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IPG Photonics seeking tax concession

By Joan F. Simoneau, Community Reporter

Marlborough – A high-tech company that develops and manufactures high performance lasers has requested the city grant it a tax concession through the Tax Increment Financing (TIF) program. The request was presented to the City Council via a communication from Mayor Arthur Vigeant at the council's July 21 meeting.

IPG Photonics Corporation (IPG), headquartered in Oxford, recently purchased two vacant buildings located on Cedar Hill Street. The company has? proposed plans to renovate the buildings for use as an advanced manufacturing and research and development center. The project investment is estimated at $13.5 million, including $7.5 million for renovation costs and $6 million for personal property.

In urging council approval, Vigeant said, “IPG has outgrown its temporary leased space on Simarano Drive in Marlborough. Their proposed expansion is intended to create an environment that includes system assembly operations along with a research and development center, to further enhance its groundbreaking technology and innovation.”

In exchange for the TIF agreement the company would agree to retain the 24 jobs it currently has at Simarano Drive and add 100 more over the five-year span of the agreement.

IPG is a global company with manufacturing facilities in the U.S., Germany, Russia, and Italy and regional sales offices in many countries, according to its website. It serves customers worldwide in various sectors, including automotive, aerospace, medical, telecommunications, renewable energy and the federal government.

The proposal was referred to the Finance Committee for study and recommendation. In his communication to the council, the mayor noted that IPG is also seeking a tax break through the State's Economic Development Incentive Program.

Short URL: http://communityadvocate.com/?p=52201

Posted by on Jul 25 2014. Filed under Byline Stories, Marlborough. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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