CITY OF BOSTON * MASSACHUSETTS OFFICE OF THE MAYOR ‘MARTIN J, WALSH November 28, 2014 To the City Council Dear Councilors: 1 transmit herewith for your approval an order authorizing the City of Boston's approval of'an application to the Massachusetts Economic Assistance Coordinating Council for Certified Project status for 327-347 Summer Street, the LogMeIn Project, the renovation of a presently vacant fire-damaged building in the City of Boston Innovation District into an 117,000 square foot office building located in the Crosstown/South Boston Economic Opportunity Area. The Order is also for approval of a Tax Increment Financing Plan, including as part thereof.a Tax Increment Financing Agreement, for the LogMeIn Project. Such approval would allow the LogMeln Project to receive annually a certain percentage of real estate taxes exempt for a thirteen year period. ‘The LogMeIn Project is to be undertaken by LogMeln, Inc. a computer technology company founded in Budapest, Hungary in 1998 with a present international headquarters located at 320 Summer Street in Boston, The LogMeln Projact will create approximately 450 new permanent full-time jobs with a commitment to also maintain LogMein’s current 350 permanent full-time jobs through the thirteen year term of the Tex Increment Financing ‘Agreement. The career area calegories for these jobs include technical support, development, sales, marketing IT and administration, and LogMeIn will agree to make reasonable efforts to hite City of Boston residents for these new positions. Construction jobs will also be created, as the planned investment for the space is $37.7 million and will consist of complete enhancements to shell and core, interior build out, exterior hardscape, as well as now signage and new security and HVAC systems, ‘The designation as a Certified Project and the Tax Increment Financing Agreement are necessary to provide real estate tax relief to make the project financially feasible and to incentivize the expansion of LogMeln’s recently relocated Boston headquarters. The proposed exemption will allow LogMeln to expand in Boston rather than locate the new positions at lalternative locations, ‘The Tax Increment Financing Agreement will provide tax relief for a limited period of time, and it only applies to the incremental value added to the site pursuant to these approvals. BOSTON CITY HALL + ONE CITY HALL SQUARE + BOSTON + MASSACHUSETTS + 02201 {617-635-4500 + wirw.boston gov @ menoncament aap.Approval of the attached Order would be one of the first steps of many necessary for this, proposed Project and Tax Increment Financing Plan and I urge your Honorable Body to approve this Order at the earliest possible date. Sincerely, Martin J. Walsh Mayor of BostonCITY OF BOSTON IN CITY COUNCIL AN ORDER AUTHORIZING THE CITY OF BOSTON’S APPROVAL OF LOGMEIN INCORPORATED’S APPLICATION TO THE MASSACHUSETTS ECONOMIC ASSISTANCE COORDINATING COUNCIL FOR CERTIFIED PROJECT STATUS FOR 327-347 SUMMER STREET IN THE CROSSTOWN/SOUTH BOSTON ECONOMIC OPPORTUNITY AREA. ORDERED: that pursuant to Massachusetts General Laws Chapter 23A, section 3F, as amended, the City Couneil approve the LogMeln Incorporated application to the Massachusetts Economie Assistance Coordinating Council for Certified Project status for 327-347 Summer Street in the Crosstown/South Boston Economic ‘Opportunity Area; and BEIT FURTHER ORDERED: that a Tax Increment Financing Plan for the LogMein Project, including as part thereof, a’Tax Increment Financing Agreement attached hereto be, and the same hereby is, approved. | HEREBY CERTIFY THAT THE FOREGOING, IF PASSED IN THE ABOVE FORM, WILL BE IN EUGENE L- CORPORATION COUNSEL