Norwood Information Session

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


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.


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.


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


Slide 6

Moderna Technology Center Site Plan


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


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


Slide 9

• Retail establishments

• Catering Services

• Hotel

• Restaurants

• Corporate services

• Industrial services

Economic Impact

Norwood Country Club


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


Slide 11

Norwood High School

Moderna Making a Difference


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


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


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


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


Slide 16

Thank you for considering this partnership


Documents

Norwood Information Session