BIOENGINEERING GROUP - RIVER WHARF REALTY TRUSTi
CITY OF SALEM, MASSACHUSETTS
PLANNING DEPARTMENT
PATRICK REFFETTttt--� ONE SALEM GREEN
City Planner 01970
(978)745-9595 Ext.311
Fax(978)740-0404
March 28, 2000
The Honorable Stanley J. Usovicz, Jr.
Salem City Hall
Salem, MA 01970
Dear Mayor Usovicz:
I am pleased to submit for your review and approval the resolutions and applications
necessary to designate River Wharf Realty Trust a Certified Project and to provide a Tax
Increment Financing package through the Commonwealth's Economic Development Incentive
Program (EDIP). River Wharf Realty Trust has permitted its tenant, The Bioengineering Group,
Inc., to renovate the building at 18 Commercial Street in Salem. River Wharf Realty Trust is the
holding company for The Bioengineering Group, Inc. and as a matter of standard business
practice, The Bioengineering Group, Inc. leases the building from the Realty Trust.
The Bioengineering Group, Inc. is a consulting firm in the field of bioengineering for
erosion control, water quality and habitat restoration. The Bioengineering Group has committed
to expanding its company and workforce by renovating a formerly abandoned 5,000 square foot
warehouse into its professional offices. This growing firm will serve as a stabilizing element to
the North River Canal Park business district and will encourage further economic development
within that region. The firm plans to expand its workforce by an additional fifteen employees
over the life of the five year TIF agreement. The company will invest approximately $240,000
into the renovation activities which will result in greatly improved property and higher property
values.
To make the development economically feasible, the City has offered River Wharf Realty
Trust access to the EDIP, making available the state and local tax benefits associated with
Salem's status as an Economic Target Area (ETA).
As the attached application materials illustrate,the City has proposed a five year Tax
Increment Financing (TIF) agreement. River Wharf Realty Trust, as holding company for The
Bioengineering Group, Inc. is a worthy beneficiary of these incentives. Tax revenue will be
generated for the City, as well as jobs for Salem residents.
If approved, this project will mark the seventh time that the City has used the tools
available through the Economic Development Incentive Program to promote development in
Salem. Previous TIF projects have sent a strong message to companies located in Salem and
outside of the City, showing that we are able to compete successfully for business. The
economic impact of these projects and the pro-business message they send surely will combine to
result in an improved business climate.
The Bioengineering Group, Inc. has demonstrated a commitment to their employees and
to the City. I urge you to support the application for certified project status for River Wharf
Realty Trust and to vote to endorse this Tax Increment Financing plan.
Sincerely,
Patrick Rteittl
City Planner
MAR-24-00 ERI 5:20 PM THE BIOENGINEERING GROUP FAX NO. 978 740 0097 P. 1
33 MASON 9TREEr
THE _ SALEM.NA 01970
L/10ENGINEERING 9rd•740W98
GROUP, INC N.+978.740.0097
wwVEBiOENGINEEAING.COM
March 23,2000
BY FAX: 978-740-0404
Ms.Mary C.Cassidy
Economic Development Planner
City of Salem Planning Department
One Salem Green
Salem,MA 01970
RE: Application for Certified Project Designation—Tax Increment Financing Plan
Dear Mary:
i am sending you some notes I made with the explanation of the relationship between River
Wharf Realty Trust and The Bioengineering Group,Inc. The changes we are suggesting are printed in
italics. There are other, less significant changes that I thought we could do over the telephone on Monday
—or if you prefer,I can bring by.the information and any printed copies you might need(a printed copy of
the cost projections,for example).
Also attached a revision of the letter to the Massaehusetti Business Development Office. In light
of the charges to the application,we have written only one letter,again stressing that the Trust and the
Company are one.
Let me lnrow your thoughts about the changes.
L
ere
ce S. S nce
e M ger
Attch.
CONSULTANT$94 EROSION CONTROL WATM OUALrTY,AND HAEOTAT RESTORAT"
MAR-24-00 FRI 5:21 PM THE BIOENGINEERING GROUP FAX NO. 978 740 0097 P. 2
53 NASON STREET
HE _ SAMI.NA 01970
IGENGINEERING _ 97eaao-oo9s
GROUP,INC. •. 979 7aoou97
WYVN!p106N01NE4RING.CON
March 30, 2000
Economic Assistance Coordinating Council
Attention: George Mazareas,Director
Massachusetts Office of Business Development
One Ashburton Place—Roorn 2101
Boston,MA 02108
To the Members of the Economic Assistance Coordinating Council:
The Bioengineering Group,Inc., in the form of its holding company,River Wharf Realty Trust,
has recently purchased property at 18 Cormnercial Street in the City of Salem in a commitrrrent to
continue its business operations and to plan for the growth and expansion of the company within the City.
We have already begun renovations and improvements of the building and are dedicated to continuance
and completion of those plans. Lt addition,we expect to construct a greenhouse and to work toward
changing the esthetics of our property to encourage others in the development of the Business Park along
the North River Corridor.
The River Wharf Realty?rust and The Bioengineering Group,Inc.are the same entity_ The
Bioengineering Group is a young,growing company, and is it began to make plans for purchasing its
own property,its financial and legal advisors recommended that it create a holding company in the fort
of a realty nest,a standard business practice. The River Wharf Realty Trust was formed with the
knowledge and approval of Danvers Savings Bank,the lending institution for the mortgage and business
loans for building and land improvements.The Bioengineering Group,Inc./River Wharf Realty?rust
desires Certified Project status to participate in a Tax Increment Financing agreement that will assist the
Company in its expansion plans.
Our commitment to continue business in Salem is based on air understandurg with City otTcials
in which the City will offer property tax credits to make our project economically feasible. Thc
Bioengineering Group,tnc./River Wharf Realty?rust would like M take advantage of state investment tax
credits offered through the Commonwealth's Economic Development Incentive Program to contribute to
he development and visitor attraction of the newly consWcted park area along the North River Corridor.
The economic and community benefits of this project are described within our application for
certified project status. We invite your interest and questions.
