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Board approves $10M rebuild tax credits and $3.2M in Qualified Jobs credits for Organogenesis
Summary
Presenters outlined a multi-part incentive package: $10 million in rebuild tax credits, an estimated $3.2 million in Qualified Jobs credits, and a $5 million life-sciences award contingent on board approval and the company securing a Smithfield lease.
Staff presented the financial details behind the incentive package to bring Organogenesis to Smithfield: a $10,000,000 rebuild tax-credit allocation, approximately $3,200,000 in Qualified Jobs tax credits and a $5,000,000 commitment from the state's life-sciences program that is contingent on the board vote and the company finalizing a town lease.
Jeff Miller explained the rebuild credits are tied to capital improvements and "only go out after the project has a certificate of occupancy," and that those credits would be paid over a five-year period. Neil Steinberg said the $5,000,000 life-sciences award is contingent on the board's action and the company's ability to finalize terms with Smithfield.
