HomeMy WebLinkAbout2011-ATM-CV-ARTICLE 15-TAX INCREMENT FINANCING PLAN-4 W HIGH STREET OF NORT1l q
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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 was taken on Article 15 at the Dissolved
Annual Town Meeting for the Town of North Andover held June 7, 2011:
Article 15. Tax Increment Financing Plan— 4 W High Street, Mansur Investments,
Converse, Inc. and/or Schneider Electric. Voted to "Take No Action"to approve a
proposed Tax Increment Financing Plan for 4 W High Street, Assessors Map 54, Block 1,
Mansur Investments, Converse, Inc. and/or Schneider Electric, (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 proposed 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 and a full or partial exemption from personal property taxes in accordance
with the requirements of MGLs, Chapter 23A, Section E, Chapter 40, Section 49 and Chapter
59, Section 5 and pursuant to 751 CMR 1.04(l)(b) and 402 CMR 2.18. 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.
VOTED JUNE 7, 2011