Newton-based chemical manufacturer MicroChem closed last month on a Westborough facility that will serve as its new headquarters, and company officials hope to complete renovations and relocate there by the end of the year.

But the move was made possible in August, when Westborough Town Meeting voters approved a tax-increment financing plan that will give a tax break of around $263,000 to the company over 15 years. Town Manager Jim Malloy said such deals are increasingly necessary for communities to compete for businesses growth, and have contributed to Westborough’s first rise in four years in the percentage of its tax base from commercial property.