A large veterinary technology company headquartered in Maine is seeking to extend a favorable property tax deal as it plans a major expansion.
The Portland Press Herald reports that Idexx Laboratories Inc. is asking Westbrook city officials to extend its tax increment financing deal for 10 years and include its planned 135,000-square-foot expansion as part of the agreement.
The Press Herald has reported that Idexx employs about 2,500 people in Maine and expects to add as many as 600 new jobs with its expansion.
If the change is approved, the company could save about $1 million in property taxes every year until 2037.
Westbrook City Administrator Jerre Bryant says keeping Idexx in Westbrook is “very, very important.”
A company official says amending the agreement is “integral” to the company finalizing expansion plans.
The City Council will vote on the change Feb. 26.
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