Board refers Whale Street condo tax-stabilization request back to Community and Economic Development committee

Claire Purcell, a downtown property owner and developer, told the Board of Aldermen on March 17 she is converting vacant commercial office space at 24 Whale Street into six 1‑ and 2‑bedroom apartments and has financing in place from VHFA and local loan funds. Purcell said she is seeking confirmation of the municipal tax-stabilization agreement needed to close a financing package and hoped the board would act quickly; she told the board her closing was scheduled for Wednesday and that a delay would push back occupancy into the summer.

Committee members recalled the Redevelopment Authority and the Community and Economic Development Committee had already vetted and recommended the stabilization plan after prior review. Planning staff said the property will be removed from the TIF district for calculation purposes because the project is proceeding without relying on public infrastructure tied to the TIF filing.

Alderman Talbot said the board’s previous practice with similar tax-stabilization agreements is a five-year schedule increasing taxable value by 20% annually until full value is reached; Talbot said exact tax owed will depend on post-construction assessment. Several members argued the project helps the city’s housing supply and that stabilizations have precedent; others said new board members had not received the tax-stabilization packet in time and needed more information before voting on the stabilization itself. The board voted to refer the item back to the Community and Economic Development Committee for additional review. The roll-call vote was 7–3 in favor of the referral.