By Joan F. Simoneau, Community Reporter
Marlborough-The state Economic Assistance Coordinating Council has approved the city of Marlborough’s Tax Increment Financing (TIF) agreement with OYO Sportstoys. Mayor Arthur Vigeant received the approval Dec. 16, which also includes a state tax credit for the company. This action will allow the company to move its current operations and corporate headquarters from Acton to 111 Locke Drive.
The mayor wrote in a letter to the City Council that OYO’s move to Marlborough will create 195 new jobs in the city and an approximately $8 million investment in the existing site through combined soft, real property and personal property costs.
“OYO will add $462,626 in new tax revenue to Marlborough’s budget,” said Vigeant.
OYO Sportstoys is a manufacturing company, founded in 2011, that produces mini figure toys that resemble star athletes and their corresponding playing fields. At the present time they have agreements to produce toys with Major League Baseball, the National Football League, and the National Hockey League and their players.
The state Economic Assistance Coordination Council has also approved Marlborough’s TIF agreement with LFB Corporation, a leading pharmaceutical company that is planning to construct a new facility on Crowley Drive.