By Joan F. Simoneau, Community Reporter
Marlborough – A tax increment financing (TIF) proposal for OYO Sportstoys was approved by the City Council at its Nov. 2 meeting, moving forward the company’s plan to relocate its manufacturing headquarters from Acton to Marlborough. The 10-year TIF agreement allows the company to begin an $8 million renovation at 111 Locke Drive.
The company is committing $8 million dollars over a ten-year period to renovate the facility, according to Mayor Arthur Vigeant. Beyond bringing 195 new jobs to the city, the project will also add an additional $462,626 new tax dollars to Marlborough over the course of the agreement, he said. Under terms of the TIF agreement, directors of the company are required to submit written reports to city officials on job creations each year.
The privately-held company, founded in 2011, produces mini figure toys that resemble star athletes and their corresponding playing environments. They currently have agreements with Major League Baseball, the National Football League, and the National Hockey League and their players associations to produce toys.
The City Council approved a TIF agreement with LFB Corporation, a leading pharmaceutical company, earlier this year to construct a new 65,000 square foot facility on Crowley Drive.