By Joan F. Simoneau, Community Reporter
GE Healthcare Life Sciences was granted a tax concession through the Tax Increment Financing (TIF) agreement by the City Council at its Oct. 6 meeting. The property tax break allows the company to expand its current operation in Marlborough and to serve as its U.S. headquarters which is currently located in New Jersey.
The deal offers GE Healthcare a reduction on property taxes for 10 years with an agreement to maintain the 77 existent jobs and adding 220 additional positions the first two years of the contract. The proposed 160,000 square foot state-of-the-art research and development facility, which would be located in the Forest Street mixed-use development (site of the former Hewlett-Packard), will result in an approximate $21 million investment, according to Mayor Arthur Vigeant.
The decision to expand in Marlborough was due to the city’s central location and ready access to a well-educated workforce with a high degree of knowledge within the life science sector, Vigeant said in a communication to the council. GE Healthcare also owns a manufacturing facility in Westborough. The company is also applying for a Life Science Investment Tax Credit from the Massachusetts Life Science Center.
On Oct. 2 Quest Diagnostics opened a 200,000 square foot facility as well on Forest Street. That company also received a TIF from the city for 15 years. When it is fully operational in 2015, the company expects to employ 1,350 at the new facility.