Medical device maker Image Diagnostics Inc. is moving from Sterling to Fitchburg and expanding its operations with the help of a $1.5 million tax-exempt bond from MassDevelopment.
“We’ve been considering expanding our square footage for a number of years,” said company President Remo J. Rossi. “We’ve basically run out of space.”
The company will move from its current 11,000-square-foot building in Sterling to a new 38,000-square-foot facility at 310 Authority Dr. in Fitchburg. The new headquarters is part of the 231 Industrial Park located off Route 2.
An entity related to Image Diagnostics bought the property last month for $1.2 million. Besides supporting the purchase, MassDevelopment said, the bond will also help the company renovate the building, relocate its operations and buy new equipment.
Rossi said the combination of reduced property prices and low interest rates in the current market made it a good time to buy, and the Fitchburg property was a good fit for the company.
The Rollstone Bank & Trust Co. bought the bonds to finance the project.