Sincerely,
The Bloengineering Group,Inc. River Wharf Realty Trust
Wendi Goldsmith Robert G.Solomon
President Trustee
COt ,AXTANrS IN EROSION CONTROL..WATER OUALITV.AND HABITAT RESTORATION
MAR-24-00 FRI 5: 22 I'M THE BIOENGINEERING GROUPFAk N0, 578 740 0097 P. 3
City of Salem Tax Increment Financing Plan
Certified Project Application—Supplemental Information
March 23,2000
Applicant Information:
Paee 2
6. Nature and Purpose of Proiect:
V¶—River Wharf Realty Trust is soddng Certified Project designation to obtain property tax
relief for its recently purchased building and land at 18 Commercial Street. The Bioengineering
Group,Inc.,the business leasing the building located on the property, is renovating the space to
house its professional offices. The River Wharf Realty Trust and The Bioengineering Group, Inc.
are the same entity_ The Bioengineering Group is a young, growing company, and as it began to
make plans far purchasing its own property, its financial and legal advisors recommended that it
create a holding company in the form of a realty trust, a standard business practice. The River
Wharf Realty Trust was formed with the knowledge and approval of Danvers Savings Bank the
lending institution for the mortgage and business loans for building and land improvements.
River Wharf Realty TrustlYhe Bioengineering Group desires Certified Project status to
participate in a Tax Increment Financing agreement that will assist the Company in its expansion
plans. The Bioengineering Group is committed to increasing its business and employment and to
growing in Salem_ The Bioengineering Group's expectations and goals are to serve to jump-start
development in this neighborhood as the firm's expansion helps to catalyze other attractive and
desirable elements to this area.
2"d¶--The Bioengineering Group was incorporated in January 1996 as a consulting company
providing expertise in the use of vegetation for construction projects designed to optimize
environmental benefits,and provides a full range of services in the field of bioengineering for
erosion control,water quality,and habitat restoration. The company has been located in Salem
since its inception,first at 53 Mason Street, and now at 18 Commercial Street, where it leases the
building from its holding company, River Wharf Realty Trina, under arrangements made to
purchase the land and building on June 30, 1999.
4th%—The Bioengineering Group employs five full time professionals, two part time
professionals,two training interns...staff.
NOTE: Suggest that the applicant be identified as River Wharf Realty Trust/The Bioengineering
Group, Inc. throughout, and that each be used separately where appropriate (pretty much
according to Salem draft from Maty Cassidy.)
The Bioengineering Group,Inc.
Page I
MAR-24-00 FRI 5:22 I'M THE BIOENGINEERING GROUP FAX 110. 978 740 0097 P. 4
Page 4
7. Is this business new to Massachusetts? No
If no: Where are the existing facilities?
The Bioengineering Group moved... June 1999.
Paee 8
Special Requirements for Real Estate Proiects
1. Will the business own or l mdremt the facility' Own/Lease
The property was purchased by The Bioengineering Group, Inc in rhe form of its holding
company, River Wharf Really Trust As a matter of standard business practice, The
Bioengineering Group leases the premises from the Trust.
Page
2. River Wharf Realty Trust/The Bioengineering Group will receive relief in the form of ***
that will assist it in its renovation plans for the building.
Supplemental Information
I. Name(s)of business(es) intending to take advantage of state tax incentives:
Business Name: River Mar Trust/The Bioengineering Group, Inc.
Federal Employer ID: 04-6895020(Trust)/04-3299145 (TBG)
(Address,Phone and Fax,Contact Persons—as is.)
Type of organization: River Wharf Realty Trust—Business Trust
The Bioengineering Group, Inc. —Corporation.
2. Names and addresses of organization
Business Trust: Robert G. Solomon, Trustee
River Wharf Realty Trust
Corporation: We-ndi Goldsmith, President
The Bioengineering Group, Inc.
3. Contact persons... (as is)
4. Certificate of Good Standing:
A Certificate of Good Standing for The Bioengineering Group, Inc.
is attached with this application.
The Bioengineering Group,Inc.
Page 2
MAR-24-00 FRI 5: 23 PM THE BIOENGINEERING GROUP FAX 110, 978 740 0097 P. 5
Resolution
Approving Certified Project Application of
River Wharf Realty Trust/The Bioengineering Group,Inc.
ill two¶—River Wharf Realty Trust/The Bioengineering Group, Inc.
2"" page, 7'h¶—River Wharf Realty Trust/The Bioengineering Group, Inc. will invest
approximately$240,000 to renovate_.. Area.
The Bioengineeaing Croup,Inc,
Page 3
The Massachusetts Economic Development Incentive
Program
Certified Project Application
Applicant Information
1. Name and address of business(es) submitting this application:
Name: River Wharf Realty Trust Address: 18 Commercial Street !
Salem, MA 01970
Fiscal year end is: December 3151
2. Name and address of project (if different from above):
N/A
3. Location of ETA:
Beverly & Salem Regional ETA
4. Location of EOA:
Salem
5. Authorization: I/We (print), Robert Solomon , of River Wharf Realty
Trust ,the entity applying for Certified Project designation,
hereby certify that the information within this application is true
and accurate, and reflects the project's intentions for job creation
and investment. I understand that the information provided within
this application shall be binding for the duration of the project
certification.
4(DZat
Signature
Signature (Date)
1
6. Nature and purpose of project
River Wharf Realty Trust is seeking Certified Project designation to obtain property tax
relief for its recently purchased building and land at 18 Commercial Street. The
Bioengineering Group, Inc., the business leasing the building located on the property, is
renovating the space to house its professional offices. River Wharf Realty Trust desires
Certified Project status to participate in a Tax Increment Financing agreement and to be
able to assist The Bioengineering Group with its expansion plans.
River Wharf Realty Trust was formed as the holding company for The Bioengineering
Group. When The Bioengineering Group began to explore the option of purchasing
property, its financial and legal advisors recommended that it create a holding company
in the form of a realty trust, a standard business practice. The Bioengineering Group, Inc.
is committed to increasing its business and employment and to growing in Salem. The
Bioengineering Group's expectations and goals are to serve to jump-start development in
this neighborhood as the firm's expansion helps to catalyze other attractive and desirable
elements to this area.
