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TJX Deal Approved

The retail company will stay in Framingham.

Submitted by Town Manager Robert Halpin's office:

A deal between TJX and the town of Framingham that could bring 225 new full-time jobs to Framingham was given the green light by the Massachusetts Economic Assistance Coordinating Council on Tuesday. The deal makes it possible for TJX to purchase the Framingham property and invest in a major renovation.

Officials representing the Town of Framingham and TJX Companies, Inc. and Framingham’s state legislative delegation successfully made the case before the Massachusetts Economic Assistance Coordinating Council early Monday morning for approval of a variety of local and state tax incentives that support TJX’s decision to expand its headquarters in Framingham. Following presentations by representative of the company, the town, and state legislators on the details of the expansion, the EACC voted to approve the project and the related tax incentives.

The proposed expansion includes a firm commitment by TJX to create 225 new jobs at the Framingham headquarters as well as retaining the 1,600 existing jobs at the location.  TJX will invest $143 million in Framingham as part of the project and plans to purchase the buildings and land it has leased in Framingham.

“These are significant benefits to Framingham in providing long-term stability as well as retaining a world class company with long standing roots in our community,” Selectman Dennis Giombetti told the committee in speaking on behalf of the town’s delegation. “This agreement maintains and protects a tax revenue stream currently at $1.8 million for this property but also maintains a significant $25 million multiplier effect within the local economy representing income for local businesses derived from TJX employees and company spending.” 

Town Manager Robert Halpin and Chief Financial Officer Mary Ellen Kelly also attended the meeting. Town officials were joined at the meeting by state Sen. Karen Spilka and state Reps. Chris Walsh, Tom Sannacardo and Tom Conroy. 

Spilka was a member of the local working group that negotiated the agreement with TJX. Speaking on behalf of Framingham’s legislative delegation, Spilka said, “I commend the hard work and collaboration among town officials, employees, Town Meeting members, and the TJX team. This plan keeps a vital Framingham company headquartered in Framingham as it grows into a global powerhouse. The TJX expansion will bring hundreds of short term and permanent jobs and will provide a ripple effect that benefits the entire MetroWest economy.”

President and CEO of the MetroWest Chamber of Commerce Bonnie Biocchi was also a member of the local working group that negotiated the agreement.

“The MetroWest Chamber of Commerce applauds both the Town of Framingham and the TJX Companies, Inc. for keeping their headquarters and the associated jobs here in Framingham. We support this public/private partnership and are pleased that TJX will continue to grow here and throughout the region over the long term.”

“TJX is a great neighbor,” said state Rep. Tom Sannicandro. “The expansion will create jobs in construction and in the local economy in addition to the new full-time jobs in Framingham. This program, the EACC, was designed to support projects just like this.”

"As the state representative whose district will include parts of Framingham and Marlborough starting next year, I am particularly pleased that TJX will remain in Metrowest and has committed to increasing their investment and jobs in both municipalities and throughout and the region," said State Representative Tom Conroy. TJX Companies, Inc., under a separate project and tax agreement that was also approved by the EACC this morning, will also expand to a new campus in Marlborough.

“Companies like TJX are the bedrock of our economy, making the investment to keeping them in our community is a wise and thrifty move for the town as trying to fill the gap that they would leave would be near to impossible,” said state Rep. Chris Walsh. “The selectmen and the team that negotiated this agreement did incredible work in crafting a fair and sustainable plan.”

Under the project and agreement approved today, TJX, which currently leases its Framingham space, would purchase and renovate the property. All told, the company expects to put $143 million into the Framingham location. TJX currently houses 1,600 employees at the Framingham location. The company has committed to keeping those jobs in Framingham and adding another 225 jobs. These new jobs are full-time position with an expected average salary of approximately $90,000 per year.

The Council approved a 20-year tax increment financing agreement. Under the agreement, TJX will pay property taxes on the current assessed value of the property and not on the increased value of the property post-renovation. The agreement includes clawback provisions if TJX does not meet its commitments.

 

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