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Developer presents 21‑story Second Street project; council refers TIF request to special meeting
Summary
Fulcrum Global Investors presented plans for a 620‑unit, 21‑story mixed‑use building at 380 Second Street and requested a 14‑year tax increment financing agreement; the council referred the TIF to a special meeting for fuller administrative review, including assessor, solicitor and mayoral staff participation.
Developer Fulcrum Global Investors presented its proposed 21‑story, 620‑unit mixed‑use project at 380 Second Street and asked the Everett City Council to consider a 14‑year tax increment financing (TIF) agreement. Councilors voted to refer the item for a special meeting to allow detailed administrative briefings.
Scott Brown, founder and CEO of Fulcrum Global Investors, introduced the Sophia project and described the site as a fully approved, fully bid, union‑built development that would include 621,000 square feet, 620 residential units and 31 affordable units (including 24 units designated under a HUD‑VASH program for veterans). Brown said the project includes a $3.4 million environmental cleanup and a guaranteed maximum price with Suffolk Construction.
Brown said the sponsor expects the TIF to delay a rising tax burden during construction and early operation so the project can stabilize. He estimated eventual taxes to be roughly $3 million per year once stabilized and described the proposed TIF as a 14‑year structure that would initially reduce tax obligations for the developer and burn off after the 14‑year period.
Councilors asked detailed follow‑up questions about traffic, parking (Brown said the project would include 250 parking spaces for 620 units), inclusionary housing and the exact TIF numbers. Several councilors asked for the assessor, city solicitor and mayoral staff to appear for a dedicated hearing. Councilor VanCampen moved — and the council seconded — a referral to a special meeting for administrative presentations and fuller public vetting.
The developer’s presentation drew union support in the council chamber: an estimated 50 building‑trades members attended and a number of residents and councilors said they wanted more time to vet financials, traffic and school‑capacity impacts before taking a position.
The TIF will return to the council at a special meeting where staff from the assessor’s office, the solicitor and the administration are expected to brief members and answer detailed financial and mitigation questions.
