WORCESTER — The David Clark Co. is planning to move from its manufacturing facility at 360 Franklin St. to a “more modern and efficient facility,” according to a communication from the city Executive Office of Economic Development.
According to a letter from City Manager Eric D. Batista, the company and its affiliate DCH Properties LLC plan to move to a vacant 138,472-square-foot facility at 115 Northeast Cutoff. The project would include renovating the space and creating 20,000 square feet of office space for company headquarters, 88,370 square feet for manufacturing space and 30,102 square feet for warehouse and storage space.
The project is estimated to cost $48 million: $19 million for the acquisition, $25 million for renovations and $4 million for personal property.
Batista wrote that the city negotiated a tax increment financing agreement with an annual exemption of 60% over 12 years. The company has agreed to the city’s responsible development ordinance, Batista wrote.
The agreement will be presented to the City Council when it meets on Tuesday night.