ARTICLE 5: To see if the Town will vote, pursuant to Massachusetts General Laws Chapter 40, Section 59, and Chapter 23A, Sections 3E and 3F, and the applicable regulations thereunder, to approve a Tax Increment Financing Agreement, between the Town and Elegant Banquets LLC, or an affiliate or related entity thereof, for the property located at 167 Main Street and 0 Main Street, commonly known as the White Cliffs Mansion, being Assessor’s Parcel 53, Lots 73 and 155, said property to be leased from the Town, which TIF Agreement provides for real estate and personal property tax exemptions at the exemption rate schedule set forth therein; and to authorize the Select Board to execute the TIF Agreement, and any documents related thereto, and to take such other actions as necessary or appropriate to carry out the purposes of this article; or take any other action relative thereto.
Explanation: This article seeks approval of a Tax Increment Financing (TIF) Agreement between the Town and Elegant Banquets LLC (or an affiliate) for the White Cliffs property. Under Massachusetts law, a TIF Agreement allows a municipality to grant temporary property tax exemptions on new real and personal property value created by a development project. The proposed agreement establishes a schedule of tax exemptions intended to support private investment in improvements to the White Cliffs property while allowing the Town to benefit from increased property value over time. If approved, the Select Board would be authorized to execute the TIF Agreement and related documents, subject to approval by the Commonwealth as required by law.
Votes Needed to Pass: Majority
Brief Video Explanation from Town Administrator Stephanie Bacon:
Relevant Discussions for This Article:
March 18 White Cliffs Lease Agreement Key Lease Terms Memo