WORCESTER BUSINESS JOURNAL – Wayland-based Candela Corp. is one step closer to becoming yet another corporation to move its headquarters to Marlborough, as the city’s Finance Committee signed off on a seven-year tax agreement.
The package still needs to be approved by the City Council.
According to documents, the company wants to relocate to a 50,000-square-foot building at 251 Locke Drive, the former Verizon offices. Candela could eventually expand that footprint to support the company’s growth.
The 1984 building went back on the market in the fall of 2017 after a major renovation by the building’s owner, Boston Andes Capital.
Candela Corp., an aesthetic medical device company, plans to invest $5 million in capital expenditures and will move about $1.5 million in research and development related equipment to the space.
The tax agreement calls for real estate and personal property exemptions of 100 percent in year one, 80 percent in year two, 75 percent in year three, 60 percent in year four, 55 percent in year five, 40 percent in year six and 20 percent in year seven.
The agreement requires the company to move all of its 200 employees to Marlborough and hire another 50 employees by June 2020 and another 50 by June 2022.
In documents, Mayor Arthur Vigeant said the building has long been vacant.
“This lease for 251 Locke Drive signals that Marlborough remains an attractive location for companies to invest and bring new employees and job opportunities,” he said in a City Council document.
This article originally appeared here.