Westborough voters approve tax agreements for two companies
By Bonnie Adams, Government Editor
Westborough – By a majority consensus, voters approved Tax Increment Finance agreements (TIF) for two companies at a Special Town Meeting (STM) Aug. 7.
Town officials were a bit nervous that they would not get the required quorum of 50 voters for the STM, as it was occurring at an unusual time of the year for such business. But the quorum was met and the TIFs were approved for the two companies, MicroChem and Danafilms.
Under a TIF agreement, a company will receive a tax exemption on the incremental increase in the assessed value of real property over an agreed upon period of years between the company, town and state.
Voters approved the measure to establish an “economic opportunity area” at 200 Flanders Road and to offer a 15-year tax increment financing agreement to MicroChem.
MicroChem manufactures “special chemicals for microelectronics, advanced lithography, and specialty displays,” among other things, according to their website. Currently the company employs 47 people in Newton. It is planning on moving to a vacant building at 200 Flanders Road where it will increase its workforce to 70 people.
Voters also approved creating an economic opportunity area and 15-year TIF for Danafilms.
According to its website Danafilms is a “committed supplier of premium monolayer and coextruded barrier films for a wide variety of specialty applications and markets.” It is currently located at 5 Otis St. and has a plant in Kentucky as well. The company had been considering expanding at the Kentucky plant instead of in Westborough, Town Manager Jim Malloy said. Danafilms currently employs 62 people in Westborough and hopes to add 20 more jobs if the TIF in Westborough is approved.
The next step will be for the town to submit the TIF proposals to the state’s Economic Assistance Coordinating Council (EACC) for approval. That council only meets quarterly; its next meeting is in September, which necessitated appealing to the voters for approval at the Aug. 7 STM.
Officials stressed that even if the TIFs are approved by the EACC, both companies will still need to go through the permitting process and obtain approval from the various town departments.
Short URL: http://www.communityadvocate.com/?p=25127
Posted by Community Advocate Staff
on Aug 8 2012. Filed under Byline Stories, This Just In, Westborough.
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