First-of-its kind seafood cannery coming to New Bedford. Here's what to know.

NEW BEDFORD - City officials will welcome a new seafood venture to the city Tuesday that's being launched by a local company that's grown into an internationally recognized aquaculture business.

Island Creek Oysters of Duxbury was founded by Skip Bennett, who planted his first oysters in 1995.Today, ICO sells millions of oysters per year around the world.

Producing tinned shellfish and fish in the Spanish conservas tradition

ICO is opening a cannery at 38 Blackmer St. to tin shellfish and fish in the Spanish conservas tradition, where the shellfish and fish are preserved in olive oil, brine, and other sauces.

ICO has been working in partnership with Conservas Mariscadora of Galicia, Spain in marketing conservas in the U.S.

Island Creek officials told NPR that they hope to produce about a quarter million cans of tinned seafood in the first year, and slowly work up to an estimated two million cans annually. They said there will be two types of tinned products, some meant to be eaten on the spot and others that will provide ingredients for other dishes.

Tax deal with the city in return for jobs, investment

ICO has a tax abatement agreement with the city. It's investing $715,000 and creating at least 12 new jobs in the next 12 to 60 months at the New Bedford site on its end. The average annual wage for skilled labor positions will be $45,000.

As part of the agreement, ICO will receive an exemption on property taxes on the assessed valuation of improvements to the property at 95% for the first year, 85% for the second, 75% for the third, 65% for the fourth, 55% for the fifth, 45% for the sixth, 35% for the seventh, 25% for the eighth, 15% for the ninth, and 5% for the tenth.

ICO ready to produce conservas products with local shellfish

According to a business plan presented to the city, ICO officials say they've been marketing these European products in the U.S. market over the past two years with great success.

Now they're ready to produce their own variety of canned products with local shellfish to compete with the European products.

Will benefit local shellfish farmers and fishermen

This first-of-its-kind East Coast cannery will provide local shellfish farmers and fishermen consistent access to a market "while providing a shelf-stable, nutritious line of local value-added seafood products, contributing to a more diverse, sustainable and secure aquaculture industry."

The cannery will also provide local producers "with a stable market for supply gluts and unmarketable culls of different shellfish species," according to the business plan.

The ribbon cutting will be held at 38 Blackmer St.

A ribbon-cutting ceremony will be held Tuesday, Oct. 31, at 38 Blackmer St. at 10 a.m., attended by Mayor Jon Mitchell, elected officials and Island Creek Oysters Inc. owner Skip Bennett, and CEO Chris Sherman.

This article originally appeared on Standard-Times: New Bedford cannery to produce conservas-style seafood products