TJX Wins $3M In State Tax Credits
The TJX Companies has secured $3 million in state tax credits for its plans to expand into Marlborough and within its Framingham headquarters.
The state Economic Assistance Coordinating Council, part of the Executive Office of Housing and Economic Development, awarded tax credits Tuesday to 17 projects that are expected to create close to 1,000 jobs and keep another 6,000 in the state.
TJX, the off-price retailer whose brands include TJ Maxx, Home Goods and Marshalls, announced earlier this year that it would buy the former Fidelity Investments campus buildings on Puritan Way in Marlborough and move 1,600 jobs there from offices in Framingham and Westborough. The company expects to add 75 jobs at the site and invest $117 million to buy, redevelop and furnish the buildings. The City of Marlborough has already awarded a 20-year, $11-million tax increment financing (TIF) agreement to TJX.
More recently, TJX and Framingham officials reached agreement on a separate 20-year TIF worth $6.5 million. Under the agreement, TJX will buy and renovate its longtime headquarters on Cochituate Road and add 225 jobs. The company currently leases the facility.
The coordinating council also approved TIFs for two other Central Massachusetts firms that had already won municipal approvals. The firms are:
- Millbrook Realty Trust of Athol, which bought the former ND Cass Factory and spent $525,000 on renovations. It secured a TIF of $11,862 from the town.
- Biomeasure Inc. of Milford, which is considering buying a new 64,000 square-foot, three-story building on its site, which will create 20 new, full-time jobs, the council said. Milford awarded a 10-year TIF in the amount of $634,752.
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