METRO WEST DAILY NEWS – The City Council Monday unanimously approved extending a tax increment financing deal with Hologic, paving the way for the company to move its global headquarters from Bedford to its two Marlborough facilities.
Earlier this month, officials from Hologic; a developer, supplier and manufacturer of diagnostic and surgical products, announced plans to move its global corporate headquarters to Marlborough and asked city officials to extend its tax increment financing deal by five years to fiscal year 2020. On Thursday, Mayor Arthur Vigeant submitted the amended agreement to the City Council, which approved the extension with little discussion Monday night.
In October 2006, the City Council signed off on the provisions of the company’s original tax increment financing deal, which was set to expire June 30.
The move would shift 150 employees from Bedford to Marlborough, bringing the workforce in the city to more than 600 employees. Hologic operates facilities on Simarano Drive and Campus Drive in Marlborough.
The deal, which also must be approved by the Economic Assistance Coordinating Council next month, will allow Hologic to save about $199,000 in taxes over the next five years. During that time, the company is expected to pay about $1.9 million in taxes.
Officials from Hologic could not be reached for comment Tuesday.
In a letter to Vigeant earlier this month, Hologic’s CEO Eric Compton said the company is excited about the planned move. Compton said in the letter the move to the city is subject to the approval of the company’s board of directors.
“We appreciate the continued support of the city and the Commonwealth with not only the success of our business, but also our global headquarters relocation project,” Compton wrote.
On Tuesday, Vigeant said Hologic’s move is an affirmation of city officials’ efforts to foster economic growth.
Vigeant described Marlborough as a hub where life science companies can grow and prosper.
This article by Jeff Malachowski originally appeared here.