Tax Increment Financing Board 6 12 26

I'd like to call to order the tax increment finance board meeting for June 12th, 2026. I'll call the role present. Cliff P. Sean Kadin here.

Linda Pereira here.

Rich Gonzos here.

Frank Marion.

Pursuant to the open meeting law, any person may make an audio or video recording of this public meeting or man may transmit the meeting through any medium. Attendees are therefore advised that such recordings of transmissions are being made whether perceived or unpersceived by those present and are deemed acknowledged and permissible.

Let's do the 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.

Any citizens input?

None.

Hearing none.

I'd entertain a motion to approve the minutes.

Second.

Second.

I have a a motion and a second.

All in favor?

I opposed. Unanimous.

Our first tax increment exemption request is from Jefferson realy open for discussion.

So Mr. Mayor if I can just present this and then I would call Mr. Fiola come forward.

So this is the property located at 37 Park Street. It's the former Atlantis um uh charter school. Uh you have before you the pilot uh the tificate the tie agreement. I just want to direct your attention to page uh three of it. Uh based on fiscal 27, fiscal 26's valuation and the property record cards are on the back of the ties. The base value would be 1,388.

Uh since the whole building is going residential.

Um with that, I would turn it over to Mr. Fiola to explain how many units and a little bit more detail on the project.

Uh good morning. Uh thank you attorney Thomas and uh good morning to uh members of the board. Um as uh trainee Thomas uh has explained the proponent uh is here this morning uh seeking approval of this tie so as to facilitate the conversion of the Park Street property from educational use to um residential use. I'm sure many of you are familiar with the property itself.

Um it was the former Dominican Academy for a number of years and then it was converted over to uh the charter school and it had remained vacant for a period of time and now Jefferson realy and Michelle Pelleter is here representing him as the CEO of the company um is now moving forward hoping to move forward with the conversion of the property into 66 residential units. These units will

be market rate. Um the overall project investment is an estimated $13 million uh for the conversion of the project itself. Uh in addition to the tie uh they will be seeking an HDIP grant from the state. Uh and the HDIP grant is contingent upon the city issuing a tie for the project itself. So it's a sort of hand and glove procedure here that's uh one step is necessary to secure the

second step. Um and I think you know given the building itself you know if you look at the building is tremendous.

You know it's got a lot of historical content to it. It's one of the buildings that was constructed you know at the turn of the century. Uh the workmanship in the building is being preserved to the greatest extent it can. Um the parking lot's going to be addressed. All parking will take place within the facility uh on the site itself.

um it went through a variance years ago for this purpose which was secured and you know given the um the proximity of the project to the hospital we think there's potential um affiliations with Brown Health uh as it pertains to the visiting nurses and other types of attendants that may be available there and it's also adjacent to St. An's Church and across the street from the Mstead Park. So having this building

repopulated, I think is going to improve the overall neighborhood because I don't think anybody likes to see a building of this size being vacant and having, you know, detrimental impact on the building. In the past, there's been problems with some of the roof shingles falling off and everything else. So now this building will be given a thorough uh rehab. So those issues will not, you

know, be present any further. And I think it's going to be uh an amenity not only to the neighborhood but also to the city in general. I'll be happy to answer any questions you may have.

Any questions file?

Just a quick question. Um some not necessarily towards the tie itself but gone through all the permitting process.

So I guess question about parking.

Yes, parking is all set.

All set.

Yeah. Does uh the previous owner secured the variance for the project? Um there was going to be conversion for residential use. uh for the previous owner and that's just transferred over to the new ownership.

Thank you.

Anything further?

Motion to approve.

Second.

Do I have to call the on?

Yeah, I'll do it. May Okay.

Sean, um Mayor Coogan, yes.

Sean Kadim, yes.

Linda Pereira, yes.

Ann O'Neal Souza, yes.

Richard Gonzo, yes.

Okay. Uh passes one, two, three, four, five nothing.

The second project is the second street trust, Mr.

Thomas.

So, um, thank you, Mr. Mayor. On the second street trust, you have before you the tie agreements. Uh, this is the firm farmer at Dery Buffington. There's 10 units that are going to be developed there. Six market for home. Um I would direct your attention to page um page six again to the uh not page six excuse me page u three page three uh the base value on this is 692,700 based on this year's fiscal uh

assessment. Um I would turn it over to Mr. Po.

Yep. Thank you uh Attorney Thomas. Uh once again, you know, we're bringing this project before you. Um I think this project is particularly uh important in the sense for a couple different reasons. One uh it's an investment for residential purposes within a highly dis distressed census track within the city.

Um it's again taken a building that had been vacant and it's converting it for residential uses. It's the former Dery Buffington Insurance property uh that had been vacant for a couple of years prior to the sale and purchase of the property. Um, in addition to that, I think it's also notable that four of the units will be affordable out of the 10.

Um, and the um the four units will be taking advantage of home funding that's being offered uh through the community development agency and the they will be ded for I think it's up to 30 years in terms of affordability. So that's that's going to be an important uh component of the project and it'll be made available to people that are at 60% AMI. So in terms of you know the uh maintenance of affordability um I think

we're looking at um you know probably the onebedrooms the four one-bedroom units at this point in time would be priced out about $1340.

The mockery units would be higher than that. This is a local tie only. They are not seeking any HDIP credits for this.

So, it's just completely local. And uh Attorney Thomas has had conversations with the state uh because this is something new for everybody that's doing local ties. I think we got it to the to the um the format that's uh going to be u appropriate for its approval both on a local level as well for review on a state level.

Um questions?

Motion to approve.

Second.

I have a motion to approve.

May second.

Yes.

Um Sean Kadim, yes.

Linda Pereira, yes.

Ann O'Neal Souza, yes.

Richard Gonzo, yes. Passes 5 nothing.

Any old business to come before the committee?

There's none, Mr. Mayor.

Any new business to come before the committee?

None, Mr. Mayor.

I'll entertain a motion to adjurnn.

Motion to adjurnn.

Second.

Second. Any discussion? Hearing none.

All in favor?

Opposed?

Thank you. Thank you.