State Approves Quest TIF
Trip Advisor is moving to an old industrial park along Route 128, Quest Diagnostics is consolidating its Worcester and Cambridge sites into a new Marlborough facility, and W.B. Mason is expanding its historic Brockton headquarters.
Those companies are making their moves with local and sometimes state tax incentives, accompanied by promises to invest in the properties and grow jobs.
On Wednesday, the state Economic Assistance Coordinating Council approved tax breaks for 30 redevelopment projects in 15 cities and towns. A total of $29.3 million in local tax incentives were granted with the agreement that the companies and property owners would invest a total of $416.5 million.
The state also contributed $6.7 million to 17 of the projects, through the Economic Development Incentive Program.
The tax incentives approved Wednesday included agreements that the companies they benefit would create 1,341 jobs and retain 4,099 jobs.
All projects received local approval before appearing before the council.
Medical diagnostic company Quest's new siting is in a now-vacant building will involve moving 957 workers from Worcester and Cambridge.
"This project is critically important to the city of Marlborough," said Rep. Steven Levy (R-Marlborough) about the Quest Diagnostics plan. He said, "We welcome these type of jobs. We welcome Quest to Marlborough."
Quest, based in Madison, N.J., said it plans to invest $75 million to renovate 200,000 square feet of the roughly 600,000-square-foot building and bring in up to 1,200 jobs, 250 of which would be new.
Previously, a spokeswoman for the company said renovation was expected to take 18 to 24 months.
Quest recently announced it would purchase UMass Memorial Health Care's laboratory outreach business division. It's unclear how many of UMass' employees Quest is planning to hire.
In Lexington, two residents disagreed with their town's plans to offer Vista Print a 13-year property tax discount with a $1.2 million value in exchange for the company's expansion nearby its current site in town. Vista Print is receiving $360,000 in state tax credits in addition to a tax incentive from Lexington.
(WBJ staff reports were also used in this report.)
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