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.
