Town meeting approves Invensys tax break

Town Meeting voters agreed last week to give Invensys the tax breaks it needs to go forward with $33 million in local renovations and a consolidation of its three local campuses to two. Months ago, company managers said they would consider moving the 100-year-old engineering and information technology company out of town without some consideration of its financial needs. According to the proposal approved swiftly by voters on Monday, the state Tax Increment Financing, known as a TIF, would last 15 years and save Invensys nearly $2 million while it invests $4 million at 38 Neponset Ave.; $26 million for renovations at 70 Mechanic St.; and $3 million for purchases and upgrades. Invensys representatives and Town Manager Kevin Paicos have maintained that the work will stimulate economic development and help the company hold on to hundreds of local employees. As part of the deal, Foxborough is to receive $7.7 million in total revenues over the term, including almost $1 million in new taxes. The company will not be required to make any payments for the first four years. At Town Meeting, officials described the deal as a win for everyone.