01 / 29 / 2019
  - 09:51:48 AM
Pproposed TIF Agreement, For Lykan Bioscience

By MyFM's Rick Michaels- The Hopkinton Board of Selectmen will meet tonight and will consider approving a proposed TIF agreement, for Lykan Bioscience, a manufacturer of clinical products looking to locate in the town. The Board has been reviewing with the Town Manager a TIF with Lykan Bioscience as the company is interested in leasing a vacant building on property at 97 South Street. The project investment by the owner of the building property and Lykan is estimated at 12-million dollars, creating 125 permanent full-time jobs, over a five-year period, during which time and according to the tax increment financing formula Lykan would be exempt from 90-percent of the personal property taxes otherwise due for three years. Dropping to 80-percent for the next two-years and then there would a 60-percent exemption from 2026, until the year 2030. Also tonight Hopkinton Selectmen will review the Fiscal Year 2020 comprehensive budget, submitted by the Town Manager, several committees have been invited to discuss the proposal with the Board tonight.

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