The Marlborough City Council unanimously approved a tax deal Monday that would save fiber-laser maker IPG Photonics an estimated $120,000 over five years.
The tax increment financing (TIF) deal approved Monday night gives the Oxford-based company a break on an estimated $120,000 in property taxes for buildings at 257 and 259 Cedar Hill Road. The 55,983-square-foot buildings in Marlborough’s Cedar Hill Business Park will be used for research and development, engineering and manufacturing, according to IPG. The company purchased the properties in April for $6.79 million.
IPG will open the site with 24 jobs and is required under the agreement to add more than 100 over the five years, according to a report by the MetroWest Daily News.
IPG employs more than 900 in Oxford and began work on a 101,500-square-foot expansion there in 2011. IPG had been leasing roughly 10,000 square feet in Marlborough.
