Massachusetts Wins the Bristol Myers Squibb Project

Description

2007 Economic Development Leadership Award Submission. Major Deals / Projects.
 
Working through challenges and obstacles, Massachusetts Office of Business Development (MOBD) succeeded in winning "Project Hummingbird", the Bristol Myers code name for a large-scale biologics manufacturing facility that would require construction of a 750,000 s.f. building and a $1.1 billion investment. The project would create 550 new full time jobs at an average salary of $60,000. Included in the deal was an incentives proposal that included real estate tax exemptions, personal property tax exemptions, a 5% investment tax credit, and several workforce and infrastructure grants amounting to an incentives package valued at approximately $90 million.

Keywords:

location strategy, economic development, incentive, greenfield, innovation, collaboration