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TIF board fails to recommend tax-increment exemption for 2492 South Main (Overlook at Cook Pond), 3-1
Summary
A proposed 22-unit townhouse development at 2492 South Main Street (Overlook at Cook Pond) did not receive the four votes needed for the TIF board to recommend a tax-increment exemption, failing 3-1. The project would have been a 10-year TIF with 80%/20% terms and all-electric units with garage EV chargers.
The Fall River City Tax Increment Financing (TIF) Board on April 8 failed to recommend a tax-increment financing agreement for the Overlook at Cook Pond at 2492 South Main Street after the motion received three yes votes and one no; four affirmative votes were required to advance the recommendation to the City Council.
The proposed development would have been 22 three-bedroom rental units arranged across eight townhouse buildings, with a cited rent of $2,900 per unit. Project representatives described the units as three stories with garages on the first floor…
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