Page 2 THE EVERETT ADVOCATE – FRiDAy, MAy 30, 2025 City Council again stalls TIF agreement for proposed Second St. mixed-use development By Neil Zolot T he City Council tabled a request for a 14-year Tax Increment Finance (TIF) agreement for a proposed planned development at 380 2nd St. — for a 620 unit/21 story mixeduse building, known as The Sofia — a long unused building which once housed an auto-find company, a Brazilian church and a lift truck service, at their meeting Tuesday, May 27. It is unlikely it will come up again before the next regular meeting scheduled for Monday, June 9. Councillors are not against the concept but expressed concern about its length in this case. “Can we make it less?” Councillor-at-Large Katy Rogers asked. “Unlikely,” Consultant Judy Pelletier of CRE Asset Advisors answered. “If you shorten the TIF you’re making the project less financially feasible than it already is. It can’t be less.” “Is it a good deal for the city?” Ward 3 Councillor Anthony DiPierro asked, somewhat rhetorically since he is in favor of the project. “I believe it is,” Managing Partner Christian Reenstierna of CRE answered. “If the TIF doesn’t move forward, I believe it will take years for another developer to get confident with this.” “Without a vote the Sofia can’t go forward,” CEO Scott Brown of developers Fulcrum Global Investors added. Fulcrum offered some concessions, including paying $2 million directly into the City’s Affordable Housing Trust Fund, making provisions for local High School students to participate in job fairs and an apprenticeship programs, establishing a Tenants Improvements Package loan program for businesses and, responding to a request from Councillor-at-Large Katy Rogers, to not use the word “luxury” in advertisements and descriptions of the building, which she feels has been overused and is elitist. “It seems like some language needs to be cleaned up,” Brown acknowledged. City Council President Stephanie Martins expressed concern that the $2 million would be paid after construction. “They won’t have the revenue [until then],” Mayor Carlo De Maria responded. Councillor-at-Large John Hanlon said he is worried the TIF will set a precedent and attract developers looking for TIFs. Martins agreed. “I wouldn’t anticipate that,” Reenstierna feels. “I don’t know how many opportunities there’d be.” He also warned that denying the TIF could scare developers off. Another sticking point was the provision to waive the $3.5 million building permit fee. Brown countered that in addition to the $2 million, Fulcrum will pay for a $3.4 million environmental cleanup on the site and pay for peer reviews for the project. “Money is being redirected,” he said, but Director of Community Planning and Development Matt Lattanzi interjected, “It is a waiver.” Ward 5 Councillor Robert Van Campen was not satisfied. “My goal is to have the Building Permit fee paid, not waived,” he said. Councillor-at-Large Guerline Alcy Jabouin is unsatisfied with the rents for the 42 affordable units, now comprised of 33 units for veterans under the Dept. of 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. Rents are currently planned at $2,300 per month for a studio apartment; $2,700 per month for a one-bedroom apartment and over $3,000 for larger ones, in part because Everett is in an AMI cohort that includes similar communities like Malden and Medford, but dissimilar ones like Lexington, Newton, North Reading and Winchester. The income levTIF AGREEMENT | SEE PAGE 4 Regis students recognized for academic excellence on spring 2025 Dean’s List R egis College announced those students who met academic requirements to be named to the university’s spring 2025 Dean’s List, in recognition of their outstanding academic achievements. To earn a spot on the Dean’s List, Regis students must earn a grade point average (GPA) of 3.5 or higher; first-year students must have a GPA of 3.25 or higher. The following students from Everett were named to the list: Jose Martinez Zepeda, Danay Portillo Granados and Krysonia Tavares. “The Dean’s List recognizes students who demonstratEverett 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 dedication to their degree program in the spring semester,” said Dr. Mary Erina Driscoll, PhD, Provost and Vice President of Academic Affairs. “Throughout a student’s academic journey, the Regis curriculum challenges students to ask insightful questions in their pursuit of the truth. The university community congratulates those students named to the Dean’s List for the spring 2025 semester.” Founded by the Sisters of St. Joseph nearly a century ago, Regis challenges, inspires and supports students who are driven by passion, purpose and a pursuit to positively impact the world within a learning community that embraces inclusivity and innovation and builds strong character, confidence, and careers. Regis College is a coed university Weston, Mass. Visit regiscollege.edu to learn more. Spring is Here!
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