the order the April 8th meeting of the uh tiff board Um Matt would you please call the role um Sean Kadim here Linda Pereira here Richard Gonzalez
here Mayor Kan here I also want to announce that um Sean Kadim is joining us remotely Um pursuant to the open meeting law any person may make an audio or video recording of this public meeting or may transmit the meeting through any medium Attendees are therefore advised
that such recordings or transmissions are being made whether perceived or unpersceived by those present and are deemed acknowledged and permissible Do we have any citizens input today none Mr Mayor Um I I'll entertain a motion to approve the minutes of the March 19th
tiff meeting Motion Second I have a motion to second because um councelor Kadim's joining us remotely All roll calls will be recorded Um uh Mr Kadim
yes Miss Barrera yes Mr Gonzalez yes Mayor Kugan yes Passes for nothing Tax increment First one on the agenda tonight item number six is a request for mass can capital Is anybody going to talk on that one yeah Mr Mayor I'm just
going to give you a brief uh synopsis and then Mr Fiola Okay And I believe the proponents are here as well So this is a project at the old Globe Street Mill Um it's located at 460 Globe Street Uh there will be 89 market uh rate
residential units They'll the units will have four studios with a rent of 1,875 57 onebedrooms with a rent of 2,235 and 28 twobedrooms with a rent of 2550 It's a 10-year tiff The market rate
percentage is 100% under the 10-year tie Excuse me It would be 80% for the first five years 20% for the um last five years Um Mr Viola Yes thank you
Um I I need to stand because I hurt my back so I apologize Um this morning we have uh the project proponent from Massan who can um actually speak in much more detail about the project itself I think uh from me developed housing perspective this project uh is very
significant in the sense that it helps to restore for an adaptive reuse purpose um the old Beyond Mills on Globe Street and it's a a project that's going to I think greatly enhance that neighborhood in terms of providing residential
opportunities to the citizens of for greater for per se But more importantly it's a very significant investment in a building that is um while it's still structurally sound and conducive to development uh much needed repairs are
necessary for it to u become a productive member of the overall corporate community in the state So Ed if you want to come up introduce yourself and elaborate a little bit further upon the project itself And while he's coming up I just want to note that this is one of the first ones where
the vote is going to be contingent upon mass can actually purchasing the property They have a purchase and sale agreement on the property but they don't own it yet That's allowable under the rules And so the vote when you do take it the language says that it's contingent upon their acquisition
Ed Hamlu I'm the principal at Mascan Capital address 165 unit 404 Norwood Massachusetts 02602 Tell us what you got We are proposing to convert this building out of this this
historic complex goes back to uh goes back to about 1882 And this is uh one of the three buildings in this complex that we are now They're completely separate Uh it is
a historic building uh designated historic building and we are proposing to convert this historic uh to market rate uh units at this time and uh currently under utilized less
than 20 30% occupancy It is in a a fair condition but it needs immediate attention as well and it provides the parking has surface parking have access to water and sewer So we are not really
proposing to making any major changes to the infrastructure The project itself would be able to support uh we are trying uh anything available to make the project as sustainable as possible
feasible In other words we are going to use all the technology that is financially economically feasible for this project As a matter of fact uh uh I'm I'm headed to New York next week for geothermal conference to see if possible
financially We use geothermal heat pump in this project So and go all electric and a combination of solar panels and uh geothermal heat pump might cover 60 70% of heating cooling and hot water of the building So uh this is a little bit uh
you know dreaming at this point but that is our goal if we can do that that would be the first project in the state of Massachusetts on a private site using uh uh geothermal I'm if you didn't get the geothermal you got a fallback position
No no but we use other type of heat pumps Okay That that's your fallback Yes Okay That our electric heat pump is our base case scenario Okay geothermally you know a little bit uh outreach Any questions for Ed i do Richie can you
tell me your total investment what What's it going to be the total development cost would be close to $39 million $39 million Okay Any anybody got anything further i don't So Mr Mayor the appropriate
motion would be to recommend approval of the 460 Globe Street Tax Increment Agreement contingent upon Massan Capital LLC's acquisition of the subject property to the city council Do I have a motion motion So move Second
Second I have a motion to second Again we call the role on Mr Kadim Yes Mr Pereira Yes Mr Gonzalez Yes Mr Mayor yes Pass is 4 nothing
Thank you Ed Good luck Thank you Thank you Thank you Next item on the agenda is a tax increment exemption for the Cook Pond Realy 2492 South Main Street Uh Mr Mayor this project which is called
the overlook at Cook Pond is a housing development at 2492 South Main Street It's the merger of a couple of parcels out there out by the water tank Uh the project includes 22 three-bedroom residential rental units So uh and these
will be spread out over eight town houses This is a I think the first time we've cut tie on townhouse properties So there'll be eight townhouse buildings and between those eight townhouse buildings there will be 22 three-bedroom residential units The rental price will be
$2,900 Um it's 100% market rate Again uh it's a 10-year tie with 80% uh exemption for the first five years and uh 20% for years 6 through 10 Mr Tyler thank you
Thank you Mr Thomas Um once again um this project here represents a pretty significant investment in South It's complimentary to what's occurring at the 460 Globe uh Globe Mill property This one here is a little bit different It's groundup construction So it doesn't have
the benefits that you know some of the mill conversions have in terms of historic tax credits for the overall project Um this project actually is going to be located directly across from the 251 South School Uh there's a big water
