NORTON -- The vacant Polaroid building on Rte. 140 is likely to become the world headquarters of an expanding auto parts distributor after town meeting voters approved a tax break for the company Monday.

The 88 residents in attendance voted unanimously in favor of the Tax Increment Financing agreement with Autopart International, which partially exempts the company from being taxed on the value of improvements it plans to make to the old Polaroid building.

Economic Opportunity Area

Residents also voted to make the location at 192 Mansfield Ave. an Economic Opportunity Area, a designation which the state's Economic Assistance Coordinating Council requires before it approves TIF agreements.

`` We're very excited to be members of the community,'' Leo Murphy, an Autopart vice president, told the meeting. The company sought the tax break not so much for the $139,440 it will save over 10 years, officials said, but rather because a municipal TIF is required for Autopart International to be eligible to receive a state investment tax credit.

Prior to the vote, Town Manager Jim Purcell laid out the benefits for Norton, citing the company's pledge to create 85 jobs for area residents and to bring an estimated $1 million a year in consumer spending at local retailers.

Extra money to town

In terms of revenue, he said, the empty building generates $159,533 in taxes each year. The town will still receive that amount, but after factoring in the value added by Autopart International's new investment and the tax relief provided by the TIF, the town will get an extra $115,728 over 10 years.

Numerous people spoke in favor of the agreement, including Jim Walsh of Godfrey Drive, who predicted that Autopart will be `` a very good corporate neighbor.''

In an unrelated matter, voters also approved without objection the transfer of $11,683 from a school athletics account to the `` Field of Dreams'' facility improvement project fund.