City cuts Vertex tax break after shortfall in jobs

http://www.bostonherald.com/business/healthcare/2015/08/city_cuts_vertex_tax_break_after_shortfall_in_jobs



SLASHED: Boston officials have reduced Vertex’s tax break by $3 million as the Seaport District company has fallen short on job creation promises.

City cuts Vertex tax break after shortfall in jobs
Wednesday, August 12, 2015
Marie Szaniszlo

Boston officials are reducing the tax break they agreed to give Vertex Pharmaceuticals for moving to the city by $3 million, or 25 percent, citing a shortfall in the number of jobs the company was supposed to create.

In a letter to the City Council, Mayor Martin J. Walsh said the city is reducing the $12.1 million in tax incentives it agreed to give Vertex to $9 million through fiscal year 2018.

The original amount was conditioned on the company relocating from Cambridge and expanding its workforce at two new buildings on Fan Pier in South Boston’s Seaport District, Walsh said.

“The project has delivered considerable benefits to the city and has served as an important catalyst for the significant growth in the Innovation District,” he said in his letter.