Analog Devices Moving Chelmsford Employees To Wilmington

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.