The Bioengineering Group was incorporated in January 1996 as a consulting company
providing expertise in the use of vegetation for construction projects designed to optimize
environmental benefits, and provides a full range of services in the field of
bioengineering for erosion control, water quality, and habitat restoration. The company
has been located in Salem since its inception, first at 53 Mason Street, and now at 18
Commercial Street, where it leases the building from its holding company, River Wharf
Realty Trust, that purchased the land and building on June 30, 1999.
The Bioengineering Group, Inc. was founded by Wendi Goldsmith who continues to
serve as the President and sole Director and Shareholder of the company. She has over
ten years of involvement in the ecological restoration and erosion control fields. Ms.
Goldsmith left her more recent position as President of Bestmann Green Systems, Inc. in
order to focus her energy on the establishment of a highly specialized consulting firm
offering services related to bioengineered erosion control treatments, stream restoration,
and wetlands creation. The firm's business contacts and strong reputation within the
industry have thus far enabled to firm to grow to its present size and stature. Ms.
Goldsmith and her family have been residents of Salem since 1992 where they own a
home and property on Mall Street.
The Bioengineering Group employs five full time professionals, two part time
professionals,two training interns from Germany,two part time student assistants, and
two part time administrative staff. The firm expects that over the next three years
approximately fifteen(15)net, new permanent jobs will be created, using roughly
$500,000 in private investment. The business is young and working aggressively to
compete with larger engineering and science consulting firms, mainly based in Boston.
Tax increment financing would offer the company much needed assistance with cash
2
flow as they seek access to working capital and financial assistance to control expenses.
The building at 18 Commercial Street is one story with a mezzanine and is located in a
Business Park Development zoning district which is geared towards developing clean
businesses and light industrial uses. The building is a 5,000 square foot building located
on a 10,716 square foot lot. Previously the building had been vacant or partially vacant
for a number of years.
Attached is the budget for the project buildout in the amount of$239,925. The budget
includes a new roof, new HVAC system, interior and exterior renovation.
Budget for Project
Cost of Improvements i{ ' 'Budgets
'inrivaN, a,.f'ci M A
Architecture Fees 3,600
ASTM Screen/Limited Assessment 500
Report
Roofing 30,775
General Construction 56,500
Plumbing 8,000
Electrical Work 35,500
Heating and Ductwork 20,000
Air Conditioning 8,600
Lighting 2,850
Interior Finishes 25,000
Telephone/Voicemail System 12,500
Building/Company Sign 900
Security System 2,700
Greenhouse 20,000
Misc. Services: blueprints, permits, 6,500
waste removal, etc.
Misc. Supplies: lumber, paint, 6,000
hardware, ladder rental, etc.
Total Improvement Costs $2399925
3
7. Is this business new to Massachusetts? ❑ Yes ✓ No
If no:
• Where are the existing Massachusetts facilities?
The Bioengineering Group moved from 53 Mason Street in Salem to 18
Commercial Street in Salem in June 1999.
• Will this project require/trigger the closing or consolidation of any Massachusetts
facilities? If yes, please explain.
No.
8. Is this project an expansion of an existing business? ✓Yes ❑ No
If yes, check the appropriate box: ❑ at existing location
✓ at new location in same municipality
❑ at new location indifferent municipality
9. Job creation
In order to qualify for Certified Project status, the governing statute and regulations
require the creation of net, new,permanent full-time employees in Massachusetts. On
the chart provided (see next page),please fill in the blanks provided.
4
Work Force Analysis andjob Creation Plan
Current TOTAL NEWJOBS NEWJOBS NEWJOBS NEWJOBS NEW JOBS
employment projected new Year I Year 2 Year 3 Year 4 Year 5
permanent
jobs
Total Employees at Certified Project 13 15 3 3 3 3 3
Facility
Total Employees at Other Sites in N/A
Mass.
#of Employees at Certified Project ) 10 2 2 2 2 2
Location who live in the ETA
#of Permanent Full-Time Employees 6 12 3 3 3 2 1
#of Permanent Part-Time Employees 2 3 1 2
#of Temporary Full-Time Employees 2 0 — — — — —
#of Temporary Part-Time Employees 3 0 — — — — —
#of Management Positions 2 2 1
Average Salary of Management $85,000
Positions
#of Professional Positions 5 13 2 3 2 3 3
Average Salary of Professional $60,000
Positions
#of Technical Positions 2 — — —
Average Salary of Technical Positions $35,000
#of Skilled Positions 3 — — — — — —
Average Salary of Skilled Positions $25/hr
#of Unskilled Positions 2 — — — — — —
Average Salary of Unskilled Positions $7.50/hr
5
10. Certification for Abandoned Buildings: Does the proposed project involve the
renovation and reuse of an abandoned building? ❑ Yes ❑ No ✓ Unsure
If yes or unsure, please answer the following questions:
(a) How long has the building been vacant? (If known, state date)
The building has been vacant since approximately 1993.
(b) During this period of time,what percentage of the building was vacant and
unused? If the percentage varied during this time period, provide information for
each change in the percent of vacant space and the applicable time period.
From 1993 to late 1998, the building was 50%vacant. From late 1998 to June
1999 the building was 100% vacant.
11. Local Employment: What actions will you take to recruit employees from among
residents of the ETA?
The owner of the Bioengineering Group is currently involved in community activities to
learn of and update local resources and to identify possible job candidates. The firm
will maintain communication with local agencies and organizations, including Salem
High School and college contacts. The firm will rely on local newspapers as well as
Internet and Boston area employment resources.
The Bioengineering Group has the intention and capacity to achieve the anticipated level
of new permanent full-time jobs for residents of the municipality/Economic Target Area.
The owner is a Salem resident and intends to recruit intensively from the ETA to fill new
permanent full-time jobs. The firm recently leased a 5,000 square foot facility at 18
Commercial Street to meet the needs of this steadily growing company. It is committed
to expanding the business and adding ETA residents to its payroll. The firm has already
hired at least two full-time employees who are Salem residents (Operations Manager and
Restoration Horticulturist).
