Marlborough council OKs GE Healthcare Life Sciences tax break
The Marlborough City Council has unanimously approved a tax deal that would save GE Healthcare Life Sciences approximately $125,000 over 10 years as the division of General Electric prepares to move into the city.
The tax increment financing (TIF) deal approved Monday night gives the company, which will be moving its headquarters from New Jersey, a break on its property taxes as it invests $21 million and adds 220 new jobs over the next decade, according to a report by the MetroWest Daily News.
GE Healthcare Life Science will occupy 160,000 square feet of space at the Marlborough Hills building at 200 Forest St. The company will open the site with 77 jobs that are already located in Marlborough. Under the tax deal with the city, it’s required to add the new positions over the 10 years. When fully operational, General Electric will house more than 500 employees at the site. The company expects some of those workers to come from elsewhere within the division.
GE Healthcare Life Sciences is a $4 billion division that employs more than 11,500 around the globe.
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