Revere council approves 15‑year tax increment exemption for Portico at Suffolk Downs

The Revere City Council on May 12 approved a 15‑year tax increment exemption (TIE) agreement with SDR 3 Owner LLC (the HYM Investing group) for the Portico phase of the Suffolk Downs redevelopment, a measure councilors said is intended to get construction moving and create local jobs.

The agreement, which passed by roll call vote, keeps the previously negotiated 50% abatement level and extends the abatement term from 10 to 15 years. Tom Skowalski, the city’s chief of planning and community development, told the council “we now have a $5,200,000 set of payments that will be coming back to the city.” Skowalski said the package also includes a $100,000 payment at commencement or by Nov. 30, 2025; a 10% local-hire commitment for Revere workers on the project; a 1.5% net‑proceeds return to the city if the project is sold within 10 years; and several front‑loaded community items including concert-ticket allocations and study work on a potential commercial food incubator and a regional pumping station.

Why it matters: City officials and union representatives said approving the TIE is intended to spur…