WORCESTER – Table Talk Pies plans to move its headquarters from Kelley Square to the South Worcester Industrial Park area, the city and the company announced Thursday.
The iconic bakery and longtime Kelley Square mainstay has been shopping around for a new home, and in partnership with Chaharone Properties has proposed a new 120,000-square foot production headquarters at six contiguous parcels in the industrial park area on the former Crompton & Knowles factory complex near the Boys & Girls Club of Worcester.
“Staying in Worcester was very important to us,” Table Talk President Harry Kokkinis said Thursday afternoon. “Worcester has been an important part of our success.”
As part of the move, the company is filing an application for certified project designation that will allow the project to take advantage of tax increment financing. According to Michael E. Traynor, the city’s chief development officer, the proposed term of the TIF is 20 years at an average exemption of 60%. The proposed project is expected to increase the total assessed value of the Gardner Street property from $1.3 million to $10 million. The estimated savings over the life of the TIF is approximately $4.6 million; at the same time, the city will receive an estimated $4.4 million in tax revenue, Traynor explained in a communication to City Manager Edward M. Augustus Jr.