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The Select Board approved a 15-year tax increment financing agreement tied to Onto Innovation’s planned lease of about 160,000 square feet, a $40 million facility renovation, and 400 new net jobs in Andover.
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The agreement allows future property-tax growth from the project to support the development while setting terms for the Town, the property owner, and Onto Innovation. The Board also approved amendments extending part of the Old Town Yard closing process and setting May 31, 2029, as the revised target for a fully developed site. Other unanimous actions included approving a $367,000 bond anticipation note and several alcohol-license changes.
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