By Joan F. Simoneau, Community Reporter
Marlborough – In an effort to mitigate some of the costs of moving Hologic’s global corporate headquarters to Marlborough, the City Council unanimously approved a five-year extension of its tax increment financing (TIF) at the May 18 meeting. By moving from Bedford to Marlborough, Hologic will add 150 employees to its workforce already in the city – at 250 Campus Drive and 445 Simarano Drive, bringing the total to over 600 positions.
Hologic is a major developer, manufacturer and supplier of diagnostic equipment, surgical products, and medical imaging systems.
“This proposal extends the existing TIF by five years,” said the Mayor Arthur Vigeant in making his request to the council.
The existing TIF will end at the close of Fiscal Year 2015 and the amendment must be approved by the Economic Assistance Coordinating Council (EACC) at its June 23 meeting, according to the mayor.
Although City Council approval is not required for the mayor to execute the amended TIF agreement, he stated in his communication: “I believe it is necessary to inform the City Council and provide you with an opportunity to review the amended TIF agreement. Hologic’s interest in expanding operations in Marlborough is an affirmation of our continued economic growth and a credit to our efforts to attract companies to the city.”