3.19.2025 Tax Increment Financing Board

I'd like to call to order the tax increment and financing board meeting of March 19th um 2025. Um I'll call the role. Linda Pereira here. Paul Coogan here. Joe Camarra. Richie Gonzalez here. Sean Kadin here. Pursuant to the open meeting law, any person may make an audio or video recording of this public meeting or may transmit the meeting through any medium. Attendees are therefore advised

that such recordings or transmissions are being made whether perceived or unpersceived by those present and are deemed acknowledged and permissible.

Let's salute the flag to the flag of the United States of America and to the republic for which it stands. One nation under God, indivisible with liberty and justice for all.

Uh we have no citizen input, but we do have um approval of the minutes from the January 2524 meeting. Motion to approve.

Second. I have a motion.

Uh I'll call the role. Richie Gonzalez, yes. Linda Pereira, yes. Sean Kadin, yes. Paul Coogan, yes. Unanimous. So, we have one item on the agenda for today, a tax increment exemption request for 295 Bedford Street LLC, Fall River. Uh, is anyone going to speak on behalf of the uh applicant? Yes, I believe I'm going to invite them down. Okay. After I just give a little summation. Um, Cara Hum on

behalf of the city of Fall River. So, the project before the board today is 295 Bedford Street. This particular project is a mixed use um which includes on the first floor commercial space which will be leased um to an adult daycare and above that on the next four floors will be 52 residential rental units. Four of those um will be affordable housing um through the home program. They will be handicap

accessible and 48 of those will be market rate um units. four threebedrooms, 13 twobedrooms, and 31 one-bedroom units. Um, the TIFF team, which includes myself, Matt Thomas, and Dan Lane did meet with Mr. Fiola. We reviewed the TIFF agreement. It is looks good in form and all the specific information outlined. Um, at this time, I would invite Mr. Fiola down to answer any specific questions about the property.

Uh good morning. Uh for the record, I'm Ken Fiola, executive vice president of Bristol County EDC. I'll answer any questions you may have, but first just let me uh further elaborate on the project a little bit from Miss Sum's summation. Um this project, as you know, is uh at 295 Street. Um it's with a it's within a federal economic opportunity zone as well. is a dist distress census

track. Uh it represents just over a $20 million investment for the um construction of the new building that'll be uh erected there for mixed choose purposes. Uh this project is the second will be if it if it if approved, this project will be the second groundup project for uh mockery housing in the city in quite some time. Um as noted um 52 units in totality, 48 will be mocker rate, four will be home assisted uh deed

restricted units uh for 60% AMI and it's crucial um that the TAI be approved uh at the local level uh so that the project developer can then be eligible for HD tax credits which are a necessary component of the overall capital stack necessary for the funding and the financing of this project. So without the approval of the of the tie u the applicant would not be eligible for HIPP tax credits from

the state and in terms of uh value it's really the value to the developers in the HDIP. Obviously the savings on the the the local taxes is also very much appreciated and everything but it's really the valuation of the uh HD tax credits that are probably more significant in this instance. you know, there'll be an application for $3 million for uh HDIP tax credits, but once again, we can't do that until until

we move forward with the approval of the tie, assuming that the tie is approved uh this morning. Uh we it's our hope that it will also be submitted to the city council for a Tuesday for Tuesday action.

Any questions? I have a question. Um Ken, when you say there's 52 units and looking at here, um what the rents are going to be for one bedroom, two bedroom, and threebedroom. If there's four units that are going to be affordable, is are there is there a specific is it going to be four threebedrooms? Is it going to be a four four onebedroom units? I think at this point two of which are going to be

handicap accessible and the rents uh for um a family of two in a one-bedroom unit would be 1350 per month which is 60% AMI. Right. And the the bottom floor is going to be commercial. It's going to be commercial. There's just over 11,000 square feet of commercial space. The majority of that just over 10,000 is for a private nonprofit adult daycare center that's currently located in the city.

They'll be relocating there. Um and then the other balance just about 2,000 or just over,00 square feet will be for uh property management uh services. Okay.

The adult daycare, I thought they were adding another one, which would be good because lots of families that have an elderly parent living with them really need that daycare and that's they don't want to have this. I think this will be an expansion, you know, of the one that said they were somewhat limited by their current location, right? So, this affords them the ability to expand over

here in a more centralized location and the property that they're currently occupied will most likely um be developed and it'll be back on the um tax revenue pay on a tax revenue payroll, so to speak, because it's no longer a nonprofit. So, it's a win for win for the city in that regard. I don't have any other questions. Thank you. I yield. Any other questions? How many Kenny, I got one question. If you if you

know, how many jobs will be created during the construction? Guessing. Uh I'm guessing typically you're probably going to see anywhere between the different trades uh that'll be occupying or that'll be um you know, employed during the construction of the building.

You know, you're probably going to see anywhere between 75 probably 50 to 75 throughout the course of the um cost of the projects. We're looking typically just about a year construction time. And you know, you have a bunch of different trades in there. So, they'll be in and out. You know, some like I said, a lot of them will uh there's also going to be a reach, you know, part the HDIP

application, you also have to reach out to women and minority owned businesses to give them a fair shot at some of the trade activity that'll be taking place there.

Any further questions? Motion to approve. Second. Have a motion. Second.

Carrie, you want to call the role?

Sure. Um Mr. Coogan, yes.

Miss Pereira, yes.

Mr. Gonzalez, yes. Mr. Kadine, yes.

Unanimous. Um, any new business to come before the board tonight? Hearing none. Any old business? I'll entertain a motion to adjurnn. Motion to adjurnn. Second. All in favor? Opposed? Unanimous.

So, thank you. Thank you.