The market for bioengineering design and applications has grown quickly in the United
States and internationally and The Bioengineering Group has been successful at obtaining
major contracts for such work. Revenues and volume of work have been increasing and
are anticipated to continue,thus furthering the need for additional personnel. The
Bioengineering Group, Inc. is in the unique position of offering consulting services in
new and innovative environmental technologies. The company has a four year client
base, including new and repeat business in government and public projects, as well as
residential, smaller projects. The company is willing and anxious to search the local
market for promising employees for technical, management and administrative positions.
6
12. Affirmative Action Statement: Does the business have an Affirmative
Action/Equal Employment Opportunity Plan or Statement? ✓ Yes ❑ No
If yes,please attach a copy.
Please see attached.
If no, describe the business' hiring policies and practices.
13. Agreement between the Business and Area Banks: Describe briefly the
business' local banking relationship(s), if any. Does the institution with which the
business banks participate in the Massachusetts Capital Access Program, which is
designed to commit a portion of the business' deposits to fund loans to local businesses?
The Bioengineering Group, Inc. banks with Fleet Bank(Salem Branch) and Danvers
Savings Bank, who participate in the Massachusetts Capital Access Program.
14. Economic benefits of project certification: Provide a description of the
economic benefits that are anticipated for the business and the project, if the project is
certified. Also, provide any information, documentation or studies demonstrating any
additional benefits (i.e. reduction of blight, reuse of abandoned buildings, clean up of
contaminated property,job training, provision of day care, any contributions to the
community, etc.) likely to accrue to the area as a result of Certified Project designation.
Please describe:
The Bioengineering Group, Inc. is engaged in a consistent year-round business activity
that emphasizes skilled and highly skilled employment, both elements of which help to
create economic balance here in Salem where it has often been skewed toward the service
and retail sectors. As The Bioengineering Group enlarges its staff of professionals,
technical and skilled workers,the firm encourages not only their contribution to the
company and the City of Salem, but also, encourages employees to appreciate and settle
in Salem and surrounding communities.
The company and its founder and President, Wendi Goldsmith, are interested in offering
expertise to the community in the form of ecological restoration to promote a coherent
and positive identity for the multi-purpose corridor along the North River in Salem. It is
the firm's intent to encourage the City and active businesses in the area to collaborate in
carving out a clearer identity that could play a small yet significant part in adding to the
enrichment of the already recognized historical and cultural identities in Salem.
The Bioengineering Group's building is located in a section of Salem that in undergoing
revitalization in the form of public park improvements (North River Canal park), new
7
businesses and infrastructure improvements such as the Bridge Street improvements and
the proposed Bridge Street bypass road. Certified Project designation will permit River
Wharf Realty Trust to assist this company's growth and contribute to the overall
economic welfare of Salem. Additionally, the location of this prosperous and healthy
company will further attract other viable economic uses.
Economic benefits to applicant
• Improvements to the building and property and expansion of The Bioengineering
Group's workforce are economically feasible with the receipt of investment tax
credits and property tax benefits
• River Wharf Realty Trust will receive approximately $4,257 in local property tax
benefits over five years '
• The rehabilitation of the facility will entitle River Wharf Realty Trust to state 5%
investment tax credits
Economic benefits to the City of Salem
• The new location and expansion of The Bioengineering Group could provide an
incentive and an anchor for the development of the Business Park along the North
River Corridor. Additional improvement of the Corridor would add to the attraction
of the newly constructed park area, and could incorporate the historical and cultural
identities of Salem in making the area more attractive to tourists/visitors.
• The quality of the neighborhood would be improved and enhanced by recognizing the
need for improving the properties and integrating the utilitarian role of the business
park district.
• As the company expands its work force, the need for professionals will increase, and
with that, expectations for increases in property investment and taxes.
• The company is expected to add fifteen new jobs in Salem.
• Tax revenues to the City will be increased because (1)the Commercial Street building
will now be occupied by a successful business that contributes to the job market and
use of sales and services from the community as a whole; and (2) improvements to
the building and property will result in an increased value of the property.
Special Requirements for Real Estate Projects
1. Will the business own or lease/rent the facility? ❑ Own ✓Lease/Rent
If leasing/renting, please identify the developer/landlord, and state who will be the
taxpayer of record for the purpose of paying local real estate taxes.
The Landlord is River Wharf Realty Trust. The property was purchased by The
Bioengineering Group, Inc. in the form of its holding company, River Wharf Realty
8
Trust. As a matter of standard business practice, The Bioengineering Group, Inc., leases
the building from the Realty Trust.
If owning, will the business fully occupy the space? ❑ Yes ❑ No
If no, does the business intend to lease/rent the remaining space?
The space will be occupied by The Bioengineering Group and a tenant new to Salem:
Summa, Inc., distributors of graphic equipment.
2. Describe how the various tax benefits and other economic incentives that will result from
Certified Project designation will be allocated among the business(e's) developing the
project(i.e. a developer or landlord) and the business(e's) intending to purchase, lease or
rent space at the facility (i.e. tenant or tenants).
As River Wharf Realty Trust is the holding company of The Bioengineering Group, Inc.,
the tax relief received from Certified Project designation will assist The Bioengineering
Group, Inc. in its renovation plans for the building.
