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GE Healthcare seeks tax incentive for Marlborough expansion

By Joan F. Simoneau, Community Reporter

Marlborough – GE Healthcare Life Sciences is planning to expand its current operation in Marlborough to accommodate over 500 employees and create more than 220 new jobs.

The proposed 160,000 square foot state-of-the-art research and development facility, located at 200 Forest St., will result in an approximate $21 million investment at the site, Mayor Arthur Vigeant stated in a communication to the City Council at its Aug. 25 meeting. Vigeant asked councilors to approve a tax concession through a Tax Increment Financing (TIF) agreement.

The company is currently based in New Jersey but if the TIF is approved, its headquarters would be based at the Marlborough site.

GE Healthcare is applying for a Local-Only Certified Project status from the Economic Assistance Coordinating Council and will be seeking Life Science Investment Tax Credit from the Massachusetts Life Science Center due to the new jobs they project to create over the next two years, Vigeant said in his communication.

“GE is asking us to partner with them to help bring great high quality paying jobs to the municipality,” he stated.

The expansion for its new North American headquarters creates a site where innovative best practices as a research and development facility will be explored within the life science industry.

“As a result of this expansion project, GE Healthcare is committed to creating and maintaining 220 new jobs in the high-skills life science industry, while retaining 77 current employees in Marlborough,” said Vigeant.

The City Council voted to refer the Economic Development Incentive Program application and TIF request to the Finance Committee for study and recommendation to the full council.

Vigeant and the City Council have granted several TIF requests from companies moving into the community over the past few years. Currently being considered is a TIF proposal from IPG Photonics Corporation, a high-tech company that develops and manufactures high performance lasers.

IPG has proposed plans to renovate two recently purchased vacant buildings on Cedar Hill Street for use as an advanced manufacturing and research and development center. The project investment is estimated at $13.5 million.

Short URL: http://communityadvocate.com/?p=53272

Posted by on Aug 27 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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