Morse Barnes Brown and Pendleton
Digg icon reddit icon Stumbleupon icon
Print Email     Print Edition Stories

Thursday, December 4, 2008

Sepracor causes tax incentive stir in Marlborough

By Marc Songini

Members of the Marlborough City Council have approved multi-million tax incentives for drug maker Sepracor Inc., despite individual councilors’ concerns over the package.

This past Monday, the City Council gave the thumbs-up to a $3.8 million municipal tax break for Sepracor (Nasdaq: SEPR), according to the MetroWest Daily News. The company is building a new facility in Marlborough, where it is headquartered, and has plans for a third project. The tax break is being granted on condition that Sepracor create 250 new jobs.

However, the City Council held differing opinions about the tax break. According to Ward 2 Councilor Paul Ferro, the tax break has problems. Previously, he submitted a differing tax incentive proposal for future building, but that failed to pass the Marlborough Finance Committee, according to the report.

During a discussion on the merits of the proposal, Ferro also noted Sepracor hasn’t answered several questions, including just how many employees the company actually has, the MetroWest Daily News article reports. Any discrepancies in reported numbers may mean there is a shortfall on the promised number of new jobs. He concluded this was a bad plan for the city. Ferro also suggested there should be back and forth dialogue on tax incentives, just as there are with special permit applications.

Although Ferro and two other councilors were opposed to the tax incentive plan, it passed anyway, according to the story.

Sepracor reported a 2007 profit of $58 million on revenue of $1.2 billion. The company employs about 2,800 workers.
 

Digg icon reddit icon Stumbleupon icon
Contact Editor Latest News

Comments

Please Login/Register to post comments.

No comments have been added or approved.

On the MHT blog now

Bill Gates, Ray Ozzie, Microsoft execs patent 'personal data mining'

By Todd Bishop TechFlash Bill Gates, Ray Ozzie and a bunch of other heavy-hitters from Microsoft are named as inventors on a newly issued patent for a "personal data mining" system that would analyze information and make recommendations with the goal of aiding a person's decisions and improving quality of life. The patent was issued this week, based on a September 2006 patent application. I...

Read More

Most Popular Stories
EmailedViewed
Stay Informed
Check which newsletter you'd like to receive.
TechFlash (Daily)
FinanceFlash (Daily)
BioFlash (Daily)
GreenFlash (Weekly)
Startup Report (Weekly)
Breaking news, MHT events, local announcements
RSS feeds
Your email:

Affiliate publications: ACBJ.com, Boston Business Journal, Bizjournals.com, Portfolio.com, Wired.com

Web Site Developed by Neptune Web, Inc.

Use of, registration on, this site constitutes acceptance of our User Agreement. Please read our Privacy Policy (updated) A publishing partner with Portfolio