Three MetroWest businesses win tax break approval
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A rendering of Olympus' planned 150,000-square-foot facility in Westborough. The company has received approval for a tax break to attract the Pennsylvania company to add a facility for up to 500 workers.
Medical device company Candela, life sciences manufacturer Lykan Bioscience and medical optics firm Olympus Corporation of the Americas have been approved for new tax breaks.
The Baker Administration said Wednesday it has approved incentive deals for those and five others across the state, which combined are estimated to create nearly 700 new jobs and make way for more than $76 million in investment. The agreements are meant to encourage relocation or expansion by giving companies a tax discount on increased values of the properties.
Candela will move its headquarters from Maynard to Marlborough thanks at least in part to a seven-year tax break from Marlborough valued at nearly $280,000. The state also approved tax credits of $500,000.
Candela, which recently rebranded from Syneron-Candela, plans to move 200 employees and hire another 100, according to the state. Its investment in the move, which will include a consolidation of its offices and research and development operations at 251 Locke Drive, is estimated at $5 million.
The state's Economic Assistance Coordinating Council approved a 10-year tax break from Hopkinton for the gene therapy manufacturer Lykan Bioscience. The agreement is expected to save the company around $417,000 on its tax bills over that time.
The company, which was founded in 2017, will lease and renovate a 63,000 square-foot warehouse and create a new manufacturing facility as part of a $12-million investment. The company is expected to create 125 jobs as part of the project.
In Westborough, Olympus is planning a nearly $22-million facility thanks to a 10-year tax break from the town that's estimated to save the company $774,000 on its tax bills.
Olympus is proposing a 150,000 square-foot facility where it would move up to 400 employees from Pennsylvania and hire another 25. Carruth Capital of Westborough, the developer for the proposed building at 800 West Park Drive, said in February an appeal of permitting approval from the town could tie up the project in a legal battle.
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