Town Meeting Approves NBCUniversal Tax Break

NEEDHAM, MA — NBC Boston, NECN, Telemundo, and Comcast Sportsnet have a critical seal of approval for their upcoming move to Needham.

Town meeting voted last week to approve the tax break for NBCUniversal's new $125 million multimedia complex in Needham Crossing, according to the Boston Globe. NBC Boston, NECN, and Telemundo will move from Newton and CSN will come down from Burlington.

Following town meeting approval, 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 business.

The move is expected to bring 375 jobs to Needham.

Greg Reibman, president of the Newton-Needham Regional Chamber, told the Globe that the town will make money from property taxes on equipment such as satellite dishes, cameras and computers.