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Council schedules public hearing on credit‑enhancement for Addison Capital (Lucas Tree project)

Town Council · November 11, 2025

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Summary

Council set a Nov. 24 public hearing for a proposed credit enhancement agreement tied to Addison Capital’s planned operations at 275 US Route 1 (Lucas Tree). Staff said the project could bring a multi‑year excise‑tax increase and a $2M+ warehouse expansion; the council unanimously set the hearing date.

The council voted unanimously to set a public hearing on Nov. 24 to consider a credit‑enhancement agreement requested by Addison Capital for 275 US Route 1, a site staff said the applicant will use to centralize operations and may expand with a $2 million‑plus warehouse addition.

Town staff described the proposed structure as tying property‑tax relief to excise‑tax activity, with an illustrative 10‑to‑1 pairing in which a portion of excise taxes would be refunded as property tax relief (staff stressed refunds would not exceed the excise taxes generated). Staff estimated Addison’s operations could add $500,000–$800,000 in excise taxes over time and highlighted the project’s potential to increase general‑fund revenue and jobs.

Earlier the council approved the ministerial assignment of a credit‑enhancement agreement for the same parcel from INS Realty LLC to Addison Capital LLC, a transfer staff said does not extend the term of the existing agreement. That assignment passed unanimously as well.

The council will hear the full proposal and comment from the applicant (and their attorney) at the scheduled Nov. 24 public hearing; staff indicated materials and comparative financials will be provided in the packet for that meeting.