Who could po$$ibly be angry about it?
"Walpole offers tax break to Siemens" by Johanna Seltz Globe Correspondent January 30, 2016
Walpole officials this week authorized a tax break to Siemens if the company agrees to invest around $300 million to expand its medical diagnostics factory in the town.
The offer from Walpole includes a reduction in property taxes by an average of 75 percent over 20 years if the international company expands the manufacturing plant and brings in 400 new jobs.
The tax break — officially known as a Tax Increment Financing agreement or TIF — needs approval from Walpole Town Meeting in March as well by a state economic council.
The company has said it is considering another site, as well, and has not decided whether to build in Walpole.
$hades of GE.
The facility has been in Walpole since 1979, and received a $107 million addition in 2006.
Chump change for a billion-dollar conglomerate, right?
Siemens acquired the property about seven years ago from Bayer.
At the time of that expansion, the facility received a 10-year TIF agreement, which as of fiscal 2015 had reduced local property taxes by about $262,000, according to a report filed with the town.
Siemens’ property tax bill in fiscal 2015 was $1.1 million.
The company currently employs about 634 people, according to the town report.
The TIF would apply only to the new construction and would take effect in steps — starting with a 90 percent reduction in property taxes and averaging out to 75 percent over the 20 years, according to documents released by Walpole selectmen.
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Did you see who was cutting the ribbon?
