Video: Special Town Meeting Approves TIF Agreement with Lykan Bioscience

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On Monday, February 11th, a Special Town Meeting was held with the main purpose being if the town shall approve a tax increment financing agreement with Lykan Bioscience LLC. The Bioscience firm is hoping to lease property at 97 South Street to construct a 63,600 square foot facility intended for clinical manufacturing.

The project investment by Lykan Bioscience is estimated at $12 Million dollars including 10 million for renovation costs and 2 million for personal property. Some of the economic benefits to the town promised by Lykan Bioscience includes 125 new, full-time permanent jobs. Throughout the 10 year agreement, the town would net over $225,000 for town revenue and over 1.4 million in taxes.

The article received very little disagreement and most residents supported the TIF agreement, the article was approved by the majority. Lykan Bioscience is hoping to be up and running in Hopkinton sometime next year. View highlights from the Special Town Meeting below.