EASTHAMPTON — Ongoing renovations to 1 Ferry Street, a central piece of the city’s vision to revitalize the mill district, will be discussed at a City Council meeting Wednesday night as officials consider an alternative tax payment for the property’s developer.
The project, known as One Industrial Lofts LLC, is under development by Michael Michon, who developed and owns Mill 180 on Pleasant Street. Michon is renovating the vacant mill buildings into a mixed-use complex of 152 residential, commercial and office spaces.
The tax agreement, covered under state law, allows alternative payments for developments in areas that have high property tax rates if the development serves a public purpose. The proposal is part of a joint effort by the city and developer, according to Easthampton Mayor Nicole LaChapelle.
“It lowers the entry level cost for the developer … because we want to get those spaces on the Easthampton real estate market,” LaChapelle said.
The Planning Board and City Council have approved a report in support of the tax agreement, which now requires approval by the mayor to move forward. If accepted, LaChapelle will send the report to the state.
The agreement would create a scheduled tax rate for 30 years, said City Planner Jeff Bagg, which will ultimately decrease the amount of taxes owed on the properties over the three-decade period.
“We as a community get the property fixed up in return for offering this tax rate for 30 years,” Bagg said.
The council’s ordinance committee will also discuss a proposal to replace Columbus Day with Indigenous Peoples Day.