Commission approves 8‑year tax‑fixing agreement for Charles IT’s 10 Main Street redevelopment

MIDDLETOWN — The General Counsel Commission voted unanimously March 31 to approve a tax‑fixing agreement for Charles IT after a presentation by Christine Mark, the city’s director of economic and community development.

Mark said Charles IT recently purchased the former Rite Aid at 10 Main Street and plans a minimum of about $2.5 million in renovations to redevelop the underused building and establish the company’s headquarters. The proposed deferred‑assessment (tax‑fixing) schedule in the agreement spans eight years: Years 1–2, 0% of the deferred assessment is added to the base assessment; Year 3, 15%; Year 4, 30%; Year 5, 45%; Year 6, 60%; Year 7, 75%; Year 8, 90%.

Mark said the redevelopment will bring an underutilized downtown property back into use; the Economic Development Commission had approved the project at a special meeting and the director’s office recommended the tax‑fixing agreement.

A motion to approve the agreement was moved, seconded and recorded as carrying unanimously. At the start of the meeting the chair noted four commissioners were present in person and one was online; the chair announced the vote "carries unanimously." The motion was not accompanied by a roll‑call vote listing individual commissioners in the transcript.

What’s next: the developer may proceed with the planned redevelopments under the terms of the agreement and any applicable reporting or compliance requirements in the ordinance and policy framework. Specific implementation dates and related incentives were not specified at the meeting and will follow the approved agreement and administrative processes.

Notes on attribution: Direct quotes and numbers reflect what speakers said during the meeting. The vote was described in the transcript as unanimous; the transcript did not record individual recorded votes.