special funding tool used by the City of Medford to promote public and private investment across the City.
The passing of this Tax Increment Financing Agreement promotes economic development as well as job growth within the City. Once Bianco White LLC is fully operational there will be twenty new full-time jobs over the first five years of facility operations, expanding commercial and industrial activity within the City to establish a stronger tax base moving forward.
“We are thrilled to have the support of the City Council and partner with Bianco White LLC to welcome this successful business into the Medford community,” said Mayor Stephanie M. Burke. “Medford is delighted and honored that Bianco & Sons Inc. chose our City to expand their business and we look forward to the start of a strong partnership.”
“Due to this continued growth, Bianco’s has designed a new facility in Medford, Massachusetts, which will open in the Spring of 2017,” said Francesca Bianco. “We are looking forward to becoming a part of the Medford community, and hope to establish new roots in Medford just as we did in Revere.”