Selectmen, TJX Agree to 20-Year Agreement to Keep World HQ in Framingham

Framingham Selectmen have reached a tentative 20-year tax finance agreement that would keep the at 770 Cochituate Rd.

In making the announcement tonight, Selectmen called for a Special Town meeting on May 22 to seek Town meeting approval of the agreement.

The agreement calls for TJX to maintain 1,600 permanent jobs and create 225 new jobs over the new several years.

In addition, $143 million of the new investments will be made for on site expansion, renovations to the existing buildings and acquisition costs.

In exchange for these commitments, Framingham will provide tax incentive for new investments.

"TJX has a long, rich history with the Town fo Framingham which we would like to see continue for many years to come," said TJX President Ernie Herrman in a press release. "We believe this suggested tax structure would benefit both the Town and our Company and are optimistic that Framingham will remain the home of our world headquarters."

"Discussions with TJX senior management has been ongoing since last October, culminating in this 20 year proposed TIF agreement," said interim Town manager Valerie Mulvey.

Selectmen approved the agreement 4-0 tonight, May 2.

"This agreement is great for Framingham for many reasons including significant on-site investment dollars totaling $143 million, new permanent jobs, maintaining our current tax revenue of $1.8 million for this property, maintaining a significant number of jobs in Framingham along with the income for local businesses derived from TJX employee spending and TJX purchases, as well as keeping the prestigious corporate headquarters in Framingham that provides significant local philanthropic support," said Mulvey in a released statement.

"We look forward to bringing this agreement to Town Meeting for their approval," concluded Mulvey in reading the statement to Town meeting tonight.