Interest in Meriden continues to grow! From within our community, and outside our boundaries as well, Meriden is getting plenty of attention. Recently, we showed space to an overseas manufacturer who wants to expand his business to the U.S. We are working with the owner of a well-known national franchise chain who wants to open another franchise in Meriden. Our economic development office is busy working with local, state-wide, and out-of-state companies that are positioned to take the next step to grow their business beyond its present status.
We have several Enterprise Zone applications pending with the state. If approved, these manufacturing companies can take advantage of an 80% real and personal property tax abatement for five years. Under our Manufacturing Assistance Program, the city can make direct loans up to $500,000 to businesses, either in the form of a direct loan serviced by a qualified lender or as a loan guarantee. The program is limited to manufacturers and the proceeds must be used for the purchase, construction, substantial renovation or expansion of real property. Our city council may also approve a moving reimbursement to selected businesses, biotech or other specialized enterprises, for up to $15,000. We have the incentives in place to bring new business to Meriden.
Taking advantage of our Manufacturing Assistance Program, Accel International, a manufacturer of high-performance wire used in electronics, aerospace, medical, military, automotive and telecommunications sectors, moved out of its operation in Waterbury, into the 150,000 s/f building, formerly the home of TI Group Automotive Systems. Accel joins other highly recognized companies that call Meriden "home", such as Canberra, Inc., Radio Frequency Systems, and Cuno Inc.
The city has two websites, www.cityofmeriden.org and www.Meridenbiz.com, which is the city's web site for attracting business. Meridenbiz.com is a comprehensive resource for economic development news and information. Major sections include an overview of the department and an introduction to the key economic development players in city hall. It also includes details on the business incentives already mentioned and demographic profiles of the city.
We are looking to the future with the development of an intermodal transportation center in downtown Meriden. The intermodal center will not only serve Meriden's existing Amtrak service and the proposed New Haven to Springfield commuter rail line but also will offer linkages to local bus, taxi and corporate van services. The intermodal center will provide increased access into and out of the downtown while allowing the city to attract new businesses, commuters and residents to the city's center. This is another reason to move your business to Meriden.
What else makes Meriden so special besides being a dynamic city that is well positioned for the future? Virtually all points in Meriden offer fast access to and from surrounding towns, as well as markets throughout the northeast, across the nation and around the world. Bradley International Airport and Tweed New Haven Airport are less than a 40 minute drive. The 691 interchange, which has several access points within the community, links up with Rte. 15, I-91 and I-84, providing quick connections to almost any destination in the state. Besides our location being our greatest asset, we are a city where our staff will do whatever it takes to make things happen.
Quality of life is important to everyone. Meriden boasts one of New England's largest municipal park systems; a neighborhood-oriented school system with blue-ribbon schools; an active sports community; many cultural and holiday events, and spiritual offerings for all faiths. MidState Medical Center was built only ten years ago and provides outstanding medical services throughout central Connecticut. Our community is at the heart of a market area of nearly 400,000 people and is home to more than 100 manufacturers, better than 350 retailers, a burgeoning hotel/motel business and cutting-edge industries like communications and biotechnology. Opportunities are growing daily as Meriden prepares itself to be at the forefront of Connecticut's economic recovery.
As I stated at the beginning of this article, we are continuing to grow; we are getting attention; and we want to assist you. If you are considering relocating your business, or want to learn more about our city, call the economic development office¡, or visit www.meridenbiz.com.