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Select Board-approved lease and TIF for White Cliffs previewed to Appropriations Committee
Summary
Committee reviewed a staff memo on a lease-to-purchase agreement and tax-increment financing (TIF) for the White Cliffs property with Elegant Banquets; staff said the Select Board voted unanimously to move forward, full documents will be provided to the committee, and the Northborough Historical Society is negotiating to hold deed-restriction enforcement.
The committee reviewed a staff memorandum summarizing the proposed lease-purchase and TIF structure for the White Cliffs property, an asset the town retains until a purchase option is exercised. Staff reported the Select Board voted unanimously to approve moving forward with a negotiated lease to Elegant Banquets and the parallel TIF arrangement.
Under the terms described to the committee, the lease structure would commence on certificate of occupancy with…
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