METHUEN — New Balance's forthcoming "Factory of the Future," in Methuen, is being backed by $900,000 in state tax credits to foster business growth and create jobs.
Mayor James Jajuga made the announcement after being told that New Balance was chosen by the commonwealth's Economic Assistance Coordinating Council to participate in the Economic Development Incentive Program.
The athletic footwear and apparel company was among one-dozen chosen projects.
Jajuga is pushing the effort to secure New Balance's presence in the city by encouraging the company to expand to the 80,000-square-foot space at 596 Lowell St. The site will house advanced manufacturing operations, to include research, a pilot operation for the "Factory of the Future," sole injection molding, hot melt bonding technology and 3D manufacturing.
New Balance plans to create 60 new jobs, retain 15 existing jobs and make a private investment of $33 million, according to Jajuga.
The city has approved a 10-year tax financing agreement valued at about $271,618.
Jajuga touts New Balance as an opportunity to expand Methuen's commercial base and improve the city's fiscal health.
"The state's assistance is vital in this endeavor and we welcome this partnership," Jajuga said.
Director of Community and Economic Development William Buckley said the permitting process — including zoning changes and special permits — was wrapped up early this year.
New Balance is moving forward with design plans and should have the Route 110 building in use by spring 2020.