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McCaffrey seeks HDIP tax-exemptions for two Main Street properties; project proposes 99 units and $68 million investment
Summary
City staff and McCaffrey project lead briefed the subcommittee on two HDIP (tax-increment exemption) agreements covering four historic buildings the developer plans to knit together; the developer seeks a 10-year exemption schedule for a $68 million project delivering 99 market-rate units and ground-floor retail. Agreements are scheduled on the council agenda on Monday.
The subcommittee heard a briefing from Brian Connors of the Economic Development Office and Ed Woodbury, project lead for McCaffrey Interests, on a proposed market-rate housing development in downtown Springfield and the developer’s request for HDIP tax-increment-exemption agreements.
Connors described the HDIP mechanics: a local tax agreement on the new growth value combined with a state tax credit that helps close development financing gaps common in gateway cities. He…
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