Supplemental Information
1. Name(s) of business(e's) intending to take advantage of state tax
incentives:
Business Name: River Wharf Realty Trust
Federal Employer ID: 04-6895020
Address: 18 Commercial Street
Salem, MA 01970
Phone: (978) 740-0096
Fax: (978) 740-0097
Contact Person: Wendi Goldsmith/Grace Spence
Type of Organization(check that which applies):
Corporation: ❑ For profit; S Corp.; ❑ Non-Profit
✓ Business Trust
❑ Partnership: ❑ General Partnership; ❑ Limited Partnership
❑ Individual
9
Level of interest: (Indicate the benefits the company seeks)
✓ 5%Investment Tax Credit
0
El10/o Abandoned Building Tax Deduction(if applicable)
✓ Local Real Estate Tax Incentive Beneficiary
2. Names and Addresses of Organization (please respond according to type)
Realty Trust:
Robert G. Solomon, Trustee
Wendi Goldsmith, Beneficiary
Corporation:
Wendi Goldsmith, President
3. Please provide names, addresses, phone numbers and contact persons
for organizations which may own or control or be affiliated with the
applicant organization:
Robert G. Solomon
7 Mall Street
Salem, MA 01970
(978) 740-0096
Wendi Goldsmith
7 Mall Street
Salem, MA 01970
(978) 740-0096
4. Certificate of Good Standing:
A Certificate of Good Standing for The Bioengineering Group, Inc. is attached with this
application.
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Massachusetts Economic Development Incentive Program
Tax Increment Financing Plan
I. Location
A. Economic Opportunity Area (EOA): Salem EOA
B. Municipality: City of Salem
C. Tax Increment Financing (TIF) Zone:
Attached are:
• map of the ETA
• map showing the general location of the proposed private project
• parcel by parcel map with property lines and the outline of each building,
infrastructure improvements, all thoroughfare, public rights of way and easements
• zoning map
Common description of TIF Zone:
The proposed TIF Zone is located at 18 Commercial Street in the Salem Economic
Opportunity Area(EOA). The tax parcel is Map 26, Lot 51.
Legal description of TIF Zone:
The land in said Salem with the buildings thereon, if any, bounded and described as
follows:
Parcel No. 1
Beginning at a point on the northerly side of Commercial Street at the
SOUTHWESTERLY corner of land formerly of George F. Lord, thence running in a
NORTHERLY direction along the Westerly property line of the property now or formerly
of George F. Lord, a distance of eighty-nine and 85/100 (89.85) feet to a point; thence
turning and running in a
NORTHWESTERLY direction a distance of fifty and 05/100 (50.05) feet along land now
or formerly of H.P. Hood and Sons, Inc.; thence turning and running in a SOUTHERLY
direction along land now or formerly of the City of Salem, a distance of ninety-two and
I
57/100 (92.57) feet; thence turning and running in an EASTERLY direction along the
Northerly street line of Commercial Street, a distance of fifty (50) feet to the point of
beginning.
Containing 4,560 square feet of land, as shown on a plan filed with the Essex South
District Registry of Deeds entitled"Land of City of Salem, Rear of North Street, Salem,
Mass., May 1955, Revised October 1955 —Edgar W. Nickerson, City Engineer" in Book
4809, Page 500.
Parcel No. 2
The land in said Salem with the buildings thereon, if any, situated on the North side of the
North River Canal and bounded and described as follows:
Beginning at the SOUTHEASTERLY corner of said lot on the Northwesterly side of a
proposed road the same point being three hundred and eighty-eight and 44/100 (388.44)
feet Southwesterly from North Street; thence running
SOUTHWESTERLY by the Northwesterly street line of said proposed road seventy (70)
feet to other land now of formerly of the City of Salem; thence turning and running
NORTHWESTERLY by said other land now or formerly of the City of Salem, eighty-
nine and 85/100 (89.85) feet to land now or formerly of H.P. Hood and Sons, Inc.; thence
turning and running EASTERLY by said land now or formerly of H.P. Hood and Sons,
Inc., seventy and 12/100 (70.12) feet to land now or formerly of Cook; thence turning and
running SOUTHEASTERLY by said land now or formerly of Cook, eighty-six and
06/100 (86.06) feet to the point begun at.
Containing 6,156 square feet of land and being shown on a plan entitled"Land of the
City of Salem, rear of North Street May 1955, Revised October 1955, Edgar W.
Nickerson, City Engineer" and hereinbefore referred to.
For title, reference is made to Deed of Catharyn H. Lord, dated May 14, 1965 and
recorded with the Essex South District Registry of Deeds in Book 5267, Page 342.
D. Narrative Description of TIF Zone:
Needs, Problems and Opportunities:
Designation of this TIF Zone meets the needs of, solves problems for and creates
opportunities for River Wharf Realty Trust and the City of Salem.
Solving problems and meeting the needs of River Wharf Realty Trust:
River Wharf Realty Trust, holding company for The Bioengineering Group, Inc.,
2
purchased the land and building at 18 Commercial on June 30; 1999 and leased it to The
Bioengineering Group, Inc., a small consulting firm that made a sizable investment in
Salem in locating at 18 Commercial Street and undertaking the extensive renovations to
the property. The building or portions of the building were unused for some time prior
to the purchase, and the building needed to be transformed into professional office space
from what was essentially an open warehouse.
In order for The Bioengineering Group, Inc. to remain in Salem, it recognized it would
be necessary to raise funds to convert the building into a viable business location. With
that in mind, the company set out to investigate sources for funding and economic
assistance. With the recommendation of legal and financial advisors, The
Bioengineering Group formed River Wharf Realty Trust for the purchase of the
property. The Bioengineering Group, Inc. recognized that the Tax Increment Financing
Certified Project designation, would be especially helpful in assisting the company in its
early years of growth and expansion.
Creating Opportunityfor River Wharf Realty Trust:
Assistance from the City of Salem and the Massachusetts Office of Business
Development through Certified Project designation will create the opportunity for River
Wharf Realty Trust to assist The Bioengineering Group to grow its business in Salem.
Although the company has already demonstrated successful growth in the environmental
technology consulting field,the company is still small and values the opportunity to stay
in Salem where it has already discovered local need for its services.
This project provides the Bioengineering Group, Inc. with the ideal opportunity to
jumpstart economic development on the Commercial Street corridor and to be the first of
many anticipated businesses to create a business park in this area that is fronting on the
recently established North River Canal Park. The project is also anticipated to employ
15 permanent,net, new jobs in the ETA.
