hopkinton-independent-logo2x
Hopkinton, MA
Hopkinton, US
6:33 pm, Saturday, December 3, 2022
54°F

SIGN UP TODAY!
BREAKING NEWS & DAILY NEWSLETTER



Voters approve Lykan TIF

by | Feb 20, 2019 | News

Company receives widespread support from town

Lykan Bioscience CEO Anthony Rotunno speaks at the Feb. 11 Special Town Meeting where voters approved a Tax Increment Financing agreement for his company to locate to South Street.

Voters at the Feb. 11 Special Town Meeting approved the Tax Increment Financing (TIF) agreement for Lykan Bioscience by a clear majority, clearing the way for the company to locate at 97 South St.

“We’re very happy with the approval and anxious to get started,” Lykan CEO Anthony Rotunno said after the meeting.

The vote to approve the TIF came after a presentations by both Rotunno and Board of Selectmen Chair Claire Wright. While Wright focused on explaining the terms of the TIF and the benefits to Hopkinton, Rotunno provided residents with a company overview, as well as details on proposed job creation and Lykan’s economic impact.

Wrapping up her presentation, Wright said, “The Board of Selectmen supports this article because we see that it has a strong potential for increased tax revenue, for revitalization of an underutilized and unproductive site, and it promises economic benefits that are both broad, as well as specific, that will add positively to Hopkinton’s quality of life and vitality.”

Lykan Bioscience, founded in 2017 by a team of biologics industry veterans, is an emerging manufacturer of clinical products whose goal is to provide end-to-end solutions in cell and gene therapy manufacturing.

“This is the next-generation therapy and we’re excited to be so early in the process,” said Rotunno, who went on to say that the company’s initial focus will be on cancer treatments.

“We’ll spend most of our time over the next five years focused in oncology,” he said.

Proposed investment at 97 South St. is estimated at $12 million, including $10 million in construction costs and another $2 million in personal property. Over the 10-year period of the TIF agreement, the total TIF relief for Lykan totals $416,788 and the total new town revenue totals $228,512. Over a five-year period, Lykan has committed to create 125 permanent full-time jobs.

Speaking of Lykan’s economic impact, Rotunno said employees will spend at local restaurants and retail establishments along with corporate and industrial services.
He also pointed out that Lykan doesn’t have any of its own products and therefore has zero risk of failure.

“Product failure to Lykan doesn’t mean anything because the next product is behind it,” Rotunno said. “We just manufacture and get paid.”

While a few residents had questions about the specifics of the TIF or about Lykan in general, the discussion prior to the vote was generally positive, with several people voicing their support.

“It is a step forward for all of us,” said Board of Assessors chair Mary Jo LaFreniere.

Discussion came to an end when the question was moved and a vote was taken. Article 4: Approval of Tax Increment Financing Agreement for Lykan Bioscience passed by a clear majority.

Complete details of the approved TIF agreement with Lykan Bioscience can be viewed online on the town’s website here.

Results for the remaining articles are listed below:

Article 1: Unpaid Bills from Previous Fiscal Year — in the amount of $101,022.80 passed with the required nine-tenths majority.

Article 2: Supplemental Appropriation for Repair of Lake Maspenock Dam — to increase the amount previously authorized by $140,000 for a total of $250,000, passed unanimously.

Article 3: Supplemental Appropriation for Fire Communication Systems — to increase the amount previously authorized by $ 57,750 for a total of $157,750, passed unanimously.

Article 5: School Department Mitigation Fund — Motion for No Action passed.

Article 6: School Department Stabilization Fund — Motion for No Action passed.

Articles 5 and 6 will be addressed at Annual Town Meeting in May.

0 Comments