Special Town Meeting Proposal
Click here to view the proposed conceptual site plan and conceptual architectural images.
Over the past decade, Lexington has built a reputation as the region's leading suburban biotechnology hub. To meet the continued demand for high-quality office and research space in this industry sector, Patriot Partners will develop an additional 380,000 square feet of space within Lexington Technology Park. Patriot Partners' goal is to attract and retain quality companies that will be good neighbors and corporate citizens to the Town of Lexington.
To proceed, Patriot Partners secured rezoning approval at Special Town Meeting on November 9, 2009. Lexington Town Meeting members endorsed the Lexington Technology Park expansion plans, and approved changes to the Park's floor area ratio (FAR) and building height limitations.
Regarding the 2007 Tax Increment Financing (TIF) agreement between Shire Pharmaceuticals and the Town of Lexington, Shire has agreed that it will not seek any additional TIF benefits in the event that it occupies or owns any new space (in excess of the amount of space authorized by the Definitive Site Development and Use Plan and the Decision of the Board of Appeals, both dated January 24, 2008) constructed as a result of the rezoning approval. In the event that any such additional space is owned or occupied by Shire, Shire shall take whatever steps are necessary with the Town and/or State to exclude from the Shire TIF the value of such additional space.
The proposal also reinforced Patriot Partners' commitment to restrict 35.5-acres of open space with six of these acres abutting Shade Street, all within a campus-like setting.
Patriot Partners has also pledged to enhance its funding of area roadway improvements through its traffic mitigation measures. To read the complete traffic impact report and mitigation plan prepared by Tetra Tech Rizzo, please click one of the following: Text, Figures, Trip Generation, Signal Warrant, Capacity Analysis, Traffic MOU. To read the Town funded traffic study peer review prepared by Vanasse Hangen Brustlin, Inc., please click the following link: VHB Peer Review Letter.
Patriot Partners has reached an agreement with the Town of Lexington for its Memorandum of Understanding (MOU), outlining the specific mitigation payments and other initiatives.