More Details on TripAdvisor's Needham Move
Needham Special Town Meeting votes next week on a tax increment financing program for TripAdvisor's intended Needham offices. Information session later this week.
Pending a vote by Needham Town Meeting next week, TripAdvisor could well be coming home.
At last night's Board of Selectmen meeting, officials and TripAdvisor representatives answered some questions from Needham residents about the tax increment financing (TIF) program proposed by the Selectmen.
This will come before Needham Town Meeting next week, as article 1 of the Dec. 3 Special Town Meeting.
"We did site search and focused on 128 corridor." Tyler Young, Vice President, Finance and Administration commented, "Needham is our top choice, pending the TIF approval. Will be excited to move back to home town of Needham."
TripAdvisor will be bringing 450 jobs from their Newton offices, and have committed to adding 50 jobs a year for the first five years.
Young added, "we expect to grow faster than that."
In order to meet the site developer's needs and schedule, TripAdvisor needs to sign a lease at the end of the year, or in early January of the next. In order for construction to begin next summer as hoped, the TIF will first need to be approved by Town Meeting on Monday.
The company began in 2000 here in Needham, and is outgrowing its Newton headquarters. Two weeks ago, Needham's Selectman voted in favor of a TIF program with TripAdvisor, which they hope will bring not only TripAdvisor, but a number of tech companies to Needham's new business park.
Residents with more questions can also head to another information session at TripAdvisor's Newton headquarters on Thursday evening at 5 p.m.