2007-10-10 Patriot Way TIF Zone Plan

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