Tax Incentive for Biomeasure Expansion Advances

Biomeasure has accepted an offer from Milford Selectmen that will provide 10 years of property tax reductions on a planned 60,000 square-foot expansion of the Maple Street facility.

Milford Town Meeting voters will be asked to approve a tax incentive for a planned expansion of the that town officials say will lead to increased job opportunities.

The TIF proposal, , would provide a 70 percent decrease on the property taxes for the expanded facility in fiscal 2013, gradually decreasing to a 10 percent break by the seventh year of the 10-year agreement.

The company, located at 27 Maple St., is a subsidiary of Ipsen. It already has a Tax Increment Financing (TIF) agreement with the town and state, and the new agreement would cover the 60,000-square-foot addition, which will more than double the size of the facility.

The value of the expansion is estimated at $40 million.

In a letter to the town, 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. Employees at the Milford facility are working on a new protein that may enhance cartilage regeneration.

According to Town Administrator Louis Celozzi, the company located in Milford after considering a site in Marlborough.

Michael Rooney May 01, 2012 at 05:53 PM
i am so disgusted about giving yet another tax break to a multi million dollar international company, just to build a facility in town, how mush money is this going to cost the town in tax revenue over the next ten years? i know my residential tax went up yet again this year. i find this absurd that we have not learned over the year that once the tax breaks stop all the company will do is look to move the jobs else where for yet another break,
Michael Rooney May 01, 2012 at 05:58 PM
please can someone tell us how much in tax revenue this will cost the town over the next ten years?
UglyHat May 01, 2012 at 07:57 PM
So the question is do you offer the tax break and hope they keep the building occupied and keep the money in Milford? Or do you decline to offer a break and have the company, as you said ‘look to move the jobs elsewhere’ now. Maybe they won’t move. Maybe they’re bluffing and they’ll stay here even though the taxes are higher than somewhere else. But maybe not. And if they do move you have another empty building, fewer tax dollars, and fewer employee-dollars spent at Milford stores and restaurants. In my opinion you’re not looking at this the right way. This doesn’t cost Milford anything. You have to keep the roads paved and plowed anyway. The Police and Fire Departments don’t need to expand because of this company. You’re not spending any money specifically on this property. It’s true that the tax rate may come down for this property. But the tax receipts plus the benefit of having those people spending money in Milford is a good thing. And having this company in Milford may reduce the local unemployment rate. What I don’t get is the visceral hatred toward successful companies.
milfordman May 01, 2012 at 11:13 PM
Yes, you can collect zero tax dollars from an empty building or you can work out a deal. Simple.


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