MANSFIELD - A Wrentham company is one step closer to getting the tax incentives they say are necessary to move to Mansfield.

At Wednesday's meeting, selectman recommended an 18-year tax increment financing package for Tyco Valves, more commonly known locally as Crosby Valve and Controls, which is looking to buy property in the town's industrial park.

Voters must approve the agreement at next week's fall town meeting before it can advance. If voters approve the agreement, the state must sign off on it before it becomes official.

Tyco is looking to buy a vacant building at 55 Cabot Blvd. and renovate the 119,000-square-foot facility. The construction would cost more than $20 million.

The agreement, which has been approved by the town's TIF committee, would allow the company to pay the property tax on the land's current value, estimated at $6.1 million, not the estimated $10 million value of building once renovations are completed. The new facility would add 30 to 50 positions to the 85-person workforce employed at the Wrentham facility. The new positions would be engineers and manufacturers, and their salaries and benefits would average $100,000 per year.

The Tyco TIF will be one of three such agreements that voters will be asked to approve at the fall town meeting.

Covidien and Medline, two life science companies already operating in the business park, are asking for TIF pacts to aid in their expansion efforts.

Crosby Valves was purchased by Tyco in 1998, and has been in its Wrentham location since 1948. The company makes products for nuclear power generation and the U.S. Navy. There would be no nuclear material present at the facility.

The fall town meeting is scheduled for 7 p.m. Tuesday in the high school auditorium.

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