Board approves TIF for 66-unit conversion at 37 Park Street

The Fall River City Tax Increment Finance Board on June 12 approved a tax-increment exemption agreement that will enable the conversion of the former Atlantis/Dominican Academy at 37 Park Street into residential housing.

Attorney Thomas introduced the request and said the board should note the valuation and base assessment figures in the agreement. He then called Mr. Fiola forward to present project details.

Mr. Fiola told the board the developer, Jefferson Realty, plans to convert the turn-of-the-century building into 66 market-rate units and estimates the project cost at about $13 million. He said the conversion seeks to preserve historic workmanship and will include on-site parking. "It's going to improve the overall neighborhood," Mr. Fiola said, noting previous maintenance issues such as failing roof shingles that the rehabilitation will address.

Michelle Pelleter, identified in the record as the company's CEO, was present representing the proponent. Attorney Thomas said the developer will seek a state HDIP (Historic and/or Historic Development Incentive Program) grant; that grant is contingent on the city issuing the local TIF/TIE agreement.

Board members asked about permitting and parking; presenters said required permits have been pursued and that parking will be provided on-site. The board then moved to approve the TIF/TIE agreement. The motion passed on a 5–0 vote.

The board did not specify the mover or seconder on the record. The agreement materials included a base value listed as "1,388" in the packet; the board did not provide additional detail in the meeting about the units of that figure.

The approval enables the developer to proceed with local approvals and to apply for the contingent state HDIP grant. No dissent or conditions were recorded during the vote.