Somerville Council OKs 10‑year TIF to Court TransMedics to Assembly Square

The Somerville City Council voted Oct. 23 to authorize Mayor to execute a 10‑year tax increment financing agreement with a full‑building laboratory tenant to help secure a proposed headquarters and operations facility for TransMedics in Assembly Square.

Mayor (name on file with city) told the council the proposal is "one of the most significant economic development opportunities our city has seen in recent years," saying the deal would bring hundreds of jobs, activate a currently vacant life‑science building and generate future tax revenue while creating community benefits tied to job training and school partnerships.

Rachel Nadkarni, Somerville director of economic development, walked the council through the proposed TIF structure and financial model. The city and its consultant modeled an approximately $200 million tenant fit‑out that would produce roughly $41.28 million in incremental tax revenue over 10 years. Under the negotiated package,…