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FINCOM 20210310 Minutes
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Canton Finance Committee Minutes Voted on: 5/5/21 801 Washington Street Vote: 7-0-0 Canton, MA 02021 Meeting Minutes March 10, 2021 Finance Committee Members Present: David Clough, Dan Cole, Emilio Mauro, Tim McKenna, Reuki Schutt, Tom Theodore, Cindy Thomas and Wai Wong. Finance Committee Members Absent: Rob Barker. Guests Present: David Cain, Sr. Director, Engineering Facilities & Validation, Canton, Emergent BioSolutions Ellen Jones, Finance Committee Recording Secretary Lisa Lopez, Member, Select Board; Community Preservation Committee Select Board Representative Gene Manning, Chair, Economic Development Committee Kristine Marchant, Vice President & General Manager, Manufacturing Operations, Canton, Emergent BioSolutions David McCarthy, Chair, Planning Board; Community Preservation Committee Planning Board Representative Kristen Phelps, Administrator, Community Preservation Committee Robert Pierce, Senior Tax Associate, Emergent BioSolutions Allison Robertson, Vice President, Taxation, Emergent BioSolutions Randy Scollins, Finance Direct Christine Smith, Sustainability Committee Opening: Chair McKenna called the virtual meeting via Zoom to order at 7:00 p.m. Approval of Agenda: Chair McKenna reviewed the agenda. New Business Article 28 — Special Tax Agreement (STA) with Emergent BioSolutions - Discussion Mr. Manning, a member of the Board of Assessors and the Chair of the Economic Development Committee, stated that Emergent BioSolutions came to the Board of Assessors a year ago to discuss an expansion plan on multiple sites that they had been looking at locally as well as internationally. Emergent's current site in Canton is 50 Shawmut Road and have proposed purchasing 80 and 90 Shawmut Road which are approximately 150 square feet each. Mr. Manning stated that the Finance Committee had before them the final version of the STA. Ms. Robertson introduced herself as well as other individuals of Emergent BioSolutions. Ms. Robertson and Mr. Pierce have been working closely with Mr. Manning regarding the STA. Ms. Marchant led the PowerPoint presentation (see meeting documents). Ms. Marchant provided a brief history of Emergent BioSolutions. • Employ 2,300 full-time employees. • Manufacturing facilities in MA, MD, MI, MS, Canada, Switzerland and product development sites in MD, CA and Canada. Their headquarters are in Gaithersburg, MD. • Four business units: Vaccines, Therapeutics, Devices and Contract Development and Manufacturing (CDMO). They are proposing CDMO for Canton. Emergent BioSolutions owns 90 Shawmut Road (acquired in 2017) where they produce small pox vaccine, which they have been producing for many years at that location. The main focus of the conversation with the Finance Committee was about 80 Shawmut Road. The company is focused on gene therapy expansion. After assessing several sites that it already owned and considering existing and potential adjacent property, location of customer base, workforce potential and existing capabilities, Emergent BioSolutions determined that Canton was the best fit for the project. On June 17, 2020 Emergent acquired 80 Shawmut Road (Building 80) to create an Emergent Canton campus. Emergent owns 90 Shawmut Road and leases 50 Shawmut Road. Emergent's Baltimore, MD facility has been involved in the manufacturing of the COVID vaccine in partnership with J&J and AstraZeneca. Ms. Robertson stated they are very proud of the work they have been doing. FINCOM 20210310 Minutes.docx Page 1 of 9 5/2/21