FOR IMMEDIATE RELEASE December 22, 2011

Contact: Bryan W. Taberner, AICP Director of Planning and Community Development 355 East Central Street Franklin, MA 02038-1352 Phone: 508-520-4907 Email: btaberner@franklin.ma.us

State Approves Tax Increment Financing Agreement between Town of Franklin and Hamilton Storage Technologies
At its meeting on December 21, 2011 the States Economic Assistance Coordinating Council approved a tax increment finance (TIF) agreement between the Town of Franklin and Hamilton Storage Technologies, Inc. The tax increment finance agreement had been negotiated earlier in the year and was approved by Franklin Town Council on September 28, 2011. A tax increment finance agreement is a property tax exemption based on the increased value of a property due to new construction or significant improvements. Hamilton Storage Technologies, Inc. recently purchased 3 Forge Parkway and has plans to construct a new facility for its corporate headquarters, and engineering, manufacturing and customer support operations. 3 Forge Parkway is a highly visible gateway to Forge Park at the intersection of Forge Parkway and Route 140. In order for Hamilton Storage Technologies to go forward with their development plans, the company requested assistance from the Town of Franklin in the form of a tax increment finance agreement. The Project is a major investment for the relatively small technology company, and shows a major commitment to staying in the Commonwealth. Hamilton Storage Technologies is a leading worldwide supplier of automated sample storage systems, serving customers in academic and private research laboratories, pharmaceutical and clinical diagnostic companies, and governmental institutions. The company has facilities in two Massachusetts communities, Hopkinton and Milford; the companys corporate headquarters is currently at their Hopkinton facility at 103 South Street. During the past three years the size of the company has doubled and now has approximately 55 employees. Construction of a new facility in Franklin will allow all employees to work under one roof, and provide sufficient space for continued growth well into the future. With a sluggish economy and substantial competition for new technology related businesses the Town of Franklin needs to utilize all economic development incentives available to it in order to assist companies looking to settle or expand in the region. One of the most attractive incentives that a Massachusetts community can offer businesses is a Tax Increment Finance (TIF) agreement. A tax increment finance agreement is a five to twenty year property tax exemption based on the increased value of the property due to new construction or significant improvements. In order for a business or property owner to qualify for a tax increment finance agreement, the area must be within an Economic Target Area, the specific parcels must be within an established Economic Opportunity Area, and the business project must be designated as a Certified Project by the States Economic Assistance Coordinating Council.

In 2003, ten Towns including Franklin worked together to form the I-495/95 South Regional Technology Economic Target Area; the economic target areas goals include attracting technology and technology-supporting businesses to the region, and creating livable-wage jobs. As a member of an Economic Target Area the Town of Franklin can designate areas within the community as economic opportunity areas. During 2009 and 2010 Franklins Town Council and the States Economic Assistance Coordinating Council approved creation of six multi-parcel economic opportunity areas; in total the six economic opportunity areas consist of 100 parcels on over 940 acres. The Town established the six large economic opportunity areas in order to create conditions favorable for business expansion, promote a higher level of investment in the Towns commercial and industrial areas, increase employment options for the Town of Franklins residents, and increase the Towns commercial and industrial tax base. The economic opportunity area designation can be an important incentive to encourage existing businesses to expand, and to attract new businesses. One of the reasons Hamilton Storage Technologies seriously considered moving to 3 Forge Parkway in Franklin is it is within Forge Park Economic Opportunity Area. When Franklin Town Council voted to establish the six economic opportunity areas, the Town made a commitment to negotiate a TIF agreement with any company and or property owner whose development project met the following criteria: 1. The proposed project will result in redevelopment of empty or underutilized industrially zoned properties, or development of new research and development or manufacturing facilities within an economic opportunity area ; 2. The proposed project will result in creation of new permanent jobs; and 3. The proposed project meets mandatory requirements within 402 CMR 2.00, which includes certification of the development project by the Economic Assistance Coordinating Council. Hamilton Storage Technologies proposed Certified Project meets the Towns criteria, and on September 28, 2011 Franklin Town Council approved Resolution 11-46 authorizing tax increment financing for the Project. Hamilton Storage Technologys project was Certified at the Economic Assistance Coordinating Council on December 21st, which was the last step in the tax increment finance approval process. Hamilton Storage Technologies is exactly the type of company the regional economic target area and the Towns economic opportunity areas were designed to attract, and exactly the type of company that will continue to provide Massachusetts residents with livable-wage jobs in the future. Providing support to Hamilton Storage Technologies and similar technology and technology-supporting companies will help to keep our local, regional, and State economies healthy. The Town is hopeful other expanding businesses will take advantage of this opportunity. Please contact Planning and Community Development Director, Bryan Taberner, if you have questions or require additional information regarding the recently approved tax increment finance agreement, the Town of Franklins economic opportunity areas, or the Towns other business retention and attraction initiatives.