Andover Townsman, Andover, MA

News

December 27, 2012

State approves tax increment plan

Tax break for company to move here, expand

(Continued)

The specific details, including which company-owned facilities will be impacted, aren’t yet known, according to Materazzo.

The deal does have some safety nets built in, should Schneider Electric not provide the jobs or the investment within the time frame mandated by the agreement. The agreement could be decertified by the Board of Selectmen, nullifying tax incentives, according to Materazzo.

“In the unlikely event that Schneider Electric doesn’t live up to the terms they provided to the town, the town has a mechanism to go back and resolve the TIF,” Materazzo said.

Work is already being done on the building inside, and exterior construction for the expansion is expected to begin once all necessary permits are secured.

“They’re eager to engage the town, to work with the town and be a good, corporate citizen,” Materazzo said.

For information or questions about this story email dluca@andovertownsman.com.

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