Loading...
HomeMy WebLinkAboutSelect Board 10/04/2021TIF Committee Meeting Minutes October 4, 2021 Present: Steve Schoonveld, Select Board representative; Adrian LeCesne, Planning Board representative; Melinda Tarsi, Industrial Development Commission representative; Darlene Pruitt, Zoning Board representative; and Brian Eagle, Finance Committee representative' Also Present: Kevin Dumas, Town Manager; Barry LaCasse, Assistant Town Manager; Dan Brogie, Chief Assessor; Matt Violette, Town Accountant; Steve McClure, President of Opportunity Alliance LLC. and Margaret LaForest, Regional Director - Mass Office of Business Development 1. Call Meeting to Order Mr. Kevin Dumas called the meeting to order at 5:30PM. d 2. Vote on organization of TIF Committee n , Mr. Dumas asked for nominations for Chair. « — y�c'� Motion: To nominate Steve Schoonveld as Chair. (Eagle/Pruitt) Passes 4:0 J7, :X:;G ,,= i D Cnrl Adrian LeCesne arrived at 5:35PM. ` n r— (a C 3. Presentation by Steve McClure (Project Nucleus IX) on request for TIF exemptf" for I4ati(M at 44 Cabot Blvd. Mr. Steve McClure was present representing Project Nucleus IX seeking support of a TIF exemption on behalf of a company that is still confidential due to the competitive nature of its business. He stated that this is the ninth location and there are eleven projects in total and they are anticipating having all of these locations to be operational in 2022. The company is a Fortune one hundred company. The location they are looking to locate their business at is 44 Cabot Boulevard which is a property that is currently under construction. He stated that Mansfield was a top choice of the company and was impressed with the Mansfield team and level of professionalism. Mr. Steve McClure stated that they are seeking relief on their personal property taxes due to the high value of its robotic equipment that is valued at $24,000,000. There would be $140,000 in real estate taxes from the building and the personal property taxes is estimated to be $541,920. If the TIF were approved it would give $216,768 in tax savings to the company in year one and over the seven-year lifespan of the TIF it would be approximately $1 million total. Mr. McClure also stated that there will be about 200 new jobs created with an average salary of $41,035. 4. Discussion and possible vote to recommend The members of the TIF Committee discussed the project and proposed personal property exemption. Mr. Schoonveld stated that the Board would not be making a vote tonight as there had only been forty-eight hours to review the material and because not all members were present. Mr. Dumas explained that originally the company was seeking a 50%exemption for all seven years, but was able to use a gradual percentage which gives more money to the Town beginning with year one but over the seven years of the TIF it equates to fifty percent. Margaret Laforest also noted for the Committee that the seven-year TIF was to coincide with the lease terms and the equipment was not necessarily on a seven-year depreciation schedule. Mr. Brian Eagle then asked what incentives the company asked for in other states that they are located in. Mr. McCure stated that it varied and some were at the state level and some were at the local level and he noted that it varies. Margaret Laforest responded to Mr. Eagles question stating that when Mr. McClure first approached her there were several New England states being considered and it was her goal to first get them to come to Massachusetts and then work to find a local community that the company was interested in. She stated that there are some state incentives or programs that the company could be eligible based on industry orjob creation. She stated that when she approached Mansfield and became a leading community based on the response that Town Managers office provided and the work that has been TIF Meeting Minutes October 4, 2021 done with economic development set the. Mansfield community above the others and became the leading community. Mr. Schoonveld asked why a Fortune 100 company needed an incentive and Mr. McClure stated that the company was in a highly competitive market. Mr. Schoonveld stated that this was personal property like no other personal property and it was not like the typical companies or average company in Town because of its state-of-the-art robotics and facility. He stated that the average company in the park only has personal property of desks and chairs and this company and can see a TIF for this company because its personal property is higher in value and a TIF would balance it to make it similar to other businesses in the park. Mr. Dumas stated that he understood what Mr. Schoonveld was stating and noted that Medtronic/Ovidian had personal property valued at $20,000,000 but now this company will be the highest personal property account in the Town. Brian Eagle left the meeting at 6:20PM. Adriene arrived in person at 6:30PM. Melinda Tarsi left at 6:4613M. S. Discussion of recommendation to the Select Board on the application for TIF designation There was no recommendation made. 6. Any other items not anticipated 48 hours in advance of the meeting There were no items however the Committee discussed meeting on October 14th at the Industrial Development Commission meeting. 7. Adjourn Motion: To adjourn the meeting at 6;4713M. (LeCesne/Pruitt) Passes 3:0 . X_/� z5elo 11 // Signature Date Minutes prepared by Carrie Champagne TIF Meeting Minutes October 4, 2021