Wednesday, April 3, 2013
Foxborough’s Board of Selectmen approved the town’s TIF negotiating committee’s request to accept Invensys’ TIF proposal and recommend it at next month’s Town Meeting.
Invensys took a significant step Tuesday towards investing approximately $33 million into its existing buildings to stay in Foxborough as the town's Board of Selectmen unanimously agreed to recommend the company's Tax Increment Financing (TIF) proposal to voters at Town Meeting on May 13. 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. The proposed exemption term (year-by-year) for Invensys' properties - both the 70 Mechanic St. and 38 Neponset Ave. buildings - is as …
Friday, February 15, 2013
With over 1,000 employees in town, Invensys’ impact on regional economy is significant.
As the town begins to weigh the pros and cons of granting Invensys a tax break on $30 million worth of renovations, Foxborough Town Manager Kevin Paicos said it is crucial the community’s largest manufacturing company remains in town. “This is an extraordinary corporate partner we cannot afford to lose, this region cannot afford to lose and the Commonwealth cannot afford to lose,” Paicos said. “One thousand employees with a concentration of several hundred engineers [in Foxborough] is an extraordinary situation in the state of Massachusetts.” State Representative Jay Barrows (R-Mansfield) said keeping Invensys in Foxborough not only benefits the town but its neighbors as well. “Invensys reaches the entire region,” Barrows said. “The spend …
Wednesday, February 13, 2013
Invensys recently told selectmen it is interested in making a $30 million investment to its existing infrastructure to remain in Foxborough if the town agrees to a tax break program known as a TIF.
Invensys, with roots 104 years old in Foxborough, has expressed “significant” interest to remain in town but needs a Tax Increment Financing (TIF) program approved in order to invest $30 million worth of renovations to existing infrastructure. Steve Sacco, senior vice president of Invensys, informed selectmen last week the company is approaching the end of two building leases in town and has started looking at its options both in and outside of Foxborough. “We’ve started to look at facilities in the area … in Foxborough and elsewhere,” Sacco said. … “Our goal in what we need to do is really provide a modern, attractive workspace for our employees. We currently have vacant and outdated space in our buildings.” Invensys currently operates …
Janet Sroczynski
12:56 pm on Wednesday, February 13, 2013
Interesting. I hope that Invensys/The Foxboro Company continues to remain in Foxboro. more ›