Invensys to Hold TIF Information Session for Public on April 25

With Invensys’ Tax Increment Financing (TIF) proposal set to go in front of voters at Foxborough’s Annual Town Meeting in May, the company announced it will be holding a public information session/open house on Thursday, April 25.

“Community information session is a way to educate the community on what the company’s plans are and the proposed TIF,” said Lynn Tokarczyk, a government incentive consultant for Invensys.

The open house will be held from 6:30-8 p.m. at Invensys. Patch will provide details of the event as more information becomes available.

A TIF, according to Tokarczyk, is a local tool under the state’s economic development center program that can assist companies like Invensys in making decisions to invest to either create or retain jobs.

For Invensys, its proposed project is to invest roughly $33 million in building renovations to retain about 900 high-profile jobs in Foxborough.

The proposal calls for a 15-year TIF agreement between Invensys and the town that would save the company approximately $1.8 million while producing roughly $7.6 million in additional tax revenue over that timeframe. If approved, the town would exempt Invensys completely from new tax payments in years 1-4 of the agreement. “This is a discount on new taxes generated by increased property values [as a result of building renovations],” Tokarczyk said. “[Town] doesn’t lose a dime on current taxes.”

To read more on Invensys’ proposal click here.

On Tuesday, the town’s TIF negotiating committee recommended selectmen support Invensys’ proposal and present it for approval at May’s Annual Town Meeting.

Selectmen voted unanimously to approve the committee’s request and will recommend approval at Town Meeting.

The proposal will now go before the Advisory Committee so they too can present their position on the Warrant Article to voters in May.