Commission approves IRB abatement for Wareham Hall, clears path to federal tax-credit financing

The Manhattan City Commission on July 15 approved a resolution authorizing an economic development agreement that would allow Wareham Hall to use an industrial revenue bond property‑tax abatement and pursue federal historic tax‑credit financing. The vote on the resolution was 5‑0.

The action lets the nonprofit operator move forward with a development agreement that staff described as a 10‑year, 100% property‑tax abatement tied to performance metrics, and preserves Wareham Hall’s ability to pursue federal historic tax credits. Stephanie Peterson, the city’s director of community development, told commissioners the packet includes an amended sales‑tax exemption request and a proposed development agreement with performance tiers based on total investment and ticketed patrons.

Peterson said the abatement would operate on tiers that begin when a minimum investment threshold is met; she used $33,000,000 as an example threshold for the top tier. Ticketed patrons — defined in the development agreement as people who buy a ticket for a show (not private rentals) — and a separate metric for nonlocal patrons (defined as people living more than 25 miles away) are the primary performance metrics. “It’s our recommendation to use the economic recovery and relief sales tax at 70% for public infrastructure,” Peterson said when commissioners asked staff for a funding recommendation for the…