Tax Break Will Keep TJX In Framingham
Retailer TJX Cos. Inc., which purchased buildings in Marlborough last month, says it's optimistic that it will maintain its Framingham headquarters, thanks to a new tax agreement with the town.
The Framingham Board of Selectmen announced it reached a tentative 20-year tax increment finance (TIF) agreement with TJX, the parent company of T.J.Maxx, HomeGoods and Marshalls stores, this week.
The agreement, which will go before a Town Meeting for approval May 22, would give TJX tax incentives for maintaining 1,600 permanent jobs and creating 225 new jobs over the next several years , as well as adding $143 million in investments for on-site expansion, renovations to the company's existing buildings and acquisition costs.
In a statement, Sherry Lang, TJX senior vice president of global communications, said, "Along with the Puritan Way buildings in nearby Marlborough, we believe these two campuses will help us fulfill our vision of being a $30-billion, then a $40-billion global value retailer. With a workforce of over 11,000 associates in Massachusetts, staying in the commonwealth and helping it as we grow and create jobs is important to us. Staying in Framingham is also important to us as many of our associates live in and around the town."
Framingham's interim town manager, Valerie Mulvey, said in a statement that town officials had been conducting ongoing discussions with TJX since October to keep it in Framingham.
Tax incentives in Marlborough helped lure TJX to 300 and 400 Puritan Way, buildings being vacated by Fidelity Investments, and the company has said it plans to renovate its recently purchased properties and doesn't expect to move in before late summer or early fall 2013. The deal with Marlborough was announced in March.
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