Marlborough approves tax break for California manufacturer's $115M facility
Photo | Grant Welker
Marlborough City Hall
California’s Revance Therapeutics has secured a tax increment financing agreement with Marlborough to cover a planned $115-million new construction with the company committing to the creation of 76 jobs.
The biotechnology company based in Newark, Calif. plans to open its new office and manufacturing facility in the city, with a 79,000-square-foot building and parking facilities to be built in the lots of 100, 110, 250 and 350 Campus Drive near Hologic’s headquarters, according to city documents.
According to the agreement, the company will make $115 million in improvements to the property. These improvements, and not the existing value of the property, will be the taxable property covered by the agreement.
The city council approved the 15-year TIF agreement at its Monday meeting. The agreement will exempt real property taxes to various degrees beginning in 2022 with a 100% exemption for the first two years and decline over time to a 10% exemption in 2036.
In return, the company agrees to develop the site and create 76 new jobs by 2025 and maintain that level through the end of the TIF agreement period.
The city did not release a figure on the overall savings the company will receive from the agreement.
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