Revance Therapeutics Inc (RVNC)

[floblu14]

California-based biotech company Revance takes step toward opening facility in Marlborough - Nov. 14

MARLBOROUGH – A California biotech company’s effort to open a facility in Marlborough has taken a step forward.

Finance Committee members on Monday signed off on Revance Therapeutics Inc.’s request for a 15-year tax increment financing deal to build a facility for commercial aseptic fill operations and research and development on Campus Drive. The full City Council is expected to vote on the tax increment financing deal in coming weeks. The Economic Assistance Coordinating Council must also approve the deal.

“We’re so excited to welcome them to the city,” said Mayor Arthur Vigeant. “We’re so excited they chose Marlborough.”

Revance – which employs 460 people – has been looking to expand in recent years and initially considered San Francisco's Bay Area for its new facility. The company was considering other areas in Massachusetts – including Northborough – and Ireland before selecting Marlborough.

City Councilor David Doucette called the proposed Campus Drive site a "marquee location."

“You guys lucked out as far as location goes,” he said.

Finance Committee Chairman John Irish said area towns and cities would be tripping over each other to attract a company like Revance to their community, especially during the economic downturn caused by the coronavirus pandemic.

Brian Blagg, vice president of engineering, facilities and supply chain at Revance, said the company’s primary objectives were to find a facility that meets all operational requirements at a location where the company can hire and retain exceptional talent, lower operating costs, operate in a stable and business-friendly environment with an improved tax structure and provide flexibility for future growth.

Marlborough, in recent years, has attracted several life science and biotech companies, bringing hundreds of new jobs to the region. Revance plans to hire 76 on-site, full-time employees at its new Marlborough facility by fiscal 2025 under the proposed tax increment financing deal.

"It’s nice to see some of these life science companies do well,” said Meredith Harris, executive director of the Marlborough Economic Development Corp.

Under the proposed tax increment financing deal, the real property exemption percentage would be 100% in fiscal 2022 and 2023, drop to 90% in fiscal years 2024 and 2025 and 85% in fiscal 2026. The real property exemption percentage will drop 5% each year from fiscal 2025 to fiscal 2031 and then 10% each year until the end of the deal in fiscal 2036.

The mayor and City Council President Michael Ossing said the deal will bring a new building to the city, generate much-needed tax revenue in the future and bring more jobs to Marlborough.

“I believe it’s a good deal for the city,” said Ossing.

The city currently has nine active tax increment financing deals with companies.

https://www.metrowestdailynews.com/story/news/2020/11/14/california-based-biotech-company-revance-gets-first-tif-approval/6233393002/