Quest Diagnostics has received final approval for a tax plan with the city that would situate the major company in Marlborough for the next 15 years.
The company has identified a 537,000 square-foot space (the former Hewlett Packard facility that recently was approved to be a multi use facility called Forest Park) in Marlborough as a site for expansion. The plan will bring over 1,000 jobs into the city.
A private investment of $77 million will facilitate necessary improvements, laboratory and office space build out and the purchase laboratory equipment.
The project will create 246 new jobs and retain 957 jobs in the Commonwealth. The City of Marlborough is supporting the project with a 15-year Tax Increment Financing agreement valued at $17,179,339. Final approval was given to the plan last week by the Economic Assistance Coordinating Council, although the agreement involves no state funds.
City officials have said that such a favorable agreement will not come to other companies that come into the Forest Park Development. Officials and developers have said getting this key company was an important step towards boosting interest in the site.