31 Centre Street CEA
Grant-Tates Building, LLC plans to renovate and redevelop the Grant Tates Building at 31 Centre Street and has proposed an amendment to the existing Downtown TIF District that would have the effect of authorizing a credit enhancement agreement (“CEA”) between the City and the Developer.
The project is proposed to be a mixed-use redevelopment, including a co-working space, theater space, gym space and four apartments. The terms of the CEA would be for 10 years and the developer would reimbursed 75% of the property taxes paid on captured assessed value relating to their parcel within the Downtown TIF District.
Timeline
January 25, 2022 -- Developer presented project and CEA request to Economic Development Committee
February 2, 2022 -- Developer Presentation to City Council
February 16, 2022 -- Public Hearing for the Downtown TIF Amendment and 31 Centre Street CEA
March 2, 2022 -- City Council will consider Order to authorize application for Downtown TIF Amendment and 31 Centre Street CEA