January 9, 2019

Special Town Meeting set for February 11, 2019

[Updated January 15, 2019]

Tonight Lykan Bioscience will give an update to the Board of Selectmen about their interest to locate in Hopkinton, TIF (Tax Increment Finance) application, and related Special Town Meeting preparations. This will be the first opportunity for the public to ask questions before voting on the TIF at Special Town Meeting on February 11th. Tonight’s Board of Selectmen meeting will be held in its usual location in Town Hall, 18 Main Street and Lykan Bioscience is on the agenda at 8 pm. See the related slide presentation here and below. As always, HCAM-TV will broadcast the meeting live online and on TV (Comcast Channel 8, Verizon Channel 30).

Background:

On January 8th the Board of Selectmen voted to hold a Special Town Meeting on February 11, 2019 to vote on a TIF (Tax Increment Finance) that could bring a large manufacturer of cell and gene therapies to Hopkinton. Lykan Bioscience has submitted a letter of intent to the Town outlining a plan to lease 63,000 square feet at 97 South Street for a total investment of $12 Million. They expect to create one hundred and twenty five new permanent full time positions over five years in Hopkinton. As part of the process, they are seeking a TIF. Simply put, this is a public financing method that is used as a subsidy for redevelopment, infrastructure, and other community-improvement projects. (More on TIFs here). At the January 8th Selectmen meeting, the TIF was described as a tax exemption for the value that is added to the property as a result of rehabilitation, new equipment, and any improvements, up to 100% and for a maximum 20 year period. The terms of the TIF are currently under negotiation and will be set before Special Town Meeting. Depending on the vote, Lykan Bioscience will then move to the next step in the TIF process with the State. In his presentation, the Town Manager cited several positives to Lykan Bioscience moving in, noting that the Town has a desire to fill vacant buildings, support biotech businesses, and support a local economic base that will help maintain the Town’s AAA bond rating and create good jobs. Lykan Bioscience has agreed to pay for a portion of the cost of Special Town Meeting.

Schedule:
Jan 9 – Jan 23: The warrant will be open
Jan 25: Selectmen will sign the final warrant
Jan 28: Warrant will be posted
Feb 11: Special Town Meeting

Board of Selectmen’s meeting, January 8, 2019: (Credit: HCAM-TV)