Tax Increment Financing Board 10 23 23

The Tax Increment Financing Board convened its October 23rd meeting to consider three Tax Increment Exemption (TIE) agreements, representing over $43 million in private investment for market-rate housing in Fall River. The meeting began with the approval of the March 24, 2023 minutes, which passed unanimously. The board then moved to consider a TIE request for 66 Troy Street, a project by Anthony Cadero to expand from 27 to 36 market-rate units with an estimated private investment of $10,735,362. This request was approved with a 6-0-1 vote, with Frank Marion abstaining due to a conflict of interest.

Next, the board considered a TIE for Sanford Spinning Mills at 206 Globe Mills Ave, a $28 million project to rehabilitate a historic mill into 93 market-rate units. This approval was made conditional upon the developer paying $39,171.71 in outstanding taxes to the city, a condition confirmed by the Treasurer's office and the developer's attorney. This item also passed with a 6-0-1 vote, with Frank Marion again abstaining. Finally, a TIE for Derry Trust Limited Partnership at 84 North Main Street was discussed. This $8.4 million project involves converting a historic bank building into 22 one-bedroom units, with the first floor reserved for commercial use. This request was unanimously approved 6-0. All TIE agreements followed a standard 10-year schedule, offering an 80% tax exemption on new value for the first five years and 20% for the subsequent five years, averaging 50% over the decade. The meeting concluded with no new or old business.

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