Solving problems and meeting the needs of the City of Salem:
Designation of the TIF Zone and approval of this TIF Plan will help River Wharf Realty
Trust, which will expand the tax base and increase the supply of healthy, growing
businesses in the City of Salem. The establishment of a professional firm such as The
Bioengineering Group in this business corridor will help to spur further economic
growth, as other firms are attracted to this improved business district.
The City has undertaken several initiatives in this area to boost economic development
and aesthetic appearances. The existence of the North River Canal Park provides a very
attractive setting in which to locate a business. The proposed Bridge Street By-pass,
which is located nearby to this development, will improve travel in Salem. Additionally,
the nearby former Parker Brothers site is slated for redevelopment as a high end
3
residential and mixed use development,which will greatly improve.this section of
Salem.
Creating Opportunity for the City of Salem:
Certified Project designation permits River Wharf Realty Trust to assist The
Bioengineering Group to remain in Salem where it can continue dialogue with
community representatives to learn ways that it can service the local area with
environmental solutions while helping to bring employment opportunities to the City as
well. The City of Salem will benefit by the presence of a stable company that improves
the appearance of the Commercial Street area, adds permanent jobs and will be a vital
component of an overall economic development revitalization.
E. Property owners within the proposed TIF Zone:
The property owner is:
River Wharf Realty Trust (holding company for The Bioengineering Group, Inc.)
Robert G. Solomon, Trustee
II. Time
The TIF Plan and TIF Zone described here will be in effect for a period of five years.
III. TIF Zone & Economic Development
A. Economic Opportunities and Economic Benefits to the
Community: Approval of the proposed TIF Zone will create the
following economic development opportunities and benefits:
• Creates jobs: 15 net, new permanent jobs. The Bioengineering Group will expand
its work force from the present thirteen employees to an additional fifteen
technical, administrative and management positions over the life of the TIF. With
that, there are expectations for increases in property investment and tax revenues
to the City.
• Generates addtional tax revenue through the life of the TIF and beyond: see
attached spreadsheet entitled "5 Year Tax Increment Financing Plan". Tax
revenues to the City will be increased because (1)the Commercial Street building
will now be occupied by running, successful businesses contributing to the job
market and use of sales and services from the community as a whole; and(2)
improvements to the building and property will have occurred.
Improves appearance of vacant property through renovation. The quality of the
neighborhood would be improved and enhanced by recognizing the need for
4
improving the properties and integrating the utilitarian role of the business park
district.
• The new location and expansion of The Bioengineering Group could provide an
incentive and an anchor for the development of the Business Park along the North
River Corridor. Additional improvement of the Corridor would add to the
attraction of the newly constructed park, area, and could incorporate the historical
and cultural identities of Salem in making the area more attractive to
tourists/visitors.
B. Proposed and Potential Land Uses: (analyze how the land uses are
appropriate for anticipated economic development)
The property will be used for the professional offices of The Bioengineering Group, Inc.
In addition to the building improvements,plans are being made to include an attractive
greenhouse where the company will be able to grow and demonstrate the use of wetland
plants appropriate to the New England area. It is anticipated that the improvements and
greenhouse will greatly enhance the restoration to the area already initiated by the City
and contribute to ongoing economic development initiatives.
C. Zoning in the TIF Zone: The TIF Zone is located in a Business Park
Development district.
D. Hazardous Waste: (identify any parcels,public or private, in zone which are
confirmed hazardous waste disposal sites, in accordance with chapter 21E, MGL.
Describe any public or private site remediation activities and any reuse plans)
Not Applicable
IV. TIF Zone Projects
A. Planned Private Project:
The Bioengineering Group, Inc. is renovating a 5,000 square foot warehouse at 18
Commercial Street consisting of one floor and a mezzanine into its professional offices.
B. Provide Documentary evidence of the level of the developer's
commitment to the proposed and required construction in the TIF
project:
The Bioengineering Group, Inc. has already paid legal and professional fees related to the
appraisal, 21E assessment, building inspection, and closing costs associated with the
purchase of the property and building. Wendi Goldsmith, owner and president of the
5
t
company, also contributed personally towards the down payment. Additionally, the
company has engaged the services of an architect, general contractor and roofing,
electrical,plumbing and HVAC contractors for the development of this project.
C. Budget for Project:
The costs of completing the project are as follows:
a Co$t of��m�p�o eik►e�ts BudgetWIN
Architecture Fees 3,600
ASTM Screen/Limited Assessment 500
Report
Roofing 30,775
General Construction 56,500
Plumbing 8,000
Electrical Work 35,500
Heating and Ductwork 20,000
Air Conditioning 8,600
Lighting 2,850
Interior Finishes 25,000
TelephoneNoicemail System 12,500
Building/Company Sign 900
Security System 2,700
Greenhouse 20,000
Misc. Services: blueprints, permits, 6,500
waste removal, etc.
Misc. Supplies: lumber, paint, 6,000
hardware, ladder rental, etc.
Total Improvement Costs $2399925
6
D. Relevant business plans:
Time schedule for development:
Scheduled construction completion: Fall 2000
Expected increases in job creation:
15 permanent professional, technical, management, skilled and unskilled jobs
Estimates of tax revenue based upon increased valuation of parcel:
Please see attached spreadsheet entitled"5 Year Tax Increment Financing Plan"
E. Participation in other federal, state and local economic
development programs and initiatives:
N/A
F. Planned Public Projects:
N/A
V. Financing for TIF Zone Projects
A. Anticipated Financing for Private Projects:
Source: Amount:
Danvers Savings Bank— SBA Loan/Mortgage $342,000
Danvers Savings Bank—'Line of Credit 100,000
City of Salem Note 50,000
Danvers Savings Bank Loan 90,000
Investment from W. Goldsmith 55,000
Total $637,000
B. Anticipated Financing for Public Projects:
N/A
C. Detailed Projection of Costs of Public Construction:
N/A
7
D. Will Betterments be used to finance any public-private projects,
now or within the proposed life of the TIF Plan?
N/A
E. If Betterments or Special Assessments are a part of the TIF Plan:
N/A
F. Describe how private projects will be financed:
Evidence of private financing commitments:
The Bioengineering Group has received approvals and funds for the financing of
this project from Danvers Savings Bank and the City of Salem.
