The Potpourri Group, 3 Distribution Center Circle EDIP TIF

3 Distribution Center CircleOn November 17, 2014, the Board of Selectmen voted, pursuant to Article 8 of the November 12, 2014 Special Town Meeting, as follows: to authorize execution of a Tax Increment Financing (TIF) Agreement (PDF) between the Town, Potpourri Group, Inc. and the parent holding company, PHI Acquisitions, Inc. ("the company"), and MA Littleton Land LLC ("the property owner"), for property containing approximately 51.82 acres located at 3 Distribution Center Circle, as shown on Assessors Map R21, Parcel 9-1, which agreement provides for incremental real estate and personal property tax exemptions, beginning at 62.1% in year 1 and ending at 33.9% in year 12; and to authorize the Town Administrator to prepare and submit the TIF Agreement and a Certified Project application submission to the Massachusetts Economic Assistance Coordinating Council (EACC); and to make any determinations and representations required in connection therewith and take such other actions as may be necessary to obtain approval of the TIF Agreement and the Certified Project Application, and to implement the TIF Agreement; subject to approval as to form by Town Counsel. [5-0]

On November 17, 2014, the Board of Selectmen further voted to authorize execution of a Host Community Agreement (PDF) between the Board of Selectmen, the company and the property owner providing for a mitigation payment of $300,000. [5-0] The HCA provided for mitigation payments totaling $300,000- $100,000 from the company, $200,000 from the property owner- for purposes as determined by the Board of Selectmen." In FY 2017, $132,000 of this $300,000 was deposited in the Blended CPA Fund. $168,000 could be deposited in Blended CPA at 5/7/18 STM.