Special Town Meeting: Will Lykan Bioscience come to Hopkinton?
On January 29th the Board of Selectmen approved a Tax Increment Finance (TIF) agreement that may bring Lykan Bioscience to Hopkinton. Ultimately, the decision to enter into this community-corporate partnership will be up to residents at Special Town Meeting on February 11th. The Town needs at least 1% of town voters (117 people) to attend in order to call the vote.
TIF highlights:
What Hopkinton will get:
-125 new jobs with overall average salary (excluding benefits) of $98K over a five year period as follows: 10/10/35/35/35
-$12 million investment in 97 South Street
-full taxes on the base value of 97 South Street + partial taxes on the increased increment value of the property for 10 years
-locally focused internships for Hopkinton residents
-locally focused employee volunteer programs
What Hopkinton will give:
-Sliding scale tax break on the increased increment value of 97 South Street over a 10 year period as follows:
90%-90%-90%-80%-80%-50%-50%-20%-20%-20%
-Sliding scale tax break on Lykan’s personal property over a 10 year period* as follows:
90%-90%-90%-80%-80%-60%-60%-60%-60%-60%
What happens if the terms are not met?
The tax exemption will be reduced to zero percent the subsequent fiscal year and will not go back into effect until Lykan is in compliance.
Who audits the TIF?
-MA Economic Assistance Coordinating Council
-Hopkinton Board of Assessors
*until the MA Dept of Revenue designates Lykan as a manufacturer
Lykan Bioscience / Hopkinton TIF agreement