Page 8 THE SAUGUS ADVOCATE – FRIDAY, JULY 8, 2022 The Savings Bank cuts ribbon on new corporate facility in Wakefield W AKEFIELD – The Savings Bank recently held a groundbreaking ceremony at 3 Chestnut Street in Wakefield, adjacent to the Bank’s Main Office at 357 Main Street. Construction is set to begin on the two-story addition and expansion that will house the Bank’s Commercial Banking, Human Resources, Training, Facilities and IT departments. The site, previously occupied by Chas. F. Hartshorne & Son Insurance, was purchased by The Savings Bank in 2018 to expand its downtown campus and incorporate non-branch Lakeside Offi ce Park employees. The proximity of the two buildings will allow for customer and staff access between the Main Offi ce and the addition. Completion and occupancy is expected in early 2023. “This is an exciting time for The Savings Bank as we begin the construction of the long-awaited expansion of our physical footprint,” Bob DiBella, President and Chief Executive Officer said. DiBella was joined by members of the Bank’s Board of Directors and the management team involved in the project, as well as the architectural fi rm of LYF Architects, and the construction team from Essex Builders at the recent groundbreaking. “LYF Architects applauds The Savings Bank’s on-going commitment to having a strong presence in Wakefi eld’s downtown area,” Thomas F. Galvin, LYF Architects Senior Architect said. “We are honored to lead the design effort to expand their footprint and services at the Main Street campus. This truly was a collaborative eff ort between The Savings Bank’s leadership, our design team and Essex Builders to realize this project.” “After working alongside with The Savings Bank and LYF Architects through an investigative preconstruction process, Essex Builders Corp is excited to see The Savings Bank Offi ce Expansion project break ground,” Stephen Foley of Essex Builders Corp. added. “It’s been a pleasure working with this project team and we look forward to a successful project.” According to the Bank, fi nal preparations are being made for the interior design that will provide a seamless transition between the building and the Main Offi ce and Odd Fellows Building. “The Bank hopes to minimize any disruptions and inconvenience to local residents and those who work and frequent the downtown area as construction begins,” Di Bella added. “We appreciate the support we have received from the community, customers, and our employees.” TAX CUTS | FROM PAGE 7 for seniors such as doubling the maximum Senior Circuit Breaker Credit which will allow many seniors to remain in their homes and maintain the essential and in many cases, life-long connections they have built in their communities and will help to improve their economic security,” said Betsy Connell, Interim Executive Director of the Massachusetts Association of Councils on Aging. “Through AgeFriendly.org, the Age-Friendly Institute hears from older adults in the Commonwealth and around the country every day,” said Tim Driver, President of the Age-Friendly Institute. “We collect and curate these voices and opinions via online ratings, reviews and conversations on a variety of topics. It’s very clear these older taxpayers want and need alternative forms of income and other ways to save. The tax relief to be passed to older Massachusetts residents through these proposals will make it easier for residents to make ends meet. The Age-Friendly Institute supports the moves.” The plan includes several tax relief measures: • Double the maximum Senior Circuit Breaker Credit to lower the overall tax burden for more than 100,000 lower-income homeowners aged 65+, resulting in $60 million in annual savings for low-income seniors. • Increase the rental deMembers of the Board of Directors, executive management, and facilities teams at The Savings Bank recently participated in a groundbreaking ceremony at 3 Chestnut Street in Wakefi eld in preparation of the new two-story addition and expansion that will house the Bank’s Commercial Banking, Human Resources, Training, Facilities and IT departments. (From left to right) Chris Lynch, Facilities Manager; Samantha Bess Veldhuis, LYF Architects; Joanne Reilly, Director; Michael Barrett, Chairman of the Board; Bob DiBella, President and CEO; Raichelle Kallery, Executive Vice President, COO; Dan Sherman; Director; Glenn Dolbeare, Director; Thomas Mullen, Director; Mark Simeola, Director; Ann Hadley, Director; and Paul Foody, Essex Builders. • • • Rocco Longo, Owner duction cap from $3,000 to $5,000, allowing approximately 881,000 Massachusetts renters to keep approximately $77 million more annually • Double the dependent care credit to $480 for one qualifying individual and $960 for two or more, and double the household dependent care credit to $360 for one qualifying individual and $720 for two or more to benefi t more than 700,000 families, resulting in $167 million in annualized savings for eligible taxpayers • Increase the Massachusetts adjusted gross income (AGI) thresholds for “no tax status” to $12,400 for single fi lers, $24,800 for joint fi lers, and $18,650 for head of households, which will eliminate the income tax for more than 234,000 low-income fi lers • Double the estate tax threshold and eliminate the current “cliff eff ect” that taxes the full amount below the threshold • Change the short-term capital gains tax rate to the personal income tax rate of 5% to align the Commonwealth with most other states The plan would have an outsized impact on the communities hardest hit by the COVID-19 pandemic. For example, the rental deduction increase would provide $34 million in annual tax relief to renters in the 20 “equity communities” that the Department of Public Health identified as having been hardest-hit by the pandemic (based on factors like social determinants of health and the disproportionate racial impact of the pandemic). The “no tax status” change to eliminate the income tax for more low-income people would result in nearly $12 million in annual savings in those same communities. OUR OFFICE HAS MOVED TO 519 BROADWAY, EVERETT SABATINO INSURANCE AGENCY 519 BROADWAY EVERETT, MA 02149 PHONE: (617) 387-7466 FAX: (617) 381-9186 Visit us online at: WWW.SABATINO-INS.COM
9 Publizr Home