Finance Committee endorses 15-year Revance TIF on 3-2 vote

MARLBOROUGH -- November 9, 2020, Marlborough Finance Committee advances Revance Therapeutics TIF on a 3-2 vote. The committee endorsed a 15-year tax increment financing agreement for a 79,000-square-foot biotech facility at 100-350 Campus Drive, with $115 million in projected capital investment and 76 permanent on-site jobs by 2025. Councilor Peter Dumas, citing reported CEO compensation of $17.2 million in 2019, voted no alongside newer Councilor Samantha Perlman, who said she lacked comparison data on prior TIFs. Council President Michael Ossing pushed back: "We have not lost a dime, and the taxpayers have benefited significantly from every TIF we've issued." Austin Barrett of T3 Advisors projected roughly $386,000 in net new annual tax revenue against a current land value of zero. The committee also voted 5-0 to advance the first update to building permit fees since 2004, effective July 1, 2021.