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Foxborough

Software manufacturer to invest in return for tax break

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Senior managers at Foxborough-based Invensys, a software manufacturer and engineering firm, have told Board of Selectmen the company is prepared to make a $30 million investment at two local sites if the town provides a tax break  called Tax Increment Financing. The tax incentive program is designed to promote job-creating development by allowing communities to vote to reduce the real estate tax on a new project for a up to 20 years. Company officials at the selectmen’s meeting on Tuesday did not offer specifics of the investment plan nor commit to remaining in Foxborough. Town officials said a committee will be appointed to review the Invensys proposal and make a recommendation to selectmen. Voters would then weigh in at the May Town Meeting, and if the tax break is granted, it will be forwarded to the state Economic Assistance Coordinating Council for approval.

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