MARLBOROUGH PATCH—More than 30 companies moved to and at least 10 expanded in Marlborough in 2017, together occupying over 300,000 square feet of commercial space and creating more than 450 jobs, according to the Marlborough Economic Development Corporation (MEDC) 2017 Annual Report released at the organization’s annual Board of Directors meeting.
According to the announcement, this does not account for at least 20 businesses, including two hotels and a 150,000-square foot entertainment complex, which recently opened at the Apex Center of New England.
The report showed that moves or expansions to Marlborough increased by at least 140 percent over the past year, indicating roughly 25 businesses moved or grew in the city.
The MEDC said that some of the largest new move-ins included Babcock Power, JENTEK Sensors, and Valeritas. The year’s biggest expansions were of the IPG Photonics headquarters and the New England Sports Center, which grew to become the world’s largest indoor ice skating facility.
MEDC’s Economic Development Toolbox helped out ten small businesses with financial incentives. The Toolbox defrays costs through gap financing, tax reimbursements, rental assistance, grants and amenities funding.
“While Marlborough is home to a number of big employers, the city’s economy is largely dependent on the success of our small and local businesses,” said MEDC executive director Meredith Harris in a statement. “We recognize that small companies are often unable to get off the ground without some financial assistance, so we decided to create the Toolbox to help our local entrepreneurs build their businesses here. This, in turn, creates jobs and amenities for Marlborough’s residents, brings in more commercial taxes to pay for municipal services, and helps stabilize the residential tax rate, which is our ultimate goal as an organization.”
This article by Charlene Arsenault originally appeared here.