YOUR LOCAL NEWS & SPORTS ONLINE. SCAN HERE! Vol. 35, No.20 -FREEwww.advocatenews.net Free Every Friday 781-286-8500 Friday, May 16, 2025 Baseball Pats battle Malden in GBL Matchup DUST UP: Pat’s Frank Annunziata slides safely into home plate scoring for Revere on Monday. See inside for sports coverage and page 12 for photo highlights. (Advocate Photo by Emily Harney) City Council approves Tax Increment Exception for HYM/Suffolk Downs development Advocate Staff Report T he City Council approved the Tax Increment Exemption ( TIE) agreement and a separate development agreement with HYM Investment Group LLC by a 10-1 vote. Councillor-at-Large Michelle Kelley was the lone vote against the agreement. With the Revere TIE in hand, HYM is now eligible for a state tax break and support for financing. The 15year, 50 percent tax break, worth an estimated $15 million, is exclusively for the Portico building, a 473-unit building that has been described as a catalyst for the rest of the project. The separate development agreement, which the City’s Director of Planning and Community Development, Tom Skwierawski, said went hand in hand with the TIE, will bring $5.2 million in payments to the city, a commitment to hire Revere union workers for 10 percent of the working hours on the site, the possibility of a commercial food incubator, free tickets to concerts and possibly a shared pumping station. There was some discussion about a clause in the agreement that requires construcTAX | SEE Page 2
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