Please do not leave this page until complete. This can take a few moments.
Oyo Sports Toys, an Acton toy manufacturer that plans to move to Marlborough and expand, received unanimous approval of a 10-year tax increment financing (TIF) application from the Marlborough City Council Finance Committee on Monday night.
Members voted to recommend the full City Council approve the TIF agreement, and the matter will be taken up at a meeting Monday night, according to the City Clerk’s office.
Oyo is planning to spend $8 million to renovate 65,000 square feet of space at 111 Locke Drive to accommodate 95 existing employees and an additional 100 employees the company will hire in the future to support growing demand for its sports figurines. The move is expected to bring $462,626 in tax revenue over the course of the 10-year agreement.
The company has licensing agreements with Major League Baseball, the NFL, the NCAA, and the NHL, along with their players associations, to produce toys featuring their star players.
A TIF deal with Marlborough would provide Oyo a tax break on value added to the property over the life of the 10-year agreement. Marlborough Mayor Arthur Vigeant, who submitted the proposal to the City Council earlier this month, urged city councilors to “expeditiously” approve the TIF application.
Stay connected! Every business day, WBJ Daily Report will be delivered to your inbox by noon. It provides a daily update of the area’s most important business news.
Sign upWorcester Business Journal provides the top coverage of news, trends, data, politics and personalities of the Central Mass business community. Get the news and information you need from the award-winning writers at WBJ. Don’t miss out - subscribe today.
SubscribeWorcester Business Journal presents a special commemorative edition celebrating the 300th anniversary of the city of Worcester. This landmark publication covers the city and region’s rich history of growth and innovation.
See Digital EditionStay connected! Every business day, WBJ Daily Report will be delivered to your inbox by noon. It provides a daily update of the area’s most important business news.
Worcester Business Journal provides the top coverage of news, trends, data, politics and personalities of the Central Mass business community. Get the news and information you need from the award-winning writers at WBJ. Don’t miss out - subscribe today.
Worcester Business Journal presents a special commemorative edition celebrating the 300th anniversary of the city of Worcester. This landmark publication covers the city and region’s rich history of growth and innovation.
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
This website uses cookies to ensure you get the best experience on our website. Our privacy policy
To ensure the best experience on our website, articles cannot be read without allowing cookies. Please allow cookies to continue reading. Our privacy policy
0 Comments