norwood information session
TRANSCRIPT
Slide 1
Norwood Information Session
October 6, 2021
Confidential and Proprietary · © 2021 Moderna, Inc.
Slide 2
• Founded in 2010 and headquartered in
Cambridge, Moderna is a leading global
biotechnology company.
• The Company has pioneered a new class of
medicines made of messenger RNA (mRNA).
• Moderna has advanced mRNA science to
develop therapeutics and vaccines for
diverse areas such as:
➢ Infectious diseases
➢ Immuno-oncology
➢ Rare diseases
➢ Cardiovascular diseases
➢ Auto-immune diseases
• Moderna’s groundbreaking COVID-19
vaccine is currently being used throughout
the world.
Company Overview
Confidential and Proprietary · © 2021 Moderna, Inc.
Slide 3
Strategic Collaborators Advancing mRNA Medicines
Moderna’s diverse base of strategic collaborators is enabling it to accelerate the
promise of mRNA science to deliver a novel class of medicines for patients.
Confidential and Proprietary · © 2021 Moderna, Inc.
Slide 4
Company Recognition
Moderna Named 2021 Best Workplaces for Innovators
Moderna has received many accolades and awards as an industry leader. The
Company was recognized by Fast Company for making a “heroic debut” with its
“epic 2020 sprint” to produce the COVID-19 vaccine.
Confidential and Proprietary · © 2021 Moderna, Inc.
Slide 5
Proposed Expansion Plan
• Moderna currently leases two
buildings consisting of an estimated
430,000sf of manufacturing and lab
space in Norwood.
• Due to the Company’s anticipated
growth, Moderna has a need to
expand its operations.
• Through its real estate advisors,
Moderna is evaluating sites in
Massachusetts and out of state.
• A leased property at 1 Investors Way
is under consideration for the
proposed expansion.
1 Investors Way
200 Upland Woods Road
1 Moderna Way
Confidential and Proprietary · © 2021 Moderna, Inc.
Slide 6
Moderna Technology Center Site Plan
Confidential and Proprietary · © 2021 Moderna, Inc.
Slide 7
1 Investors Way
Renovate an estimated 242,198sf building for
clinical, lab and office space.
Construct an estimated 200,000sf on-site
expansion for clinical manufacturing space.
The project investment is estimated at
$400 million, including:
Renovation project -
• $80 million for hard & soft construction costs
• $20 million for personal property
New building construction project -
• $250 million for hard & soft construction costs
• $50 million for personal property
Proposed Investment Plan
Confidential and Proprietary · © 2021 Moderna, Inc.
Slide 8
• 1,000 full-time jobs are currently located in Norwood
• Retain and relocate 75 full-time jobs from Burlington
• Create 300 new, permanent full-time jobs
• Types of jobs include:
➢ Engineering
➢ Scientists
➢ Manufacturing
➢ Process Development
➢ Information Technology
➢ Office & Administration
• Temporary construction jobs
• Sub-contractor jobs
8
Moderna Team
Proposed Job Creation Plan
Confidential and Proprietary · © 2021 Moderna, Inc.
Slide 9
• Retail establishments
• Catering Services
• Hotel
• Restaurants
• Corporate services
• Industrial services
Economic Impact
Norwood Country Club
Confidential and Proprietary · © 2021 Moderna, Inc.
The Company and its employees have spent an estimated $1.5 million with
local businesses, such as:
Slide 10
The Company is an active member of the
Norwood community and beyond and supports
local programs and organizations, including:
• Education
➢ Internship programs
➢ STEM programs
➢ College co-ops
➢ Job fairs
• Norwood 150th Anniversary Sponsor
• Neponset River Regional Chamber Member
• Neponset Valley TMA Member
Norwood High School
Community Involvement
Confidential and Proprietary · © 2021 Moderna, Inc.
Slide 11
Norwood High School
Moderna Making a Difference
Confidential and Proprietary · © 2021 Moderna, Inc.
Moderna Volunteers
Week
Celebrated its second
annual week of
volunteering in
December 2020
Community Career
Development
Partnered with Project
Onramp and other
organizations to
encourage
underserved students
to start careers in the
life sciences
Commitment to
D&I
Sponsored
community non-
profits to support
diversity and
inclusion locally
Paid Volunteer
Time
Supported paid
time off for
employees to
pursue service
projects at
organizations of
their choice
Slide 12
• Attract further life science investment
and expansion in Norwood
• Renovate an underutilized building
and construct on-site expansion
• Increase real estate tax revenue
• Increase meals and hotel tax revenue
• Increase water fees
• Increase sewer fees
• Increase electric fees
• Generate permit fees
• Positive impact on local businesses
and community
Benefits to Norwood
Confidential and Proprietary · © 2021 Moderna, Inc.
Slide 13
• TIF Proposal applies only to renovation and new construction at 1 Investors Way
• Town does not lose any existing tax revenue
• Town continues to receive 100% of existing real estate tax revenue
• Property assessed value and tax revenue would increase due to property
improvements
• The TIF incentive is a discount on the new taxes on the property during the TIF term
TIF Program Criteria
• Job retention or creation
• Private real estate investment – generates new tax revenue in the community
• 5 to 20 year TIF term
• 1% to 100% TIF exemption term annually
Tax Incentives
Confidential and Proprietary · © 2021 Moderna, Inc.
The Company plans to apply for Tax Increment Financing (TIF) under the
Massachusetts Economic Development Incentive Program
Slide 14
Tax Incentives
➢ Projected Investment: $110 million
➢ Actual Investment: $152 million
➢ Jobs retained and relocated to Norwood: 100
➢ Projected jobs created: 120
➢ Actual jobs created: 407
➢ Total jobs to date: 507
2016 TIF AGREEMENT
The Company has exceeded its
TIF obligations at 1 Moderna Way
2019 TIF AGREEMENT
The Company plans to exceed its TIF
obligations at 200 Upland Woods Road
Confidential and Proprietary · © 2021 Moderna, Inc.
Current Tax Incentive Obligations
➢ Projected Investment: $50 million
➢ Actual Investment: $70 million
➢ Jobs retained and relocated to Norwood: 250
➢ Projected jobs created: 100
➢ Actual jobs created: 243
➢ Total jobs to date: 493
Slide 15
TIF Proposal
10-year TIF Exemption Percentage
90-90-85-75-60-50-40-30-20-10
(Projections over a 10-year period)
Current real estate tax revenue to Norwood $ 8,394,220
New net real estate tax revenue to Norwood $ 8,226,912
Estimated combined tax revenue to Norwood $16,621,132
Company TIF tax savings $ 9,164,656
TIF Proposal Projections
Confidential and Proprietary · © 2021 Moderna, Inc.
Slide 16
Thank you for considering this partnership
Confidential and Proprietary · © 2021 Moderna, Inc.