Worcester Business Journal

4 Worcester Business Journal | October 11, 2021 | wbjournal.com C E N T R A L M AS S I N B R I E F V E R BAT I M Theater renovation "It's with a real sense of excitement that we're reenergizing and reimagining one of our long-time buildings into a space that will have direct impact on our university community." Clark University President David Fithian, announcing the school's receipt of a $2-million gift, which will be used to renovate the Michelson Theater Lobby Vaccine requirements "If you're a clinical worker and you're not vaccinated, you can't work at UMass Memorial." UMass Memorial Health President and CEO Dr. Eric Dickson, in a town hall discussing plans to begin terminating employees who are not vaccinated against COVID-19 Expanding manufacturing "Cogmedix is a rapidly growing business and currently has open hiring requisitions for about 30 new associates. We expect this hiring trend to continue over the next several years." Chris Coghlin, president and CEO of Cogmedix's parent company Coghlin Cos., on the plans for a new 101,400-square- foot manufacturing facility for Cogmedix in West Boylston T he City of Worcester's $2.9-million tax break for the Madison Properties' 121,000-square-foot mixed-use building next to the $160-million Polar Park baseball stadium in Worcester received final approval from the state, according to a Polar Park's Left Field Building approved for $3M tax break BY KATHERINE HAMILTON Worcester Business Journal Staff Writer Sept. 23 press release. Known as the Le Field Building, the in-progress project will consist of ground-floor retail space, four floors of office space, a rooop terrace, and a below-ground parking garage, per the press release. e project entails a $50-million investment, according to the Massachusetts Economic Assistance Coordinating Council, which gave final approval of the 15-year, $2.9-million tax-increment financing agreement from the City of Worcester. e Le Field Building is projected to create 255 jobs for Worcester residents, according to an application submitted by Madison to the city. Last fall, Madison Downtown Holdings, LLC, the Boston developer of Madison Properties, asked Worcester City Council for authorization as a certified project to apply for the Massachusetts Economic Development Incentive Program. e 15-year targeted tax payment schedule outlined in the application commences in 2024, starting at almost $280,000 in annual taxes and concludes at $369,328 in 2038, which are all reduced payments than what Madison would pay in property taxes at the current Worcester commercial property tax rate. In year three of the tax arrangement, the developer has the option to terminate the schedule and negotiate an alternative TIF plan with the city for the remaining years, per the application. e application was approved unanimously by City Council last fall. In the same application, Madison made two other requests for certified project designation to apply for TIF assistance from the EDIP for projects to construct a hotel and 60,000 square feet of commercial office space. A fourth request was for authorization to apply for the Massachusetts Housing Development Incentive Program for a 125-unit, $11.3-million residential project. ere are no additional city or state incentives in the pipeline as a result of the final approval this week, said Amy Peterson, spokeswoman for the City of Worcester. Denis Dowdle, the key principal of Madison Properties developing the Le Field Building, was unavailable for comment. e EDIP is overseen by the state's Economic Assistance Coordinating Council. Madison Properties' award in September was one of eight projects statewide, which, in total, are forecasted to create 375 new jobs and leverage $130 million in private investment. W The foundation for the Left Field Building has been poured just beyond the main scoreboard at Polar Park. PHOTO/MATT WRIGHT

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