Tax breaks approved

A special Town Meeting last Monday approved two tax breaks to attract business in the Norton Commerce Center. One was authorized for OMNIlife science, a Taunton medical-devices company that is considering moving to 60 Commerce Way, and the other for Penske Truck Leasing Co., which plans to open a facility at 40 Commerce Way, said Town Administrator Michael Yunits. These agreements would temporarily exempt real estate taxes on part of the increased value of the properties resulting from the investments. The property owner, Norton Commerce Center LLC, would pass on those savings to the businesses through their leases. The tax break for OMNIlife is for 15 years and worth $595,566, and would generate added tax and fee revenue of $162,734. Penske’s 11-year tax break would save the company $447,896 and generate $1.3 million in new taxes and fee revenue. If it relocates, OMNIlife has committed to bringing 70 existing jobs and later adding 15 new ones, said Lynn Tokarczyk, a consultant to the firm. Penske has committed to bringing 14 jobs and adding seven, Yunits said. The tax breaks require approval by a state board.