Since Shire Pharmaceuticals relocated its Human Genetic Therapies Division to Lexington Technology Park in 2007, the fiscal benefits to the Town, even after taking into account the TIF, have exceeded the projections Patriot Partners presented to Town Meeting in 2004.

Even though the project is not fully built-out or assessed at its level of approved space, real estate taxes paid to the Town for FY09 amount to approximately $1.6 million, a seventy percent increase over the taxes paid when Patriot Partners first acquired the property in December 2002. Additionally, the traffic impacts will continue to be substantially less than anticipated due to the relatively fewer number of employees at life science companies, such as Shire.

The expansion of Lexington Technology Park will generate a number of significant benefits for the Town of Lexington, including:

  • An estimated $2,200,000 in additional new net annual tax revenue to the Town when the new buildings are completed.
  • The project has a cost to revenue ratio of 0.13 at project stabilization. Accordingly, 87 cents of every revenue dollar generated will accrue as a net fiscal benefit.
  • An expansion of Lexington's total assessed commercial valuation by approximately $100 million
  • Bolstering Lexington's reputation as a center for the growing biotechnology industry
  • An increased ability to attract clean, low-impact life science companies to the region
  • The creation of high-quality jobs for Lexington and the Greater Boston area
  • Hundreds of construction jobs

To read the complete fiscal analysis prepared by John Connery & Associates, please click here.