MANSFIELD - A bio-tech firm with established roots in town is looking to expand - and looking for tax relief to make the project more feasible.

Covidien, which currently leases six buildings in Mansfield, is looking to purchase and renovate a building at 777 West St., which soon will be vacated by Albany International.

To make the purchase and renovations, which the company says will cost more than $20 million, Covidien is asking the state and town for tax credits to create economic growth. The company says the credits are essential to make the project economically feasible.

"The purchase of this new building for Covidien is conditional on the approval of these incentives," said Jeff Hunt, president of patient care and safety products at the company. "We feel strongly that with the approval of these incentives, we will continue our long-standing relationship in the town of Mansfield."

In addition to a 5 percent investment tax credit from the state, the company is asking Mansfield for property tax relief in the form of Tax Increment Financing (TIF). Under a TIF, the company's property tax rate would be based on the current value of the land, not the value once the improvements have been made. The TIF exemption, which could run from five to 20 years, would only apply to the new building and would not affect the $1.2 million the company already pays the town in property taxes on its other buildings.

As Covidien laid out its proposal at last week's selectmen meeting, town officials seemed receptive to the idea, but said they wanted to see hard numbers before giving their approval.

"I'm looking forward to seeing the numbers and trying to make this work," Selectman Kevin Moran said.

Selectmen George Dentino agreed with Moran.

"(Covidien) is a solid company that's already established here, which is good," he said. "But what does this come down to in dollars and cents."

The company plans to use the new building for offices, as well as research and development laboratories. The new building is expected to add 50 full-time jobs to the Mansfield campus, which already holds 1,215 full-time employees. Salaries of the new jobs will range from $50,000 to $100,000.

Covidien, a health-care products company, split from Tyco International last year. The company has its U.S. headquarters in Mansfield.

Albany International, which manufactures textiles, announced it is closing its Mansfield plant sometime this winter, although no definitive date has been announced.

Before the company can receive the tax breaks, the proposal must be approved by a TIF committee. Selectmen must then put the proposal to a vote at town meeting. If the proposal passes, then regional and state boards must also approve it.

Hunt said the tax incentives are crucial in the purchase of the new building, and the company might buy property elsewhere if they do not get what they are looking for. "(Mansfield) is our first choice, but we do have choices," he told the board.

MATT KAKLEY covers Mansfield for The Sun Chronicle. He can be reached at 508-236-0333 or at mkakley@thesunchronicle.com.