News Articles

City Council OKs Marlborough Savings Bank Tax Incentive Plan

By Paul Crocetti/Daily News staff
The MetroWest Daily News
Posted Sep 18, 2009 @ 12:04 AM

MARLBOROUGH — The council this week approved tax breaks for Marlborough Savings Bank's new main branch downtown.

The bank is estimated to save about $360,000 over the 13-year length of the tax break agreement. In exchange for the tax breaks, the bank plans to add 13 jobs over the 13 years at the new 81 Granger Blvd. branch, in addition to the 40 jobs in the downtown area.

The city will take in an estimated $500,000 from base and new taxes over the 13 years.

"The approval of the (tax breaks) helps us to move foward with the whole intention to stay downtown," said Ellen Dorian, senior vice president at the bank.

The bank is bidding for general contractors, Dorian said. Its goal is to break ground this fall.

The council approved the plans 9-0 at Monday's meeting.

The new branch will help revitalize downtown, said Lynn Tokarczyk, a consultant to the bank.

"The city is pro-business," Tokarczyk said. "There are significant benefits (the city) will receive. It's a very exciting project."

Express Auto Center, a used car dealership, previously operated out of 81 Granger Blvd. The bank removed that building last month.

The bank plans to close its location at 178 Main St. and move that loan center to 166 Main St. The main office at 166 Main St. will move to the new branch at 81 Granger Blvd.

Construction of the 16,000 square-foot building is estimated at $3.5 million.