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The Planning Board voted 4-0-1 to recommend approval of two tax increment financing agreements supporting AdvanCell at One Corporate Drive and Onto Innovation at 0 Minuteman Road, while taking no position on their financial impacts.
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The proposed agreements would reduce property taxes temporarily to encourage private investment, new jobs, and the reuse of long-vacant commercial properties. Staff said improved buildings and assessed values would remain even if a company left, and recapture provisions could apply if job targets are not met. The Select Board and Finance Committee were identified as responsible for evaluating the financial considerations.
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