Town Meeting Warrant Article of the Day – Article 31: Tax Increment Financing Agreement

As we ready for Town Meeting, the Town will be presenting information every day on different warrant articles.

The full warrant has not yet been finalized, but a full list of the articles can be found here: https://drive.google.com/file/d/1NN75QVtcodzLZjYaGi9CrON3W1tg8maH/view?usp=sharing

Article 31: Tax Increment Financing Agreement

This article allows the Town to accept a Tax Increment Financing (TIF) Agreement with Amazon.com Services LLC (Amazon) and Hillwood Enterprises, LP (future property owner at 1450 Osgood Street). A TIF is an economic development tool that enables a municipality to grant property tax exemptions on a property’s increase in value as a result of a major private investment. In this case, the major private investment is the redevelopment of 110 acres of property at what is currently 1600 Osgood Street (Osgood Landing) into a five (5) story, approximately 3,800,000 square foot Amazon e-commerce storage, warehouse, and distribution facility. Visit https://amazontif.northandoverma.gov/ for more information regarding the TIF Agreement.

The TIF will need to be approved at Town Meeting by majority vote, as well as by the Commonwealth’s Economic Assistance Coordinating Council (EACC).