VI. TAX INCREMENT FINANCING
A. Authorization to use TIF: The attached City Council resolution dated
March 9, 1995 authorizes the City of Salem to use TIF in the Salem EOA. Also
attached is a City Council Resolution approving the TIF Plan for River Wharf
Realty Trust on
B. Amount of proposed tax increment exemptions from property
taxes: As the attached spreadsheet shows, the Chairman of Salem's Board of
Assessors estimates that property tax benefits will total approximately $4,257
over five years. Also, see the description of the proposed TIF Plan in part D of
this section.
C. Maximum percentage of public project costs that can be
recovered through betterments or special assessments:
N/A
D. TIF exemption from property taxes:
As the attached spreadsheet shows, the City estimates the tax benefits to total
approximately $4,257 over 5 years.
8
The exemption plan works as follows:
Year River Wharf Realty Trust Pays:
1 75%of the increment, plus the base tax bill
2 85% of the increment, plus the base tax bill
3 95% of the increment, plus the base tax bill
4 95% of the increment, plus the base tax bill
5 95%of the increment, plus the base tax bill
6 100% of the increment, plus the base tax bill
The effective date of tax increment exemption is July 1, 2000 (Fiscal Year 2001).
The property becomes eligible for the tax increment exemption on the July first
following the date on which the EACC approves the plan.
Term of the exemption: 5 years
VII. Approval of TIF projects
TIF projects are approved by the Salem City Council. The Mayor and his staff are
responsible for negotiating TIF Plans and, after Council approval, executing those plans.
Evidence of local approvals of the proposed TIF Zone and TIF Plan is provided here in
the form of a resolution authorizing a TIF agreement passed by the Salem City Council
on
\MC\TIF\Bioengineering\TIFPLAN.doc
9
TAX INCREMENT FINANCING AGREEMENT
CITY OF SALEM, MASSACHUSETTS
and
RIVER WHARF REALTY TRUST
This agreement is made this day of 2000, by and between the CITY OF
SALEM, a municipal corporation duly organized under the laws of the Commonwealth of
Massachusetts, having a principal place of business at City Hall, 93 Washington Street, Salem,
Massachusetts, 01970, acting through the Mayor, Stanley J. Usovicz, Jr., (hereinafter called "the
CITY"), and RIVER WHARF REALTY TRUST, u/d/t dated June 30, 1999 (Recorded with
Essex South District Registry of Deeds in Book 15780, Page 107), with a principal place of
business at 18 Commercial Street in Salem, Massachusetts, 01970 (hereinafter called "the
TRUST") . This Agreement will take effect as of July 1, 2000 (Fiscal Year 2001).
WHEREAS, the TRUST has permitted The Bioengineering Group, Inc. (hereinafter called "the
LESSEE" of the TRUST) to renovate the building at 18 Commercial Street in
Salem as the professional offices for the LESSEE; and
WHEREAS, the CITY is willing to grant tax concessions in return for guarantee of the
renovation of this distressed property and the creation of employment
opportunities for local workers; and
WHEREAS, the Salem City Council resolved on November 9, 1995 to allow the use of Tax
Increment Financing as a tool to encourage economic development within the
Salem Economic Opportunity Area; and
WHEREAS, the Salem City Council resolved on to endorse the Tax
Increment Financing Plan negotiated by the CITY and the TRUST.
NOW, THEREFORE, in consideration of the mutual promises contained herein,the parties do
mutually agree as follows:
A. THE TRUST'S OBLIGATIONS
1. The TRUST shall purchase and permit the LESSEE to renovate the property at 18
Commercial Street in Salem. "The FACILITY" as used herein means the building at 18
Commercial Street containing approximately 5,000 square feet plus site improvements.
2. During the life of this agreement, if the TRUST decides to sell the FACILITY or the
business or to otherwise transfer control of the FACILITY or business and/or operations
thereof, the TRUST shall give the CITY at least three months notice of said sale or
transfer. Said notice shall be given by certified mail, return receipt requested, to the
Mayor, City Hall, 93 Washington Street, Salem, Massachusetts, 01970.
B. THE CITY'S OBLIGATIONS
I. The CITY shall grant a tax increment financing exemption to the TRUST in accordance
with Massachusetts General Laws, Chapter A, Section 3E, Chapter 40, Section 59, and
Chapter 59, Section 5. Said exemption shall be granted on the improvements to the
FACILITY. Said exemption shall be valid for a period of five (5) years, beginning with
fiscal year 2001 (July 1, 2000) and ending with fiscal year 2006. During each year of
this agreement,the TRUST will pay taxes based on the base value of the FACILITY and
on that portion of the value of the FACILITY which is not exempted under the
agreement.
The base value is established by the Board of Assessors (the Board) and is the assessed
value established for the most recent fiscal year immediately prior to the fiscal year in
which the property first becomes eligible for the tax increment exemption of the
FACILITY unless an abatement is approved by the Board.
The exemption schedule on the value of the FACILITY works as follows: For the first
year,the TRUST will pay the base tax bill and will pay taxes on 75% of the full value of
improvements to the FACILITY. The full value of improvements to the FACILITY is
hereinafter called "the INCREMENT". In year two, the TRUST will pay taxes on 85% of
the full value of the INCREMENT, plus the base tax bill. In year three,the TRUST will
pay taxes on 95% of the full value of the INCREMENT, plus the base tax bill. In year
four, the TRUST will pay taxes on 95% of the INCREMENT,plus the base tax bill. In
year five,the TRUST will pay taxes on 95% of the INCREMENT,plus the base tax bill.
In year six, the TRUST will pay taxes on the full value of the FACILITY.
C. OTHER CONSIDERATIONS
1. This Tax Increment Financing Agreement shall be binding on all subsequent owners of
the property. The City of Salem reserves the right to review and renegotiate the Tax
Increment Financing Agreement if the business activity ceases to be fully operational
during the life of the Tax Increment Financing Agreement.
