Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Economic development committee recommends HDIP designation and 15-year TIE for 57 Exchange St. redevelopment
Summary
The Worcester City Economic Development Committee recommended that the City Council designate 57 Exchange Street as a certified HDIP project and approve a 15-year tax increment exemption to support a $16 million adaptive-reuse housing project that would create 44 units, 20% of them income-restricted.
The Worcester City Economic Development Committee on Dec. 10 recommended that the City Council designate 57 Exchange Street as a certified project under the Housing Development Incentive Program and approve a 15-year tax increment exemption agreement to support the conversion of the historic building into mixed-income housing.
Chair Candy Merrill Cowleson moved the committee recommendation after Peter Dunn, the city’s chief development officer, described the developer CMK Development Partners’ plan to convert the roughly 48,000-square-foot building (also referenced in records as 1 Exchange Place) into about 44 residential units with roughly 4,500 square feet of first-floor commercial space. Dunn said the…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
