Industrial Development Bond (IDB) Case Study
Pfizer Inc. IDB
Pfizer Inc. (the “Company”) is a Delaware corporation. The Company is a research-based, global biopharmaceutical company that applies science and its global resources to bring therapies to people that extend and significantly improve their lives through the discovery, development and manufacture of medicines, vaccines, medical devices and consumer healthcare products. The Company manages its global commercial operations through two distinct segments: Pfizer Innovative Health and Pfizer Essential Health. This structure allows each operating segment greater autonomy, focus, and responsibility for its commercial activities and for certain research and development projects and for new investigational products. Each business has a geographic footprint across developed and emerging markets.
Description of the Project
St. Louis County, Missouri (the “County”) is considering the adoption of this Development Plan to protect and promote the economic well-being and industrial development of the County and other affected taxing jurisdictions.
The Company has requested that the County approve this Development Plan, which calls for the acquisition, construction, equipping, furnishing, and extension of the Company facilities (the “Project”). The Project consists of:
- Acquiring the “Project Site” which is approximately 32 acres and located wholly within the boundaries of the City of Chesterfield, Missouri (the “City”), located in the County at 875 West Chesterfield Parkway (Locator No. 18S521098).
- Constructing on the Project Site approximately (i) 250,000 square feet of laboratory, research, development, and manufacturing space, and (ii) 70,000 square feet of office space (collectively with the Project Site, the “Project Improvements”).
- The Project Improvements are estimated to be acquired, developed and constructed at a cost of approximately $220,000,000.
- The purchase and installation of approximately $28,500,000 in furniture and equipment (the “Project Equipment”).
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