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2007-10-10 Patriot Way TIF Zone Plan
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2007-10-10 Patriot Way TIF Zone Plan
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DRAFT <br />Draft <br />Town of Lexington <br />Tax Increment Financing Plan <br />1. Location <br />A. Economic Opportunity Area <br />The Patriot Way Economic Opportunity Area (EOA) is located within the <br />Lexington Regional Technology Center Economic TargetArea (ETA), which was <br />approved on Tune 28, 2007 by the Economic Assistance Coordinating Council <br />(EACC). The Patriot Way EGA is being submitted to the EACC for approval at <br />its October 25, 2007 meeting. <br />B. Municipality <br />The Town of Lexington is located 15 miles northwest of Boston and is part of the <br />Boston Metropolitan Area. Bordered by Routes 128 and 2, the Lexington <br />Regional Technology Center is adjacent to the Bedford and Burlington ETAS. <br />According to the 2000 U.S. Census, the Town of Lexington had a population of <br />30,355 and a median age of 43.7 years. <br />C. Tax Increment Financing (TIF) Zone <br />1. Map <br />Please refer to the map of the TIF Zone in Appendix I. This map shows the <br />relationship of the TIF Zone to the Patriot Way EGA and the boundaries of the <br />TIF zone. <br />2. Description (common and legal) <br />The TIF Zone is comprised ofproperty owned by Patriot Partners Lexington, <br />LLC (Patriot) and leased to Shire Human Genetic Therapies, Inc. (Shire). The <br />Expansion Project will be located on several parcels or portions of parcels <br />owned by PATRIOT. A portion of the Expansion Project is to be built under a <br />long -term lease between SHIRE and PATRIOT on the following parcels, or <br />portions thereof, owned by PATRIOT and identified as Board ofAssessors Map <br />18, Parcels 14B, 3C and 4B, a 1.88 acre portion of Parcel 14A and a 17.789 <br />acre portion ofParcel 15 (the "200 Parcel" and the "300 Parcel ", respectively, <br />as shown on Exhibit A). The balance of the Expansion Project will be located on <br />portions of parcels owned by PATRIOT and identified as a 4.931 acre portion of <br />Board ofAssessors Map 18, Parcel 15 and a 12.003 acre portion ofMap 26, <br />Parcel 44D (the "400 1500 Parcel'), shown on ExhibitA as the 400 Parcel ( "the <br />400 Parcel ", which, together with the 200 Parcel and the 300 Parcel is referred <br />to herein as the "Site') under a long term lease between SHIRE and PATRIOT <br />and /or the subsequent acquisition of the 400 Parcel by SHIRE. <br />The legal description of the proposed TIF Zone is as follows: <br />I U•rV, �I I, tri:: D_l <br />
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