Oxford voters to decide fate of TIF for IPG Photonics' $215M expansion
Photo | Matt Pilon
The Oxford headquarters of IPG Photonics.
Oxford-based IPG Photonics is seeking a 15-year tax agreement with town voters Wednesday to help facilitate the firm’s $215-million expansion.
Voters at Special Town Meeting on Wednesday will decide the fate of a tax-increment-financing agreement that calls for a 100-percent real estate tax exemption for the first two years the company occupies its full expansion.
That exemption falls to 80 percent in year three and remains at 50 percent until year 13, when the exemption dwindles to just 5 percent for the remainder of the arrangement.
The laser manufacturing company is growing on the back of its profits, including $106 million in the first quarter on record revenues of $306 million.
Expansion plans call for a 500,000-square-foot manufacturing and research and development facility and a 460,000-square-foot parking garage at Old Webster Road.
IPG Photonics has spent nearly $29 million to purchase land for the expansion, including the purchase of a 20,000-square-foot building soon to be vacated by Techmetics.
IPG will pick up some of those Techmetics workers and create 500 new jobs to bring the company’s Oxford job total to 2,000.
The TIF agreement calls for those 500 new full-time jobs to be added within five years after the company occupies the expansion.
IPG Photonics will be required to submit annual reports to state agencies on job growth for the duration of the agreement, and pay $150,000 for the design and engineering of an intersection project near the proposed site.
The company has purchased land for another expansion in Marlborough, but no plans have yet been announced.
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