Revance Therapeutics Inc (RVNC)

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Marlborough, Ma signs off on TIF for California biotech Revance - Nov. 17

MARLBOROUGH — A California-based biotech company will soon call Marlborough home.

Revance Therapeutics Inc.’s request for a 15-year tax increment financing deal with the city was approved by city councilors on Monday, paving the way for the company to build a new facility for commercial aseptic fill operations and research and development on Campus Drive. The company's headquarters will remain in California.

The Economic Assistance Coordinating Council must also approve the deal.

Under the proposed tax increment financing deal, the real property exemption percentage would be 100% in fiscal 2022 and 2023, drops 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.

Marlborough has nine active tax increment financing deals with companies.

“The city claims to be business-friendly and this is why,” said City Councilor David Doucette.

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

Company officials said Revance’s primary objectives were to find a location that meets all operational requirements at a site 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.

Doucette last week called the proposed Campus Drive site a “marquee location.” City Councilor Donald Landers said landing a company like Revance will make Marlborough the envy of many surrounding communities.

“I think this tenant will be a home run,” said Landers. “This is a good opportunity for us.”

City leaders have said the deal will bring more high-paying jobs to Marlborough, a new building to the city and eventually generate much-needed tax revenue.

“This is currently a parking lot,” Doucette said of the planned site of Revance’s new facility.

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

The city is rated a Platinum BioReadyTM Community by the Massachusetts Biotechnology Council, which puts Marlborough among the most favorable biotech destinations in the state. Only 7% of Massachusetts communities have achieved platinum status.

https://www.metrowestdailynews.com/story/news/2020/11/17/revance-therapeutics-open-new-facility-marlborough/6322678002/