Worcester Business Journal

4 Worcester Business Journal | September 18, 2023 | wbjournal.com C E N T R A L M A S S I N B R I E F V E R B AT I M Graduate gift "Having the opportunity to give back to the place where we got our start and to support upcoming life sciences companies is incredibly meaningful to us." Yuelei Shen, founder, chairman, and CEO of China-based Biocytogen, which is a graduate of Worcester incubator Massachusetts Biomedical Initiatives, on the company gifting $375,000 toward MBI's $6-million biomanufacturing center Returning stolen artwork "We are very thankful for the new information provided to us. The ethical standards applicable to museums are much changed since the 1960s, and the museum is committed to managing its collection consistent with modern ethical standards." Matthias Waschek, director of the Worcester Art Museum, on WAM transferring ownership of a bust called "Portrait of a Lady (A Daughter of Marcus Aurelius?)" it purchased in 1966, which the New York County District Attorney's Office now believes may have been stolen New CIO "I'm pleased to have a leader of Anjana's experience joining BJ's. She brings more than 25 years of experience driving innovative technology transformations and leading and inspiring high-performing teams." Bob Eddy, chairman and CEO of Marlborough-based bulk retailer BJ's Wholesale Club Holdings, on the hiring of healthcare executive Anjana Harve as BJ's new executive vice president, chief information officer. Pictured is Harve. BY TIMOTHY DOYLE WBJ Staff Writer T he Worcester City Council has moved to decertify a portion of the property tax break given to e Unum Group, as the Tennessee- based insurer has failed to meet its job retention and creation requirements on the downtown office building it formerly occupied. Already unanimously approved by the Worcester City Council and awaiting a state decision, the decertification would be a departure from the City of Worcester's stance on property tax breaks for businesses, which have typically remained in place even when the companies didn't meet requirements. Worcester Chief Development Officer Peter Dunn recommended for the Worcester City Council to approve the decertification of a tax increment financing plan awarded to Unum in 2009 as an incentive to relocate and retain 600 jobs at a new development on Mercantile Street. At the time it was built, the development was known as e Unum Building, although it has since been rebranded as One Mercantile. Dunn's recommendation comes three years aer Unum, a Tennessee-based insurance company, announced in July 2020 it would close its Worcester office in favor of a work-from-home strategy. ere were approximately 400 employees working in the building at the time. Since that announcement Unum has been subleasing space in the building to an assortment of businesses including Xceedance, Timberline Construction, and the Greater Worcester Community Foundation. e building has been rebranded as One Mercantile. "Unum has been a proud member of the Worcester community for a long time and plans to continue our role as a leader in the community. We believe we are in compliance with the agreement and hope to engage in a productive discussion with the City and relevant State agencies to resolve the matter," Unum wrote in an email to WBJ. A June 30 report showed that the company employs 331 Massachusetts employees, of which 65 are Worcester residents. "e intent of the TIF plan for 1 Mercantile Street, in addition to kickstarting the private investment in CitySquare, was to benefit Unum Group as an occupant of the building, and a local employer with efforts to retain, create, and locate jobs at a strategic property," Dunn said in a letter to the city council. "Unum's remote work structure no longer provides the significant economic spin-off effects that can be expected from 600+ jobs located within the core of the commercial downtown." If the TIF is decertified, then Unum will need to pay its full property tax liability going forward for the five remaining years on the deal. e property was assessed by the City of Worcester at $25.4 million for fiscal 2023 and the commercial tax rate is currently $31.26 per thousand dollars. e Worcester City Council unanimously voted to decertify the tax break in its Sept. 12 meeting. e matter will be sent to the Mass. Office of Business Development and Economic Assistance Coordinating Council for review and approval of the decertification. Worcester eyes decertification of Unum's tax break on downtown building PHOTO | CHRISTINE PETERSON W The originally named Unum Building has since been rebranded as One Mercantile since the insurer switched to a work-from-home policy.

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