first_imgShare this:TwitterFacebookLike this:Like Loading… RelatedSelectmen, Town Meeting To Decide If Analog Devices Will Receive Huge Tax Break To Allow Expansion To Move ForwardIn “Business”NO-BRAINER?: Will Wilmington Approve A Tax Increment Financing Agreement With Analog Devices, Ensuring Town’s Largest Employer Stays Put? (Article 40)In “Business”SELECTMEN NEWS: Town, Analog Devices Reach $5 Million TIF Agreement, Called A “Win-Win” For Residents & CompanyIn “Business” WILMINGTON, MA — Analog Devices, the town’s largest employer, is currently building a new headquarters in Wilmington, with the construction of a 174,000 square foot three-story office building, a 52,000 square foot hub building, a 215,000 square foot three-story parking garage, and the renovations to existing buildings. The total investment is estimated at approximately $157 million.The project was solidified after the town and Analog Devices came to terms on a Tax Increment Financing (TIF) agreement, which was ratified by residents at last year’s Annual Town Meeting. Under the TIF, the town continues to collect 100% of existing real estate tax revenue, but allows for a tax exemption based on the increased assessed value due to property improvements. The tax incentive is a discount on projected future taxes during the life of the proposed TIF.The key terms of the final agreement, as relayed by Town Manager Jeff Hull, include:Tax relief of $4.3 million based on value from new construction only with a maximum duration of eight (8) years whichever comes first;$700,000 to be waived in building permit fees which would be charged on this new construction;TIF to begin in the year in which there is taxable value from construction on the property;Analog commits to create 50 new jobs over five (5) years;Analog committees to relocate 450 employees from their Chelmsford and Norwood facilities to the newly expanded Wilmington campus;Analog commits not to file for a property tax abatement during the life of the TIFMike Errera, Vice President of Supply Chain Planning & Logistics and General Manager of Analog Devices, was recently in front of the Wilmington Board of Selectmen to provide a status update on the project.“We’re right on schedule and budget at this stage,” announced Errera. “We’re excited about getting this done and consolidating our Massachusetts team here in Wilmington.  We feel we made the right choice in terms of coniuting to go long in our presence here in Wilmington. The cooperation with the town and construction folks have been suberb. We appreciate that. We’re looking forward to inviting you out to the ribbon cutting ceremony next year.”Errera noted that the construction of the hub building is expected to be completed this fall/winter, with occupancy expected in February 2020 or March 2020. The new office building is also in the middle of construction, with occupancy expected in the summer of 2020. Norwood employees will be moved to Wilmington at that point. Once new construction is complete, the existing office buildings will be renovated, with Chelmsford employees moving in 2021.Errera showed renderings of the new hub building, which will feature an auditorium, forum space, reception area, gym with yoga studio, and roof deck patio space. The new office building will include meeting space, collaboration areas, huddle rooms, open space, and community space. The buildings and garage also include sustainability measures, including a 1.2 MW roof solar systems and charging stations for electric vehicles. Errera also noted that a partnership with Uber will be formed to transport employees who rely on public transit, transporting them from Anderson Regional Transportation Center in Woburn to the Analog campus.Selectmen were happy to hear the news.“It’s clear you have a lot of exciting things happening at your campus,” responded Selectman Chair Greg Bendel. “We’re glad you chose Wilmington once again.”“The [TIF agreement] was a win-win for both the community and Analog,” added Selectman Kevin Caira. “We’re looking forward to the tour.”“The project looks good. It looks like a college campus,” said Selectman Mike McCoy. “It will attract people throughout the country to come to Wilmington.”“Analog Devices is competing for talent,” agreed Errera. “We’re hiring out of the best schools. It’s not just about the paycheck, but about the destination and vibe.”“Thank you for investing in Wilmington with job creation and job retention, but also what appears to be a really first rate facility,” noted Selectman Jonathan Eaton. “You folks are going to have the ability to attract the best of the best with the facility you’re creating.”“We appreciate all that Analog has done working with the schools and its STEM Fair,” said Selectwoman Jomarie O’Mahony, who asked that Analog invite students to tour the new campus once its complete. “Analog is a great example of a corporate partner with the town. And your campus will add to our town’s beauty.”Like Wilmington Apple on Facebook. Follow Wilmington Apple on Twitter. Follow Wilmington Apple on Instagram. Subscribe to Wilmington Apple’s daily email newsletter HERE. Got a comment, question, photo, press release, or news tip? Email wilmingtonapple@gmail.com.last_img read more