Counsel for a Newport Parkway redevelopment proposal asked the council to consider a 30-year tax exemption and financial agreement that would convert existing units to a Chapter 188 affordable housing project.

Jim McCann told the caucus the conversion would result in 178 affordable units (48 very low-income, 86 low-income) and that the city’s service charge under the proposal would be roughly $3.8 million over the abatement term, compared with about $2.0 million currently under existing arrangements. McCann said the existing abatement on the property expires in December 2028 and that the owner prefers to work with the city now rather than start a separate HMFA (state) process that would take longer.

Councilmembers questioned the timing and whether earlier decisions could have been delayed; one member asked for conventional-tax estimates, which McCann supplied as roughly $6.3 million in conventional taxes (with the city receiving an estimated 35% share). Questions also focused on how the abatement would affect tenants and the conversion timeline; counsel said tenants are protected by statutory processes and that the conversion is intended to preserve affordable units rather than convert them to market rate.

The caucus discussion did not produce a formal vote; councilmembers asked for additional information prior to any public vote.