Saint Gobain Research North America proposes $100M renovation plan with tax incentives

Saint-Gobain Research North America is making significant strides in its campus renovation project, which aims to revitalize over 80,000 square feet of its facilities in Northborough. During a recent Select Board meeting, representatives from the company outlined their progress and discussed a proposed tax incentive financing plan that could benefit both the company and the local community.

The renovation, which focuses on the company’s oldest building, is currently at the 60% design phase, with plans to reach completion by the third quarter of 2025. The project has garnered support from the town, as it promises to enhance economic development in the area. Saint-Gobain reported over 6,500 annual visits to its facility, highlighting its active role in the local economy.

Leslie, a representative from Saint-Gobain, detailed the financial model being proposed to the town. The plan includes a significant investment estimated between $80 million and $100 million, with a focus on maintaining a constant tax rate over time. The model suggests that the community could see an annual tax revenue contribution of approximately $306 million, with an additional $2.4 million in the first four years before tax abatements begin.

The proposed tax abatement would start in year five and last for 15 years, structured to ensure that the community benefits from increased investment and job opportunities without risking its baseline tax revenue. The representatives emphasized that the tax abatement would only apply to the incremental increase in value resulting from the renovation, ensuring that the town's financial interests are protected.

As the project moves forward, the Select Board will review the proposed agreement and its implications for the community. The outcome of these discussions could pave the way for a fruitful partnership between Saint-Gobain and Northborough, fostering economic growth and development in the region.