Biomeasure has announced plans to more than double the size of its Maple Street facility, at an estimated cost of $40 million.
Milford Selectmen on Monday authorized the town's administrator and attorney to negotiate with representatives of Biomeasure on local tax incentives that would facilitate the proposed expansion. The company, a subsidiary of Ipsen, already has a Tax Increment Financing (TIF) agreement with the town and state, and is seeking an amendment to that agreement that would cover the new addition.
A Tax Increment Financing agreement waives a portion of property tax payments for a specific period, to encourage economic development.
In a letter to Town Administrator Louis Celozzi, the company's treasurer said groundbreaking could occur this year, and the project would be completed in two years. Biomeasure would retain its 160 full-time employees on the site and expects to add 20 new positions to support the expanded facility.
Biomeasure is part of a multi-million dollar international company that conducts medical research. In July, Gov. Deval Patrick visited the Milford facility, which is working on a new protein that may enhance cartilage regeneration.
According to Celozzi, the company located in Milford after considering a site in Marlborough. Its existing facility is 42,000 square-feet.
In 2004, the company entered into a local and state tax agreement as part of its previous expansion at the Milford site. Under the terms of that agreement, according to company and town officials, the company agreed to create 10 jobs and invest $15 milllion. In exchange, the town approved a 12-year TIF agreement and the state agreed to a 5 percent investment tax credit. The company has since far exceeded its agreement terms, according to the letter from company Treasurer Robbin Eynon, having created 80 additional full-time jobs at the site and invested $28 million since 2004.