Somerville's Big Bet on a Mystery Lab

Somerville is making a bold move to attract a big company. The city is thinking about giving up to $18 million in tax breaks. This is for a company that wants to move into a huge lab building. The building is already built and has 500, 000 square feet of space. This deal is called a TIF agreement. It would give the company 10 years of tax breaks starting in 2027. The city has already made $2 million from building permits. This money is not part of the deal. Tax breaks like this are not very common in Greater Boston these days. The market for commercial real estate, especially for labs, has been struggling. Since the COVID-19 pandemic, there is too much lab space. The total lab space in Greater Boston has doubled in the last five years. Right now, there is a lot of empty lab space. Somerville changed its zoning rules in 2019. This was to allow more commercial space near the Green Line extension. Many new buildings have gone up along the transit line and near Assembly Row. The goal was to boost the city's commercial tax base. The deal is for a lab company that will lease most of the building. The company will use the space for research, development, and manufacturing. The exact location of the building is not clear yet. More details will be shared before the City Council votes. The company will create new jobs by the end of 2032. It will also work with Somerville Public Schools. The company will share job openings and build awareness among high school students. This is to create a long-term employment pipeline. The company will also hire interns interested in biology and engineering. There is a clawback provision in the deal. If the company does not meet 70 percent of its hiring goals, it will have to pay back some of the tax breaks. The company is already based in Massachusetts. It is classified as a manufacturing corporation and is exempt from local personal property taxes. The City Council will meet to discuss this deal. The meeting is at 7:00 p. m. on Thursday.