By MARK SARDELLA
WAKEFIELD — A Boston research and development company has been convinced to relocate to Audubon Road in Wakefield in part due to a program known as “tax increment financing.” Tax increment financing, or “TIF,” subsidizes companies by refunding or diverting a portion of their taxes to help finance development in an area or on a project site.
Town Administrator Stephen P. Maio told the Town Council this week that Nanoramic Laboratories was looking to relocate from Boston’s Seaport District to the suburbs. He said that he, along with Director of Assessments Victor Santaniello and Economic Development Director Erin Kokinda, convinced the company that Wakefield was the place to be, in part due to tax breaks on the money that the company plans to invest on improvements to the building that it will occupy on Audubon Road.
Nanoramic Laboratories specializes in technologies and material solutions based on nano-carbons. Nano-carbons have exceptional electrical, thermal and mechanical properties at the nano-scale level, addressing major challenges in energy storage and thermal management.
Director of Assessments Victor Santaniello said that the company plans to make a significant investment in the site that they will occupy on Audubon Road. Under tax increment financing, the town will not assess property taxes on those improvements for the first five years.
Town Councilor Ann Santos called the program “a no-brainer” that could attract other up-and-coming companies to Wakefield.
Councilor Ann Danehy agreed, adding that it was a “great opportunity” that could open the door for Wakefield schools to develop partnerships with locally-based technology companies.
Eli Cohen, executive director of corporate development for Nanoramic, joined the Town Council meeting via Zoom. He said that the company has signed a 10-year lease on the property on Audubon Road. He said that Nanoramic currently has 85 employees and plans to increase its workforce significantly.
He said that the company was founded in 2009 out of MIT and receives funding from NASA and the Department of Defense to develop energy storage materials specifically for harsh applications. He said that the company has developed a new way to make lithium ion batteries for electric vehicles that uses less energy in the manufacturing process.
“We are very excited to be the newest addition to the Wakefield community,” Cohen said.
Town Councilor Edward Dombroski supported the use of tax increment financing.
“This is economic development for the 21st century,” he said.
Town Councilor Michael McLane suggested that businesses tend to be attracted to Wakefield due to its location as much as other factors, but said that he was convinced by the presentation to support the proposal.
Economic Development Director Erin Kokinda called tax increment financing “a great tool” adding that it “may attract other companies that see us as business-friendly.” She also noted that the move has the potential to help other local businesses such as restaurants that may be patronized by employees of the new company.
The Town Council vote to approve the TIF was unanimous.