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TIF board unanimously approves tax-increment exemption for 295 Bedford Street mixed-use project
Summary
At its March 19, 2025 meeting the Fall River Tax Increment Financing Board approved a tax-increment exemption for 295 Bedford Street, a mixed-use development that will include an adult day center on the ground floor and 52 rental units above. Board members said approval is required for the developer to apply for state HDIP tax credits.
The Fall River Tax Increment Financing Board unanimously approved a tax-increment exemption for 295 Bedford Street, LLC at its March 19, 2025 meeting, clearing a local requirement the developer said is necessary to pursue state tax credits that are part of the project's financing.
City staff and the project applicant told the board the proposal is a mixed-use building with commercial space on the first floor that will be leased to an adult day center and 52 residential rental units on the floors above. The applicant described the total project cost as just over $20,000,000 and said the site is in a federal opportunity zone and a distressed census tract.
Cara, a city representative who presented the item for the TIF team, said the ground floor includes roughly 11,000 square feet of commercial space, the majority of which (just over 10,000 square feet) is intended for a nonprofit adult daycare that will relocate within the city; the remaining commercial area is for property-management offices. Ken Faiola, executive vice president of Bristol County EDC, told the board the development would contain 52 units, four of which will be deed-restricted under the HOME program at 60% of area median income (AMI), and 48 market-rate units. The applicant provided a market-rate unit breakdown during the discussion: 3 three-bedroom units, 13 two-bedroom units and 31 one-bedroom units (the transcript contains inconsistent totals between the stated breakdown and the earlier count of 48 market-rate units).
"It's crucial that the TIF be approved at the local level so that the project developer can then be eligible for HDIP tax credits," said Ken Faiola, executive vice president of Bristol County EDC. He said the developer expects to apply for $3,000,000 in HDIP tax credits as part of the capital stack and that state credits depend on local TIF approval. Faiola also estimated a construction timeline of about one year and said typical on-site employment over the course of construction could range in the dozens, roughly 50 to 75 workers across trades, and that outreach to women- and minority-owned businesses would be part of the HDIP application process.
Board members moved and seconded approval of the tax-increment exemption; the roll call vote recorded yes votes from Paul Coogan, Linda Perera, Ritchie Gonzales and Sean Kadeem and the action carried unanimously. The applicant said, if the TIF exemption is approved by the board, it plans to submit the project to the Fall River City Council for action on the following Tuesday.
No members of the public offered comment during the meeting. The board had no additional new or old business and adjourned following the vote.
