Emergent BioSolutions Reimburses County for Incentive

Frederick, MD – Emergent BioSolutions, Inc. has formally reimbursed Frederick County for assistance they had received to help with the build-out of a Frederick facility for their company’s expansion.

In 2005, the company had been approved to receive Tax Increment Financing (TIF) assistance by the Board of County Commissioners to assist with infrastructure costs on a building they had acquired on Geoffrey Way, as a local match to a State Conditional Grant for the project that required job creation and capital expenditures.

TIF Bond financing allows the property taxes generated from a project to be used for financing public infrastructure needed for the project. Funds provided through a TIF are subsequently repaid to a jurisdiction through the collection of increased property taxes because of the increased assessed value of the improved properties. Emergent’s properties have already reached an assessed value that exceeds the value of the approved TIF.

Due to some market changes, challenges with the building structure, and other conditions, the company decided not to continue with the build-out at the Frederick location. Because the company did not meet the job creation and capital expenditure requirements, they are reimbursing the County $250,000 that had been approved to assist with the public infrastructure requirements for this project.

“It’s unfortunate that this project did not come to fruition for Frederick, but we’re hopeful that Emergent will think of us again for any future expansion needs they may have,” said Laurie Boyer, Director of the Frederick County Office of Economic Development.

“Emergent is grateful for the support afforded by Frederick County and its Board of Commissioners,” said R. Don Elsey, SVP Finance and Administration and Chief Financial Officer of Emergent BioSolutions. “As a neighbor to our headquarters location and place of residence for a lot of our employees, Frederick will always be an option for Emergent’s potential future expansion.”

Commissioner Jan Gardner added that “Emergent BioSolutions is one of the leading life sciences firms in the State. We value the relationship that we have with them, and look forward to the possibility of working with them again in the future.”

Emergent BioSolutions, Inc. is a biopharmaceutical company focused on the development, manufacture and commercialization of vaccines and therapeutics that assist the body’s immune system to prevent or treat disease.