HomeMy WebLinkAbout1600 Osgood Street TIF Town of North Andover
Request to Include Article For May 10, 2004 Annual Town Meeting
(Town Division/Department)
Submitted by: Town Manager and Community Dev. & Services
(Name of Department/Division)
Mark H. Rees & Heidi Griffin
(Name of Division Director)
N/A
(Name of Department Director, if applicable)
Date: February 11, 2004
Requested Article:
Article
To see if the Town will vote to approve the 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 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 E; Chapter 40, Section 49; and
Chapter 59, Section 5 and pursuant to 751 CMR 1.04 (1) (b) and 402 CMR 2.18. In
return for such tax benefits, in accordance with the 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. A copy of the TIF Plan is on file with the Town Clerk;
or take any other action relative thereto.
Draft Motion:
To adopt the article as written in the warrant
Reason(s) for Article:
To provide both local and state tax incentives to attract tenants to this site, thus
providing job growth and increased property taxes
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Approved by Town Manager: Date:
Approved by Town Counsel: Date:
(as to form)
Approved by Bond Counsel: Date:
(for borrowing articles).
Approved by Board of Selectmen: Date:
(For inclusion in the warrant, majority vote required):
deptsubm9/21/00