59°
WESTBOROUGH, Mass. — Details are emerging of tax incentives for two Westborough businesses and are included in a Special Town Meeting Warrant posted Tuesday.
All nine members of the Advisory Finance Committee voted Monday to recommend approval of both articles, according to Committee Chairman Edward F. Behn.
The Town Meeting will be held Tuesday, Aug. 7, at 7 p.m. at Westborough High School, 90 W. Main St. A quorum of 50 is required for the Town Meeting to be held. There are only two warrant articles, both of which request Tax Increment Financing, or TIF:
Article 1 would create an Economic Opportunity area at 200 Flanders Road and offer a 15-year TIF agreement with MicroChem, according to the town manager's statement.
"The company employs approximately 47 people in Newton and is planning on moving to Westborough and expanding to 70 employees," the statement reads, in part.
Article 2 would create an Economic Opportunity Area and 15-year TIF agreement with Danafilms, Inc., at 5 Otis St. The company employs approximately 62 people in Westborough and is planning to expand and add 20 jobs. However, it is also considering moving operations to Kentucky, according to the town manager's statement.
The TIF agreements apply only to the incremental increase in value of the two properties. There would be no tax loss, according to Town Manager James Malloy, only a temporary reduction in how much of a tax increase would be applied to the increase in value of the property.
The town's involvement also would open the way for state tax benefits to both companies, according to Malloy.
Download the complete Town Meeting warrant at the link below.
Attached: Aug. 7 2012 Special Town Meeting Warrant (stmwarrant2012aug7.pdf)
Comments