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Developer seeks 15-year TIF for 470 Broadway; committee presses for more details and tables item
Summary
RG LLC asked the city for a 15-year tax increment financing agreement to support a 30-unit, mixed-use project at 470 Broadway. Planning staff and the developer outlined job commitments and a phased tax-exemption schedule; councilors raised concerns about the term length, fiscal calculations and whether the item should move to standing committees. Budget & Finance tabled the item pending additional documentation.
Jacquaira Inoa Severino, a manager for RG LLC, asked council committees on March 11 to approve a tax-increment financing (TIF) agreement for 470 Broadway, a mixed-use development the company says will add 30 residential units and ground-floor commercial space to the Arlington neighborhood.
Daniel McCarthy, the city’s planning director, told committee members the proposal is the first TIF application submitted inside the city’s recently amended Malden Mills Overlay (an opportunity district). McCarthy described the requested package as a 15‑year incremental-exemption schedule that would start at about 10% of excess tax…
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