Tax Incentive Program to Strengthen Oxford Economy

15 Year Deal Will Bring Jobs and Increase Revenue for the Town of Oxford, MA
 
 
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MA tax incentive programs
Tif
Economic Development

Industry:
Business

Location:
Oxford - Massachusetts - US

OXFORD, Mass. - Sept. 19, 2018 - PRLog -- The Town of Oxford received an economic boost today with the news that the Massachusetts Economic Assistance Coordinating Council approved tax incentives for IPG Photonics Corporation (https://www.ipgphotonics.com/en) (IPG), as the company plans an on-site manufacturing expansion. The incentive, known as Tax Increment Financing (TIF), falls under the state's Economic Development Incentive Program, and will mean a combined existing and new tax revenue of $8.6 million for the town over the next 15 years.  IPG reached out to Business Development Strategies (http://www.businessdevelopment-strategies.com) to assist with negotiating and securing the government tax incentives.

IPG is Oxford's largest employer, starting with just a handful of employees in the late 90's and growing to 1,550 employees today.  The company plans a $70 million expansion at its Oxford campus by constructing a 170,000 square foot, four story office, manufacturing, and research facility and a new 460,000 square foot parking garage. According to Lynn Tokarczyk, Government Incentives Consultant and founder of BDS, securing the TIF was an important component of the company's corporate real estate decision to expand in Oxford.

IPG has relied upon the services of Business Development Strategies for almost two decades on this and several other projects.

IPG is a world-wide leader in high-performance fiber lasers, which are used in the fields of automotive, aerospace, medical, defense, renewable energy, communications, and transportation.

"IPG and the Town of Oxford continue the symbiotic relationship they started over 20 years ago," said Oxford Interim Town Manager Dennis Power. "The TIF incentive will enable IPG to continue to grow while providing the town with additional revenue, infrastructure improvements and many community benefits that, otherwise, would not have been possible."

IPG plans to create 400 new jobs in Oxford. It is estimated that IPG and its employees spend more than $2 million dollars annually supporting other local businesses. IPG is a valued community partner and provides valuable benefits to education and many programs and organizations in Oxford.

"The Webster-Dudley Chamber of Commerce was proud to support IPG Photonics and its request for a TIF from the Town of Oxford. IPG is a world-class company and good corporate citizen," said Dennis Luukko, president of the chamber, which is an affiliate of the Worcester Regional Chamber of Commerce.

"There is no question the residents of Oxford recognize the value of IPG. Many voters turned out on a hot, summer night for a Special Town Meeting and overwhelmingly voted to approve the tax incentive for IPG to keep them at home in Oxford," said Tokarczyk, who leads the BDS team, which for 15 years has helped more than 100 companies expand, retain, and create jobs in Massachusetts.

About BDS

Business Development Strategies, Inc. (BDS) is a leading Massachusetts government tax incentives consulting firm. Since its inception in 2003, BDS has worked with growing companies across a wide spectrum of industries to help identify, negotiate and secure government tax incentives to accelerate their real estate expansion plans. Over the past 15 years, BDS clients have made more than $1 billion in investments in Massachusetts and realized more than $100 million in collective tax savings. For more information, visit www.businessdevelopment-strategies.com.
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Source:Business Development Strategies
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Tags:MA tax incentive programs, Tif, Economic Development
Industry:Business
Location:Oxford - Massachusetts - United States
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