HomeMy WebLinkAboutTIF Minutes - 03/24/2015MINUTES OF MEETING OF -'E C E I VED
TAX INCREMENT FINANCE COMMITTEE "'..ES OFFICE
March 24, 2015 2015 APA 16 A 8. 33
I; IRS F I E L 0
The meeting was called to order at 6:00 p.m, by the Chair, Don Cleary.
Members Present:
Don Cleary
Walter Wilk
Kevin Mackie
George Dentino
David Martin
Others Present:
Assistant Assessor Nancy Hinote
Town Manager William Ross
Future Foam Local Manager Brian French
Future Foam Tax Incentive Consultant Bobby Matthews
Mr. Cleary opened the meeting with a discussion of the request from Future Foam to create the
TIF. Mr. Ross distributed a draft copy of the Tax Increment Financing Agreement that will be
reviewed by the committee, with a recommendation made to the Board of Selectmen. The key
discussions centered around the period of time for the tax increment. The correspondence from
Future Foam representative suggested three possible timeframes and one possible percentage of
TIF for each of three timeframes. The Committee, in reviewing the proposal, concluded that a
10 year TIF, with percentages of 80/80/70/70/60/60/50/50/40/40/30 would be the most
appropriate.
Motion by Wilk, seconded by Mackie, to recommend a 10 year period for the TIF with
percentages included. Motion carried 5-0.
Mr. Matthews pointed out that in Section 7 of the proposed agreement, Future Foam would be
obligated to return any TIF benefits to the Town if Future Foam fails to meet the requirements of
the agreement or if Future Foam closes the operation before the TIF ends. This is called a claw -
back, and is becoming standard in all TIF agreements around the Commonwealth.
The second major item of discussion was when the TIF would begin. The options discussed wer
(1) at the beginning of the next fiscal year; (2) a delay of one or two fiscal years, or (3) at the
time a permanent occupancy permit is issued for the building. The Committee concluded that
the option of timing the beginning of the TIF with the issuance of a permanent Certificate of
Occupancy, made the most sense in this case.
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Motion by Martin, seconded by Mackie, to include in the agreement that the start date of the TIF
would be when a permanent certificate of occupancy is issued for the building.
Moved by Martin, seconded by Wilk, to recommend to the Board of Selectmen the TIP
agreement as developed and voted on by the TIF Committee during this meeting.
All members present voting aye. Motion carried
Meeting adjourned at 6:45 p.m.
Respectfully submitted,
William R. Ross, Town Manager