MIDDLEBORO — Middleboro officials presented a tax increment financing proposal for a Braintree-based company that is considering expanding to Middleboro with a $29 million building investment during a meeting on July 21.

During the Select Board Meeting on Tuesday, a pavement preservation company, Indus, presented their plans to purchase property and expand into Middleboro. They plan to construct a 75,000 square foot building for their corporate headquarters and operations. At the meeting, Town officials proposed a tax increment financing plan to draw the investment to Middleboro.

“Part of the job that we're doing is to attract [Indus] to decide to come to Middleboro, we're offering them tax incentive financing on the future value of the increased taxes,” said Town Manager James McGrail.

Tax increment financing is essentially a tax incentive from municipalities to draw in economic development. The financing takes future tax increases into account, and basically offers the company a discount to bring their tax revenue and job opportunities to Middleboro.

The proposed building site is located at the industrial park near Trucchi’s Supermarket on Canopy Drive.

Indus plans to create 20 new permanent jobs to add to the 65 full-time jobs and 160 seasonal jobs they employ in their pavement preservation business. Types of jobs include mechanics, warehouse personnel and drivers with Commercial Drivers Licenses. The company intends to give priority to qualified Middleboro residents for new jobs.

“I had the opportunity to step aside with a handful of employees, and every one of them gushed. Whether it was an employee who had just started or they had been there 15 or 20 years, the message was the same — it's a great company,” said Select Board member Thomas White of a company tour he took in Braintree.

The tax incentive for Indus would decrease taxes by a percentage rate for a term of ten years. McGrail said the financing will help Indus construct the new project and in ten years, the full value of tax revenue — at an assumed higher rate than now — will be returned to.

He said the town is pursuing Indus since the company doesn't have to choose to come to Middleboro, and the land is privately owned — so the town might not have a chance to decide what is built on the lot in the future.

“It allows us to market the property a little bit, for an end use that we want,” McGrail said.

“We're trying to attract manufacturing, commercial companies, and other towns spend millions of dollars to try to do what organically happens here. Companies want to come to Middleboro,” he added

Select Board member Teresa Farley said she appreciated the family-owned aspect of Indus, and said the investment will bring positive tax revenue to the town.

“It’s looking to bring a tax revenue base here that creates more balance, and doesn’t add to the tax burden for our homeowners. So I appreciate that,” Farley said.

Farley did not note concerns for traffic, since the company has 120 registered vehicles that will be working out of Middleboro. Indus President Richard Goodick said their trucks would leave the site no more than twice a day, and McGrail said the planning board considered the impacts to traffic and did not find an issue.

Now the tax increment financing plan for Indus is presented to the public, officials said they will continue to work on the plan leading up to voting during the Special Fall Town Meeting.

“We really did hit a home run with finding Indus, they're a great fit for our town. I think when we get into the dollars and cents of the deal, it's a really good deal for the town as well,” said McGrail.