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Article 3 - EDC Report - Canton Economic Development Committee Report Final Version for ATM 2024 (002) ppt file

Town Meeting · Record year 2024 · Record 3a0664a0d50ff24769

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CANTON
Economic Development
Committee Report

May 13th, 2024

Economic development in Canton is a top priority
for the Select Board with the following initiatives.

 Maintain and grow a strong
  and vibrant business
  community
 Ensure stable commercial
  tax revenue cash flow for
  town services
 Increase property values of
  residences and businesses
  in our community by
  ensuring a growth-orientated
  economic development plan
 Maintain Canton’s
  outstanding reputation as a
  proactive business-friendly
  community in MA


                                     Confidential and Proprietary

Canton Business Development
Headlines – 2023
   Top Golf opens at 777 Dedham
    Street, their 1st MA location.
    The site has a valuation of
    $37,000,000 and has hired over
    60 Canton residents, creating
    new job opportunities.
   30 Dan Road, a 140,000 sq ft
    site is being redeveloped for
    future use as a biotech site.
   Amazon opens second location
    at 250 Royall Street, which will
    handle HR and Training for
    Eastern Massachusetts offices.

                                       Confidential and Proprietary

Impact of Economic Development
on Canton
 The Canton business community paid over $35 million in
  commercial and industrial taxes in 2023, which is 39% of
  the tax levy.
 The commercial and industrial valuation of businesses in
  Canton is over $1.8 billion.
 Canton is one of the top Norfolk County communities in
  commercial taxes generated.
 2024 residential tax rate (per thousand dollars of assessed
  value) dropped to $9.97, the lowest in 15 years. The
  commercial rate is $20.80.
 A strong commercial tax base helps keep residential taxes
  low!

                                          Confidential and Proprietary

Comparison of Commercial/Industrial Tax as a
Percent of Total Levy in Norfolk County
Municipalities for 2023


 CANTON: 39.46%
 Braintree: 35.51%
 Dedham: 29.74%
 Stoughton: 28.39%
 Westwood: 24.87%
 Randolph: 20.77%
 Sharon: 7.79%
 Milton: 6.27%

Source: MA DOR, Div. of Local Services, 3/31/24
                                    Confidential and Proprietary

Canton Businesses Practice Community
Responsibility and Engagement

   Over 25 Canton businesses offer annual
    scholarships to CHS and BHRTS
    students.
   In 2023, over $40,000 was donated to
    Canton municipal departments, schools,
    the Canton Senior Center, and the
    Canton Food Pantry by the Canton
    business community.
   Since its inception over 50 years ago,
    the Canton Association of Business and
    Industry (CABI) has donated over $2
    million to Canton charities.
   CABI hosts the annual Canton Road
    Race, which is held each September at
    Trillium Brewing with over 600 runners.




                                              Confidential and Proprietary

Canton EDC greatly appreciates the support of the
SB and other Town Boards and Committees.


 Gene Manning – Chair
 Emilio Mauro – Vice Chair
 Tera Kull – Clerk
 Tyrishma Allen
 Mindy Milman
 Gregory Murphy
 Ryan Obolewicz
 Dr. Alan Rapoport
 Bill Wolfson


                                  Confidential and Proprietary