Page 2 THE EVERETT ADVOCATE – FRiDAy, MAy 23, 2025 City Council tables developer’s TIF agreement despite overwhelming positives A Business as usual for naysayers Smith, Pietrantonio, and Van Campen By Neil Zolot proposed Tax Increment Finance (TIF) agreement for an apartment building project at 380 Second St., known as The Sofia, will not increase taxes on residents, Planning and Community Development Director Matt Lattanzi said at a Special Meeting of the City Council on Monday, May 19, in reference to a misconception Councillor-at-Large Stephanie Smith and Ward 6 Councillor Peter Pietrantonio had that taxpayers would have to compensate the City for the difference between the maximum assessed value of the property and the lower tax amount being paid under the TIF. “Its value is based on the payment,” Lattanzi said. “If we reduce the tax burden by an amount, the assessed value is based on that amount,” referring to a text message he received from Chief Financial Officer Eric Demas during the meeting. It read, “Nobody loses or has to make it up. The value is based on the tax rate.” “No one will be losing out,” Mayor Carlo DeMaria added. “No one will have to make up the amount.” This did not fully satisfy the entire Council, except Ward 3 Councillor Anthony DiPierro. “Taxpayers don’t lose what they haven’t received,” he said, but the other members voted to table the matter until their next meeting (Tuesday, May 27) pending official verification and a document that includes changes to the project being made by developers Fulcrum Global Investors, not Fulton as previously reported in error. DiPierro also feels there is a misconception that the City is subsidizing The Sofia. “Are you receiving funds?” he asked CEO Scott Brown of Fulcrum. “We’re not receiving a dime,” Brown answered. “The TIF is a deferral.” It will last 14 years. The current tentative estimate is that the project will add $332,000 in annual tax revenue during the TIF and $2.1 million after it expires. A number of changes have been made to the proposed 620-unit/21-story mixed-use building, currently the site of a long-unused building near a furniture company and a scrap metal company, based on concerns raised at the May 12 meeting. “We took those under consideration,” Brown reported. The changes include increasing the number of affordable units from 31 to 42 — now comprised of 33 units for veterans under the Veterans Affairs Supportive Housing (VASH) program — which will be priced at 30% of the Area Median Income (AMI); three other units at 60% of the AMI and five other units at 80% of the AMI. VASH units are available for veterans from other communities in addition to Everett; affordable housing being in the deed restricted to maintain affordable units in perpetuity and an increase in linkage fees for the Affordable Housing Funds from $1 million to $2 million, while maintaining priority for Everett residents and businesses to occupy commercial space. The project is also estimated to create 1,342 union jobs during construction and 52 permanent site-operation jobs, which Brown said were the most in the history of Everett. In discussion, DiPierro, along with fellow City Councillors Guerline Alcy Jabouin and Katy Rogers, said priority should be given to Everett veterans or ones with roots in Everett. Brown and John Brainard, also of Fulcrum, also outlined plans for on-site parking, with spaces being leased separately from apartments; electric veTIF AGREEMENT | SEE PAGE 20 City offices closed Monday, May 26, as Everett observes Memorial Day Trash, recycling and yard waste will not be picked up on Monday and will be delayed for the rest of the week C ity offices will be closed to the public on Monday, May 26, as Everett observes the Memorial Day holiday. City offices will reopen on Tuesday, May 27, and City Hall will have extended hours for residents (8 a.m. to 7:30 p.m.). Observed on the last Monday of May, Memorial Day is a federal holiday in the UnitEverett Supplies Aluminum 10 Everett Ave., Everett 617-389-3839 Celebrating 66 Years in Business! •Vinyl Siding •Free Estimates •Carpentry Work •Fully Licensed •Decks •Roof ng • Fully Insured • Replacement Windows www.everettaluminum.com Now’s the time to schedule those home improvement projects you’ve been dreaming about all winter! ed States to recognize and honor those who served in the United States military and lost their lives while serving. Monday’s observance will delay trash, recycling and yard waste pickup by one day. Please place your trash and recycling bins along with yard waste neatly on the sidewalk on the day after your regularly scheduled pickup for this week only. For more information, please call the Constituent Services Department at 3-11 or 617-394-2270. Spring is Here!
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