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HomeMy WebLinkAbout2004 ATM-ARTICLE 23-TIF-1600 OSGOOD STREET-OZZY PROPERTIES OF NORTH qti et.lEO is U p 0^yq9 9SSNCHUSES TOWN OF NORTH ANDOVER OFFICE OF THE TOWN CLERK 120 MAIN STREET NORTH ANDOVER, MASSACHUSETTS 01845 Joyce A.Bradshaw,CMMC Telephone(978)688-9501 Town Clerk Fax (978)688-9557 E-mail Bradshaw(dtownofnorthandover.com This is to certify that the following vote on Article 23 was taken at the Dissolved Annual Town Meeting for the Town of North Andover held May 11,2004: Article 23. Tax Increment Financing Plan — 1600 Osgood Street (Former Lucent Technologies). VOTED BY MAJORITY VOTE that the Town approve a proposed Tax Increment Financing Plan for 1600 Osgood Street (Hereafter known as the TIF Plan) and authorize the Board of Selectmen to reach an Agreement with the owner of the property, for a parcel of land and buildings thereon. The property shall be designated as a Tax Increment Financing Zone, which, as defined in the TIF Plan, presents exceptional opportunities for increased economic development. As outlined in the proposed TIF Plan, the Town shall provide for an exemption of property taxes or a percentage thereof based on the incremental increase in property value in assessed valuation of the property for a period of not more than 20 years in accordance with the requirements of Massachusetts General Laws Chapter 23A, Section 3E, Chapter 40, Section 59, and Chapter 59, Section 5 and pursuant to 760 CMR 22.00 and 402 CMR 2.00. In return for such tax benefits, in accordance with the proposed TIF Plan, the owner of the property shall ensure at the above property the location and expansion of manufacturing, research and development or other like uses which increase job creation, provide higher property values, and retain and/or expand industry in the Town and the Commonwealth, and That the Town approve a Tax Increment Financing Plan (TIF) with 1600 Osgood Street, LLC that has the following components: 1. Term: 20 years 2. Schedule: The following exemption percentages will apply: Year 1: 90% Year 6: 70% Year 11: 25% Year 16: 1% Year 2: 90% Year 7: 65% Year 12: 20% Year 17: 1% Year 3: 85% Year 8: 60% Year 13: 15% Year 18: 1% Year 4: 80% Year 9: 55% Year 14: 10% Year 19: 1% Year 5: 75% Year 10: 50% Year 15: 5% Year 20: 1% 3. Acceptable Uses: The TIF will remain in effect as long as at least 70% of the total net occupied space is occupied by firms engaged in commercial or manufacturing uses. Warehousing or distribution uses are outside of the town's definition of commercial or manufacturing uses. The town will consider as a commercial/industrial use those warehousing or distribution uses that are appurtenant and essential to a user predominantly engaged in commercial or industrial uses at the site, defined on a square foot basis. 4. TIF Zone: The TIF Zone will consist of Assessors Map 34, Parcel 17. Any new buildings on Parcel 17 would receive tax benefits associated with the TIF in the event that the Town of North Andover Board of Selectmen and the Planning Board, at their sole discretion, approve this building as contributing net economic benefit to the town without significant adverse impact. 1600 Osgood Street, LLC would petition these Boards to obtain their approval. Such approvals would be outside and independent of any other approvals that the town would consider in its ordinary processes of reviewing and approving real estate development. 5. TIF Commencement: The TIF would commence in FY2006, pending approval from the Commonwealth that such a commencement is compatible with TIF regulations. 6. Other Conditions: a. Until November 1, 2007, at no cost to the town, 1600 Osgood Street, LLC will make available and maintain the recreational fields currently utilized by the official Town of North Andover youth leagues, specifically soccer and little league. After this initial period, the use of the fields will renew on an annual basis so long as the fields remain. b. 1600 Osgood Street, LLC will encourage future tenants to join the Merrimack Valley Transportation Management Association. c. 1600 Osgood Street, LLC, for a period of up to 10 years, shall provide 5,000 square feet of office space for municipal purposes rent free. In addition office furniture can be made available for use within the space. The exact location of said office space to be determined upon further review of the space available at the time of the request. In addition, 1600 Osgood Street, LLC will allow the Town to use the auditorium. And that the Board of Selectmen are authorized to enter into any and all agreements and submit any and all applications to the Commonwealth of Massachusetts necessary to implement this TIF plan.