2 Companies Seek Tax Breaks For Milford Developments

MILFORD, MA — Two different companies are eyeing development projects in Milford, which means potential new jobs and millions in investments. But both companies are asking for grant tax-increment financing (TIF) agreements first.

At Monday's Board of Selectmen meeting, the two companies, Interactions and Rentschler Biopharma, presented their plans for developing or expanding buildings along Maple Street.

Franklin-based Interactions, which makes artificial intelligence applications, wants to spend $7 million to renovate a building at 31 Maple St. for its new corporate headquarters. The project would mean about 200 jobs relocating to Milford, plus another 100 new jobs, according to the company.

Rentschler Biopharma says it will spend $55 million to build a 24,000 square-foot building at its building at 27 Maple St. The project would keep 85 jobs in Milford, and add 75 new ones.

Both companies say the jobs will pay on average in excess of $100,000 per year. But both also say they are evaluating sites outside Milford.

TIF agreements allow developers to save money on property taxes. If a TIF is approved, a developer gets to pay reduced property taxes for a set amount of time. Once the TIF ends, the property taxes reset to higher levels because of improvements done to a given property.

The companies are applying for TIFs though the state Economic Development Incentive Program.