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Medical device company seeking TIF to move its headquarters from Wayland to Marlborough

Medical device company seeking TIF to move its headquarters from Wayland to Marlborough

METRO WEST DAILY NEWS – Candela Corp., a global medical device company, is planning to relocate its corporate headquarters and research and development operations from Wayland to Marlborough next year.

The company – founded in 2000 – plans to lease 50,000 square feet of 159,703 square feet of space in a vacant building at 251 Locke Drive and is seeking a seven-year tax increment financing (TIF) deal with Marlborough, according to documents filed with the city. Candela will invest about $5 million in capital expenditures on the facility and bring about $1.5 million in research and development capital equipment from its Wayland location on Boston Post Road.

“By leasing space at 251 Locke Drive, Candela Corporation will be the first tenant in that facility in many years; the facility has long been vacant and the building owners have been working hard to upgrade the facility and attract new tenants,” Mayor Arthur Vigeant wrote in a letter to the City Council.

About 200 employees will relocate from Wayland to Marlborough and an additional 50 will be hired by June 2020 under the terms of the proposed tax increment financing deal. Fifty more employees will be hired by June 2022, company officials wrote in a letter to the City Council.

City officials project Marlborough will receive about $120,000 more in tax revenue over the seven-year period than if the property remains vacant.

Marlborough has 13 active tax increment financing deals, seven expired agreements and five decertified agreements.

The City Council is slated to discuss the deal at its meeting Monday and will likely refer the matter to the Finance Committee for review. The committee will provide a recommendation to the full council, which will then vote on the deal. The Economic Assistance Coordinating Council must also approve the agreement.

Candela Corp. is a leading global non-surgical aesthetic device company whose technology enables physicians to provide advanced solutions for a broad range of medical aesthetic applications, including body contouring, hair removal, wrinkle reduction, tattoo removal, women’s intimate health, improving the skin’s appearance through the treatment of superficial benign vascular and pigmented lesions and the treatment of acne, leg veins and cellulite.

The company markets services and supports its products in nearly 100 countries and has offices in North America, France, Germany, Italy, Portugal, Spain, the United Kingdom, Australia, China, Japan and Hong Kong, according to Candela’s website.

The proposal is testament to Marlborough’s commitment to bringing businesses and jobs to the city, the mayor said.

“Investment in Marlborough means new job opportunities for our residents and additional tax revenue to ensure that the tax burden does not fall solely on our residents,” Vigeant wrote. “This lease for 251 Locke Drive signals that Marlborough remains an attractive location for companies to invest and bring new employees and job opportunities. We have long identified Locke Drive and 251 Locke Drive, in particular, as a location for revitalization.”

This article by Jeff Malachowski originally appeared here.

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