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Pease board approves letter of intent to negotiate Thermo Fisher lease, advances proposed hangar project
Summary
The Pease Development Authority voted to approve a draft letter of intent with Thermo Fisher Scientific for a potential hangar and office facility at 85 Flight Line Road and authorized the executive director to finalize lease negotiations, subject to required land‑use approvals and redline edits on parcel size and roadway maintenance.
The Pease Development Authority on Nov. 14 approved a draft letter of intent with Thermo Fisher Scientific that would allow the executive director to conclude negotiations and execute a lease for a proposed corporate hangar and office at 85 Flight Line Road, contingent on required land‑use approvals.
The motion, made by Director Fournier (speaker 2) and approved by voice vote, endorsed the LOI terms substantially as presented and the concept plan. Board members noted three late redline changes: an updated parcel size, clarified maintenance responsibilities for the roadway and sidewalk, and additional documents related to an area of special notice identified by a state commission. Director Fournier and staff said those changes were distributed as redlines and intended to keep the project on the Thermo Fisher corporate capital schedule.
Why it matters: the LOI commits the PDA to proceed with negotiations rather than finalizing a lease immediately; board approval clears staff to work with Thermo Fisher on final lease language and to secure land‑use approvals required by municipal and state processes. Supporters said the project would bring private capital to recapitalize underused Pease property and create tax and rent revenue streams for the PDA and neighboring municipalities.
Board discussion focused on timing and technical edits rather than basic support for the proposal. One board member (speaker 6) noted the updates were late but necessary to keep pace with Thermo Fisher’s internal deadlines. No member asked for withdrawal of the item; the board approved the motion by voice vote.
What’s next: staff will continue negotiations and return with final lease documents after required land‑use approvals and review by PDA general counsel. The LOI and attached memos from the executive director and the engineering director were cited as the basis for the recommendation.
