Tax Breaks Approved At Special Milford Town Meeting

MILFORD, MA — Two companies looking to either expand or relocate to Milford will get a break on property taxes for their efforts. Two tax-increment financing (TIF) packages for Rentschler Biopharma and the artificial intelligence firm Interactions were approved at a special Town Meeting on Monday night.

Rentschler has proposed building a $55 million, 24,000 square-foot building at 27 Maple St. The project would keep 85 jobs in Milford, and add 75 new ones, according to the company.

The town will grant Rentschler a 12-year TIF worth about $1.2 million. In the first year of the TIF, Rentschler would pay 90 percent of the total property tax due, and that would ratchet down to 15 percent by the twelfth year.

Interactions, which makes artificial intelligence computer programs in Franklin, will spend about $7 million to renovate a building at 31 Maple St. for a new corporate headquarters. The project would mean about 200 jobs relocating to Milford from Franklin, plus another 100 new jobs, according to the company.

The two companies first submitted their proposal to the Board of Selectmen in November.