Tax Breaks Proposed for Two Manufacturers

Town Meeting voters will be asked next month to vote on whether to give tax breaks to two local companies.

Selectmen voted Tuesday to put two tax increment financing (TIF) proposals on the warrant for Special Town Meeting on Aug. 7.

Town Planner Jim Robbins told the Worcester Business Journal that the companies that have applied for a TIF break are , a plastic films manufacturer on Otis Street, and Newton-based MicroChem, a specialty chemicals manufacturer. 

The financial value of the potential deals, which would require the state's approval, was not immediately available.

Robbins told the WBJ that Danafilmsis eying a location on Fisher Street. Meanwhile, MicroChem seeks a location on Flanders Road.

Tax breaks provided through TIF agreements serve as incentive for businesses to stay in town. Tax breaks are offered in exchange for the company's investment in its host city/town.