If measures approved, company would relocate up to 400 employees; add 25 new jobs
Westborough – Voters will be asked at a Special Town Meeting (STM) Thursday, Jan. 10 to authorize the Board of Selectmen to create an Economic Opportunity Area at 800 West Park Drive and to offer and execute a Tax Increment Financing (TIF) Plan/Agreement with Olympus Corporation of the Americas.
The measure would also allow for potential expansion to include the property at 1200 West Park Drive.
According to town officials, Olympus is planning to move to Westborough to operate corporate offices, and research and development space. It expects to relocate up to 400 employees to Westborough and add approximately 25 full time positions.
The TIF, which would begin July 1, 2020 (Fiscal Year 2021) would be for 15 years. It only applies to the incremental increase in value of the applicable property, so there is no tax revenue loss; only a temporary reduction in how much of a tax increase would be applied to the increase in value of the property.
The initial phase is to construct 150,000 square feet of building space with a total investment of over $45 million.
The STM will be held at the Town Hall, 34 West Main St., starting at 6:30 p.m. For more information visit www.town.westborough.ma.us.
