Analog Devices is building 441,160 square feet of new construction on land it owns in Wilmington. Once construction is complete on the facility, which is expected to cost $142 million in addition to $14 million the company will spend on renovations to existing buildings, it will consolidate its employees from its Chelmsford and Norwood campuses in Wilmington.
Last month Wilmington Town Meeting approved a tax increment financing package. In a tax-increment financing, or TIF, deal, the municipality floats bonds to pay for infrastructure and sometimes construction costs for a private sector developer. Those bonds are repaid using the additional tax revenue from the higher assessment of the property.
In addition to the TIF, Wilmington is waiving $700,000 in construction permit fees. As part of the deal, Analog agreed to transfer 450 employees from Norwood and its other Massachusetts facility in Chelmsford to the Wilmington campus.