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FOR IMMEDIATE RELEASE

December 22, 2011

Contact:

Bryan W. Taberner, AICPDirector of Planning and Community Development355 East Central StreetFranklin, MA 02038-1352Phone: 508-520-4907Email: btaberner@franklin.ma.us

State Approves Tax Increment Financing Agreement betweenTown of Franklin and Hamilton Storage Technologies

At its meeting on December 21, 2011 the States Economic Assistance Coordinating Councilapproved a tax increment finance (TIF) agreement between the Town of Franklin andHamilton Storage Technologies, Inc. The tax increment finance agreement had beennegotiated 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 theincreased value of a property due to new construction or significant improvements.

Hamilton Storage Technologies, Inc. recently purchased 3 Forge Parkway and has plans toconstruct a new facility for its corporate headquarters, and engineering, manufacturing andcustomer support operations. 3 Forge Parkway is a highly visible gateway to Forge Park atthe intersection of Forge Parkway and Route 140.

In order for Hamilton Storage Technologies to go forward with their development plans, thecompany requested assistance from the Town of Franklin in the form of a tax incrementfinance agreement. The Project is a major investment for the relatively small technologycompany, 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, pharmaceuticaland clinical diagnostic companies, and governmental institutions. The company has facilitiesin two Massachusetts communities, Hopkinton and Milford; the companys corporateheadquarters is currently at their Hopkinton facility at 103 South Street. During the pastthree 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, andprovide sufficient space for continued growth well into the future.

With a sluggish economy and substantial competition for new technology related businessesthe Town of Franklin needs to utilize all economic development incentives available to it inorder to assist companies looking to settle or expand in the region. One of the mostattractive incentives that a Massachusetts community can offer businesses is a TaxIncrement Finance (TIF) agreement. A tax increment finance agreement is a five to twentyyear property tax exemption based on the increased value of the property due to newconstruction 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 anestablished Economic Opportunity Area, and the business project must be designated as aCertified Project by the States Economic Assistance Coordinating Council.

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In 2003, ten Towns including Franklin worked together to form the I-495/95 South RegionalTechnology Economic Target Area; the economic target areas goals include attractingtechnology 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 areaswithin the community as economic opportunity areas.

During 2009 and 2010 Franklins Town Council and the States Economic AssistanceCoordinating Council approved creation of six multi-parcel economic opportunity areas; intotal the six economic opportunity areas consist of 100 parcels on over 940 acres. The Townestablished the six large economic opportunity areas in order to create conditions favorablefor business expansion, promote a higher level of investment in the Towns commercial andindustrial areas, increase employment options for the Town of Franklins residents, andincrease the Towns commercial and industrial tax base.

The economic opportunity area designation can be an important incentive to encourageexisting businesses to expand, and to attract new businesses. One of the reasons HamiltonStorage Technologies seriously considered moving to 3 Forge Parkway in Franklin is it iswithin Forge Park Economic Opportunity Area.

When Franklin Town Council voted to establish the six economic opportunity areas, theTown made a commitment to negotiate a TIF agreement with any company and or propertyowner whose development project met the following criteria:

1. The proposed project will result in redevelopment of empty or underutilizedindustrially zoned properties, or development of new research and development ormanufacturing 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, whichincludes certification of the development project by the Economic AssistanceCoordinating Council.

Hamilton Storage Technologies proposed Certified Project meets the Towns criteria, and onSeptember 28, 2011 Franklin Town Council approved Resolution 11-46 authorizing tax

increment financing for the Project. Hamilton Storage Technologys project was Certified atthe Economic Assistance Coordinating Council on December 21st, which was the last step inthe tax increment finance approval process.

Hamilton Storage Technologies is exactly the type of company the regional economic targetarea and the Towns economic opportunity areas were designed to attract, and exactly thetype of company that will continue to provide Massachusetts residents with livable-wage jobsin the future. Providing support to Hamilton Storage Technologies and similar technologyand technology-supporting companies will help to keep our local, regional, and Stateeconomies healthy. The Town is hopeful other expanding businesses will take advantage ofthis opportunity.

Please contact Planning and Community Development Director, Bryan Taberner, if you have

questions or require additional information regarding the recently approved tax incrementfinance agreement, the Town of Franklins economic opportunity areas, or the Towns otherbusiness retention and attraction initiatives.