🏛 The Somerville Record
Matters ▸ Attachment

TM_TIF_Overview — File 25-1606

File 25-1606·14 pages·📄 Original PDF (city portal)·sha256 d5c6b39c43c2…
4 TIF on some % of added value Mass. Office of Business Development
10 Years Assessed Value ($) 2 10 0 4 6 8 TIF Breakdown for TransMedics
Taxes on the Base Value over 10 years 10 Years Assessed Value ($) 2 10 0 4 6 8 TIF Breakdown for TransMedics
Taxes on the Base Value over 10 years 10 Years Assessed Value ($) 2 10 0 4 6 8 3% background growth TIF Breakdown for TransMedics
Taxes on the Base Value over 10 years = $51.28M 10 Years Assessed Value ($) 2 10 0 4 6 8 TIF Breakdown for TransMedics
Taxes on the Base Value over 10 years = $51.28M 10 Years Assessed Value ($) 2 10 0 4 6 8 3% background growth $200M TIF Breakdown for TransMedics Estimated Added Value to the Property is $175M - $225M (TIF Model utilizes $200M) Taxes on the Base Value over 10 years = $51.28M
Taxes on the Base Value over 10 years = $51.28M 10 Years Assessed Value ($) 2 10 0 4 6 8 3% background growth $200M Taxes Generated in 10 years Without TIF = $41.28M TIF Breakdown for TransMedics Taxes on the Base Value over 10 years = $51.28M Tenant Fit Out represents 45% of the total taxes generated
Taxes on the Base Value over 10 years = $44.8M 10 Years Assessed Value ($) 2 10 0 4 6 8 3% background growth $200M Taxes Generated in 10 years = $23.28M TIF Breakdown for TransMedics Taxes on the Base Value over 10 years = $51.28M Total Revenue over 10 years is $74.56M
Taxes on the Base Value over 10 years = $44.8M 10 Years Assessed Value ($) 2 10 0 4 6 8 3% background growth $200M TIF Breakdown for TransMedics 12+ Taxes Paid on Full Assessed Value = $11M+ annually Taxes Generated in 10 years = $23.28M Taxes on the Base Value over 10 years = $51.28M
TIF 10 Year Exemption Percentages Year Fiscal Year Exemption % Est. Taxes Collected Est. TIF Value 1 2027 1% $6,456,613 $20,034 2 2028 1% $8,434,636 $38,658 3 2029 85% $5,342,984 $3,384,509 4 2030 85% $5,503,273 $3,486,044 5 2031 75% $6,090,798 $3,168,199 6 2032 75% $6,273,522 $3,263,245 7 2033 55% $7,358,032 $2,464,838 8 2034 45% $8,040,370 $2,077,186 9 2035 1% $10,373,538 $47,544 10 2036 1% $10,684,745 $48,971 $74,558,512 $17,999,228
TIF 10 Year Exemption Percentages Year Fiscal Year Exemption % Est. Taxes Collected Est. TIF Value 1 2027 1% $6,456,613 $20,034 2 2028 1% $8,434,636 $38,658 3 2029 85% $5,342,984 $3,384,509 4 2030 85% $5,503,273 $3,486,044 5 2031 75% $6,090,798 $3,168,199 6 2032 75% $6,273,522 $3,263,245 7 2033 55% $7,358,032 $2,464,838 8 2034 45% $8,040,370 $2,077,186 9 2035 1% $10,373,538 $47,544 10 2036 1% $10,684,745 $48,971 $74,558,512 $17,999,228 $18,000,000
Taxes on the Base Value over 10 years = $51.28M 10 Years Assessed Value ($) 2 10 0 4 6 8 $200M Opportunity Cost 12+ Taxes Paid on Full Assessed Value Taxes Generated in 10 years Opportunity Cost
10 Years Assessed Value ($) 2 10 0 4 6 8 Opportunity Cost 12+ Taxes Paid on Full Assessed Value Opportunity Cost Taxes on the Base Value over 10 years = $51.28M
10 Years Assessed Value ($) 2 10 0 4 6 8 Opportunity Cost 12+ Taxes Paid on Full Assessed Value Opportunity Cost There is also a concern that tax revenue on the Base Value decreases while empty rather than 3% background growth