Burlington invites Keurig for coffee
Burlington Town Meeting voted 93 to 7 Wednesday to approve a tax break benefiting a Reading-based coffee machine company that is considering a move to Burlington.
Keurig -- which leases 150,000 square feet in Reading, Wakefield, and Woburn -- is looking to consolidate and relocate its operations to one facility and has identified a site on South Avenue in Burlington as an option.
The tax increment financing agreement would go to the property owner, Gutierrez Co., but all the tax benefit would be passed on to Keurig through its lease payments, said Town Administrator Robert E. Mercier.
Such a tax agreement provides a company with a tax exemption for a specified period on the increased value of a property resulting from its investment. If it locates in Burlington, Keurig plans to invest $133.5 million in a two-phase expansion project at the South Avenue site.
Mercier said the town conservatively estimates that over its 15-year term, the tax agreement would save Keurig $3.3 million and that the company’s investment would generate $6.1 million in additional real estate taxes and $1.7 million in added fees for the town.
The agreement still requires approval from the state’s Economic Assistance Coordinating Council, which is reviewing it June 26.
Meanwhile, when it resumes at 7:30 p.m. Monday, Town Meeting is set to take up a zoning change sought by Gutierrez Co. to develop a mixed-use retail and restaurant project on a site referred to as The Canyon,15.3 acres of state-owned land at the end of Wheeler Road just south of the Route 3 and Route 128 interchange.
John Laidler can be reached at firstname.lastname@example.org.