Finance Committee endorses 10-year TIF for PI's Marlborough headquarters

MARLBOROUGH -- November 28, 2022, Marlborough Finance Committee backs 10-year TIF for German-owned precision manufacturer PI. The committee voted 4-0 Monday to recommend a tax increment financing agreement with PI (Physik Instrumente) LP, which is consolidating its Auburn and Hopkinton operations into a vacant 100,000-square-foot building at 130 Lizotte Drive. PI President Dave Rago, who said he rescheduled a flight to Germany for the meeting, told members the company will invest $4.9 million, relocate 64 jobs and create 40 more over the TIF period. Worksheets in the packet show roughly $1.67 million in taxes paid against $201,000 in savings over 10 years. Council President Michael Ossing told skeptical members the city has "done nothing but succeed with TIFs," citing Crowley Drive's Resilience project where Marlborough collected full taxes after the company missed job targets. Mayor Arthur Vigeant said the project will be "less intrusive" than a previously proposed apartment complex on the parcel.