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Board approves incentive package to bring Organogenesis to Smithfield site
Summary
The board approved tax-credit and job-incentive assistance for Organogenesis Holding Inc., contingent on the company signing a Smithfield lease and reaching tax-stabilization terms with the town. The package includes $10 million in rebuild tax credits and an estimated $3.2 million in Qualified Jobs credits.
The board voted to approve an incentives package to attract Organogenesis Holding Inc. to a former Alexion site in Smithfield, conditioned on the company finalizing a lease and the town completing a tax-stabilization agreement.
Jeff Miller, the meeting presenter, described Organogenesis as "a developer of wound therapies" that is considering a Smithfield lease and said the board's package includes "$10,000,000 worth of rebuild tax credits and an estimated $3,200,000 of Qualified Jobs tax credits." Neil Steinberg, introduced by a board member as heading the state's life-sciences effort, said the state's $5,000,000 life-sciences award is contingent on this board's approval and the company reaching terms with the town.
The board discussed timing and contingencies: staff said Organogenesis hopes to sign a lease in mid-November, and that certain tax-credit payments only begin after a certificate of occupancy and are disbursed over five years. A motion to approve carried by voice vote with no recorded opposition; the board recorded the approval as contingent on the lease and related town agreements.
