TIF Agreement | Zoning

Tax Increment Financing (TIF) Summary
This project is located in a designated economic target area and has been approved for a twenty-year Tax Increment Financing package under the Massachusetts Economic Development Incentive Program. Office, lab, and industrial tenants are eligible for significant financial and tax benefits, including the following:

1. Tax Increment Financing.
   A twenty year tax exemption for real estate taxes has been approved for this project. The exemption applies to the increased value of the project arising from new construction or significant redevelopment.
2. Personal Property Tax exemption.
   All companies located within a TIF receive a 100% personal property tax exemption for the duration of the TIF.
3. A 5% State investment tax credit (Schedule EOA).
   This credit is on personal property used in certified projects within an Economic Opportunity Area. The credit is for five percent of the cost or other basis for tangible personal and other property which is depreciable and has a useful life of 4 years or more.
4. 10% abandoned building tax deduction.
   This deduction is for renovating an existing, abandoned structure. All buildings in the project qualify for this advantage.
5. Streamlined permitting and economic development incentive priority.
   Other incentives that may be less tangible but are still highly valuable include streamlining permits and applications for other state and federal programs stimulating redevelopment.
   

Zoning
Zoning for the property is extremely liberal and provides for a variety of office, RD, laboratory, industrial, manufacturing, and retail uses, including the following:

• Business or professional offices
• Banking
• Research laboratories with incidental assembly or manufacturing
• Office buildings
• Manufacturing, development or engineering
• Parking areas or garages
• Warehousing
• Retail
• Hospital
• Medical office
• Residential