Patriot Ledger | By Jessica Trufant
December 6, 2016
WEYMOUTH — Making for what Mayor Robert Hedlund called “a historic day for Weymouth,” the town has agreed to give the first large-scale commercial tenant in the redevelopment of the former South Weymouth Naval Air Station tax breaks during the next 20 years.
The town council on Monday unanimously approved a tax-increment financing agreement with Dutch robotics company Prodrive Technologies, which plans to open its U.S. headquarters at Union Point, the property formerly called SouthField.
TIF agreements are designed to give owners breaks on their property taxes in exchange for adding jobs and developing property. The agreements also serve as incentives for businesses to move to a specific community.
“With all the milestones and setbacks we have experienced in this project, it has proven to be worth the wait,” Hedlund said Monday night.
In September, the company signed a deal to develop about 7.5 acres of land with two buildings totaling 226,000 square feet. LStar Communities, the company overseeing the redevelopment, provided the land for free as an incentive to draw in a flagship tenant.
Eric Zulkiewicz, Prodrive Technologies’ project manager for U.S. expansion, said the company selected Union Point and Weymouth due to their proximity to Boston, the availability of open land and the flexible zoning requirements.