Officials Say NBCUniversal Move Could Create Media Center

NEEDHAM, MA — If all goes according to plan, NBCUniversal’s move to Needham is just the start of the creation of a media cluster which could be similar to the media center in Stamford, Connecticut, officials told the selectmen Tuesday.

With May 8’s Special Town Meeting approaching, representatives from the media company were in front of the selectmen to review the company’s proposed move to Needham Crossing. The proposal has NBC Boston, NECN, Comcast Sportsnet New England, and Telemundo moving from their current offices to a new Needham location.

As part of the deal, the town will issue a 10-year tax Increment financing (TIF) plan. During the first four years, 70 percent of the increased valuation would be exempted, five in the fifth year, and 1 percent for the remaining five years, according to the town meeting warrant. During the TIF, the town would receive existing base revenue of $3.6 million and more than $5 million in incremental revenue.

As part of the host-community agreement, NBCUniversal agrees to offer a shuttle from the Newton Highlands train station to the office, offer internships to four Needham students and four local college students, create a plan for on-air placement of the Needham Crossing logo, and provide resources and space for entrepreneurial start-up businesses.

The move is expected to bring 375 jobs to Needham, with NBCUniversal investing $125 million in the project.

“We see this as a huge win-win for both parties,” Selectman Daniel Matthews said.

Other board members were as supportive of the move.

“There’s been a lot of consensus about the town’s vision for that area and it’s coming to fruition,” Selectman Maurice Handel said.

Chairperson Marianne Cooley noted that she is getting questions about when restaurants and catering services will move into the area.

“We’re hoping as soon as you come those other amenities will appear,” she said.

If Town Meeting approves the TIF, NBCUniversal plans on completing the purchase of the property in the summer, start site work in the third quarter of 2017, and move in by the first quarter of 2019.