MARLBOROUGH – Moderna has taken one big step toward setting up shop in the city.
During the City Council’s Finance Committee meeting on May 1, committee members approved a resolution welcoming the biotech company to the city, as well as a 20-year Tax Increment Financing (TIF) agreement.
The TIF was amended and sent to the city solicitor; the City Council then approved the TIF during its meeting on Monday, May 8.
According to Building Inspector Tin Htway, the city has “had preliminary discussions regarding process and procedures. Their team [is] working on development and construction drawings.”
Moderna plans to purchase and renovate the building at 149 Hayes Memorial Drive that’s on a 24-acre parcel of land. The company plans to do some renovations, adding about 60,000 square feet. About 200 full-time jobs would be created – most of them in manufacturing.
“It’s a very friendly business climate,” said Scott Nickerson, senior vice president for Moderna on why it chose Marlborough. “It’s also close to Cambridge and Boston.
Nickerson added that the company “looked at several different places” in and out of the state. What drew Moderna to the city was a facility that was already built.
“That saved us 12 to 18 months,” he said.
“It seems like a great space for you,” said Ward 4 Councilor Teona C. Brown.
TIF agreement
Under the TIF, Moderna would receive a 100% exemption from real property taxes for the first four years from 2024 to 2027. The exemption would go down to 90% the following two years, 80% for two years after, and so on until it goes to 5% in 2043.
The exemption would not apply to personal property taxes. The company would also be subject to motor vehicle excise taxes and water/sewer fees.
Nickerson said that he lives in Shrewsbury, and he often takes his four children to the Apex entertainment center, so “he’s familiar with Marlborough.”
Committee members were enthused about Moderna coming to town.
“What Moderna brings is a life sciences center,” said Council President Michael H. Ossing, adding that other companies could be drawn to the city because of Moderna.
“What a magnet you will be for Marlborough,” said At-Large Councilor Mark A. Oram.
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