Home Economy Commerce Corp. grants tax agreement to Smithfield

Commerce Corp. grants tax agreement to Smithfield

By

Christopher Allen

-

12/17/2024

5bxSr8Du-rubiuscrop — R.I. COMMERCE CORP.’S board of directors on Monday unanimously approved an agreement to provide the Town of Smithfield $140,000 over 15 years, part of an incentive package to facilitate Massachusetts-based biotechnology firm Organogenesis Holdings Inc. And Boston-based The Davis Cos.’s $97.5 million redevelopment of the former Rubius Therapeutics facility at 100 Technology Way./SCREENSHOT OF LOOPNET.COM

PROVIDENCE – R.I. Commerce Corp.’s board of directors on Monday unanimously approved a $140,000 award over 15 years to the town of Smithfield to offset lost revenue from a local tax stabilization agreement being negotiated to bring a Massachusetts-based biotechnology firm to the former Rubius Therapeutics facility. Organogenesis Holdings Inc. plans to lease the facility

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PROVIDENCE – R.I. Commerce Corp.’s board of directors on Monday unanimously approved a $140,000 award over 15 years to the town of Smithfield to offset lost revenue from a local tax stabilization agreement being negotiated to bring a Massachusetts-based biotechnology firm to the former Rubius Therapeutics facility. Organogenesis Holdings Inc. plans to lease the facility at 100 Technology Way from Boston-based The Davis Cos. and spend $97.5 million to build out the 122,507-square-foot building to expand manufacturing operations. Under the state's Tax Stabilization Incentive Act, R.I. Commerce Corp. can provide partial reimbursement up to 10% of the amount of real estate taxes or personal property taxes that would have otherwise been paid had the municipality not granted a tax stabilization agreement. “We are coming out ahead on this deal,” said Jeff Miller, vice president of investments for R.I. Commerce Corp., calling the approval “the last leg of the stool” to bring Organogenesis across the border from Massachusetts. “This will draw them to the site,” he said, adding the agency expects the Smithfield Town Council to finalize the stabilization agreement within ninety days. In October, the R.I. Commerce Corp.’s board of directors unanimously approved $10 million in Rebuild Rhode Island tax credits, in addition to $5 million previously approved by the R.I. Life Sciences Hub. According to a recent SEC filing, Organogenesis is obligated to complete its build out of the premises, which has been vacant since Rubius sold the building to Davis Cos. in early 2023, within three years. Gov. Daniel J. McKee, who also serves a R.I. Commerce chair, said he has met privately with Organogenesis CEO and Chairman Gary S. Gillheeney Sr., a Johnston resident and MBA graduate from Bryant University, to discuss additional initiatives and collaborations in the innovation economy. Christopher Allen is a PBN staff writer. You may contact him at Allen@PBN.com.