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A C-note less for C-rations?

Posted by Ralph Ranalli June 5, 2007 12:31 PM

NORFOLK

The state last week approved a plan that will give Elite Foods, Inc. a break on its taxes as it expands its operations.

The business, which negotiates contracts between food suppliers and the military, currently leases about 4,000 square feet downtown and has plans to construct a 10,000 square-foot building off of Route 1A.

Town Meeting voters last month approved a Tax Increment Financing, or TIF, plan that will give the company a 90 percent discount on its property taxes during the first year.

The discount will gradually be phased out over 10 years, when the company will be required to pay full taxes.

- Calvin Hennick

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