tower there if you're familiar with that area sort of next to that water tower It's land that's been sitting vacant for a long period of time So it's going to be a very welcomed amenity to the south end and providing uh first rate housing at the um at the particular location there
Um we've worked with the HA family in the past Ha family and we have Chris H with us this morning Um the Hija family has invested in the uh former the Notre Dame school and converted that and they're also in the process of converting the Sacred Heart uh rectory
um property for additional housing over there So they have an established track record within the within the U community and their reputation is uh stellar and we look forward to their investment here In this particular vote there's one thing that you need to keep in mind
We're expecting the amended HDP application to allow this into the zone to take place any day now So we just want to make that as a contingency approval if you can Mr And with that I'll have Mr Ha come to the table to explain a little bit further
Good morning Good morning Thank you everyone for taking the time Um so a little bit more about the project because they said it's 22 town houses um eight different buildings So there'll be two or three um town houses per building um three different floors and on the
first floor there'll be a uh a garage And then there's also we're planning on putting electric car chargers um in each of those garages And the units will be all um all electric as well Um what else overlook the pond is the
trophy overlook the pond Yes So some of the that's why we named it the overlook the cook pond So some of the units you will be able to see um see the pond from the from the units and like I said three bed two and a half baths and um if
there's any any questions It's all new construction That's a vacant lot right now Yes All ground up ground up construction Okay How long has that lot been vacant i mean long time Long time I think I think stuff for the longest time I always thought it was a
city lot because it was adjacent to the um Yeah tank water tower right and we never owned it No And we never owned it We never owned it When we were doing the school out there that's when I think people start to we started talking about it Yeah Right We acquired it to who owned it and at the same time
simultaneously the HR family uh was looking to acquire it from the party that I think the party that owned it own the apartment building to it Yes Tower Tower Hill Yeah And so that's been a huge
success also Any questions one more I have a question Uh when we say townhouse they're not condos right nope Okay Okay All rental Okay They're rental apartments right yes Good Okay Any further questions for Mr
Aar mr um Thomas you want to make sure you read us the motion So we do it correctly Mr Mr Mr Mayor can I just just quickly I do got a couple questions Go ahead Mr Kadim So thank you So did you mention they're all market rates so there's no
affordable in this Correct And then so if I heard correctly it's just it's just an open field So we're not looking for any development of an existing building or anything like that No just an empty lot right now
have So my question is how many communities actually give these types of incentives for open space that especially space that's not is it contaminated any any cleanup uh no there wasn't if I can just
intervene here conflict There wasn't a lot of but there were some there were some mitigating factors with regard to uh some of the um geotech uh that had to take place with the bringing in of the um the water sewer and the gas Uh
there's a lot of ledge throughout that area and that's probably why that lot has sat vacant for so long you know you had premium and development cost associated with the uh with the project We've also done a couple of other ties for other groundup projects Uh most
notably um there's one going we just uh the tiff board as well as you guys had previously approved for 290 Befford Street which is a groundup project and also for Turner Deval Street which is also a groundup
project In those two instances we took out properties that were there demolished them to make way for the new construction This one here is just vacant land uh with premium site development costs that you know makes the project a little bit more expensive
than it ordinarily would be But on um so I I I know the one we just did a couple of weeks ago or last month was it at least had what one or two um affordable units right what what about the other the other site that you mentioned right So the problem so the
issue with groundup construction um it's it's more challenging for any developer now because historically most of our residential conversions have been for conversion adaptive reuse of mill space And like the project before us
which was just approved the developer there stands to uh gain the benefit of uh historic tax credits to offset their overall development cost So for instance we had a $30 million cost um on the proposed project that was just approved
you know uh 20% they would get a 20% historic tax credit from the feds and a 20% historic tax credits from the state So you're looking at close to $8 million with regard to historic tax credits to offset the cost of that development
Ground up is not afforded that type of uh incentive because obviously there's nothing historical about new construction So when we're doing ground up it's much more expensive for the developer to undertake these types of projects And in this instance it's even
exacerbated a little bit further by the uh by the geotech conditions of the site itself Okay I yield Thank you Thank you Miss Kadine Any further questions so the appropriate motion would be
motion to recommend approval of the 2492 South Main Street tax increment agreement to the city council contingent upon expansion and inclusion in the house in the HD Motion
Second I have a motion and a second Any further discussion mr Thomas would you please call the Mr Kadine no Uh Miss Pereira yes Mr Gonzalez yes Mr
Mayor yes Fails Three to one You need four votes to pass it Four votes to pass it Okay Is that your quorum and that's what you need So you need four to nothing So it fails Okay All right Anything further to come before
the board any new business any old business hearing none Uh let's entertain a motion to adjurnn Second We need a motion Motion Oh second Motion to second to
adjurnn Any discussion mr Thomas please call the role Mr Kadin yes Miss Pereira yes Mr Gonzalez yes Mayor Kan yes Meeting adjourned Thank you Thanks Sean Thanks