2. If the TRUST decides to expand the facility at any time during the life of the Tax
Increment Financing Agreement, the CITY and the TRUST may renegotiate the Tax
Increment Financing Agreement to exempt all or part of the value of the expansion from
property taxes. The exact amount of that exemption will be determined at the time of
expansion.
Executed as a sealed instrument on the day and year first above written.
CITY OF SALEM RIVER WHARF REALTY TRUST
Stanley J. Usovicz, Jr., Mayor Robert G. Solomon, Trustee
Notary Public
My commission expires
RESOLUTION
APPROVING CERTIFIED PROJECT APPLICATION OF
RIVER WHARF REALTY TRUST
6
WHEREAS, River Wharf Realty Trust has applied for designation as a Certified Project under
the Massachusetts Economic Development Incentive Program created by Chapter
23A of Massachusetts General laws;
WHEREAS, River Wharf Realty Trust meets the minimum standards of the Economic
Development Incentive Program and the local economic development goals and
criteria established as part of the documents creating the Beverly & Salem
Regional Economic Target Area and the Salem Economic Opportunity Area;
WHEREAS, the proposed certified project is located at 18 Commercial Street, within the
boundaries of the Salem Economic Opportunity Area. The legal description is as
follows:
The land in said Salem with the buildings thereon, if any, bounded and described
as follows:
Parcel No. 1
Beginning at a point on the northerly side of Commercial Street at the
SOUTHWESTERLY corner of land formerly of George F. Lord, thence running
in a NORTHERLY direction along the Westerly property line of the property now
or formerly of George F. Lord, a distance of eighty-nine and 85/100 (89.85) feet
to a point; thence turning and running in a
NORTHWESTERLY direction a distance of fifty and 05/100 (50.05) feet along
land now or formerly of H.P. Hood and Sons, Inc.; thence turning and running in
a SOUTHERLY direction along land now or formerly of the City of Salem, a
distance of ninety-two and 57/100 (92.57) feet; thence turning and running in an
EASTERLY direction along the Northerly street line of Commercial Street, a
distance of fifty (50) feet to the point of beginning.
Containing 4,560.square feet of land, as shown on a plan filed with the Essex
South District Registry of Deeds entitled "Land of City of Salem, Rear of North
Street, Salem, Mass., May 1955, Revised October 1955 —Edgar W. Nickerson,
City Engineer" in Book 4809, Page 500.
Parcel No. 2
The land in said Salem with the buildings thereon, if any, situated on the North
side of the North River Canal and bounded and described as follows:
Beginning at the SOUTHEASTERLY corner of said lot on the Northwesterly side
of a proposed road the same point being three hundred and eighty-eight and
44/100 (388.44) feet Southwesterly from North Street; thence running
SOUTHWESTERLY by the Northwesterly street line of said proposed road
seventy (70) feet to other land now of formerly of the City of Salem; thence
turning and running NORTHWESTERLY by said other land now or formerly of
the City of Salem, eighty-nine and 85/100 (89.85) feet to land now or formerly of
H.P. Hood and Sons, Inc.; thence turning and running EASTERLY by said land
now or formerly of H.P. Hood and Sons, Inc., seventy and 12/100 (70.12) feet to
land now or formerly of Cook; thence turning and running SOUTHEASTERLY
by said land now or formerly of Cook, eighty-six and 06/100 (86.06) feet to the
point begun at.
Containing 6,156 square feet of land and being shown on a plan entitled "Land of
the City of Salem, rear of North Street May 1955, Revised October 1955, Edgar
W. Nickerson, City Engineer" and hereinbefore referred to.
For title, reference is made to Deed of Catharyn H. Lord, dated May 14, 1965 and
recorded with the Essex South District Registry of Deeds in Book 5267, Page 342.
WHEREAS, the City of Salem has agreed to offer River Wharf Realty Trust a Tax
Increment Financing Agreement;
WHEREAS, The Bioengineering Group, Inc., having leased the building on the property of its
holding company, River Wharf Realty Trust, will invest approximately $240,000
to renovate a property at 18 Commercial Street into professional offices, an
investment which creates approximately 15 new, permanent jobs for residents of
the Beverly & Salem Regional Economic Target Area.
WHEREAS, the renovation of the property at 18 Commercial Street will substantially improve
the aesthetic appearance of the property and reduce blight in one of Salem's
business districts;
NOW THEREFORE BE IT RESOLVED
that the Salem City Council approves the Certified Project application of River
Wharf Realty Trust, designating this project as a certified project for a period of
five years, and forwards said application for certification to the Massachusetts
Economic Assistance Coordinating Council for its approval and endorsement.
Adopted this day of , 2000, by the Salem City Council.
Stanley J. Usovicz, Jr., Mayor
Date
Attest:
Deborah E. Burkinshaw, City Clerk
SEAL
RESOLUTION
AUTHORIZING A TAX INCREMENT FINANCING AGREEMENT
For River Wharf Realty Trust
WHEREAS, the City of Salem is part of the area designated the Beverly & Salem Regional
Economic Target Area and the Salem Economic Opportunity Area;
WHEREAS, the Mayor of the City of Salem has prepared a Tax Increment Financing
Agreement in accordance of Chapter 40 and 751 CMR 11.00;
WHEREAS, there is strong support for economic development and the use of Tax Increment
Financing as an economic development tool to encourage business expansion in
and relocation to the City of Salem;
WHEREAS, there is strong support for using Tax Increment Financing to encourage the
renovation of 18 Commercial Street,the property owned by River Wharf Realty
Trust and leased to The Bioengineering Group, Inc.;
WHEREAS, this property is located in the Salem Economic Opportunity Area;
NOW THEREFORE BE IT RESOLVED by the Salem City Council that:
(1) The Tax Increment Financing Agreement be adopted as it has been substantially
submitted to the City Council. A copy of said Tax Increment Financing Agreement is
attached as Exhibit A, and made part of this Resolution.
(2) The area to be designated as a Tax Increment Financing Zone is:
The land in said Salem with the buildings thereon, if any, bounded and described as
follows:
Parcel No. 1
Beginning at a point on the northerly side of Commercial Street at the
SOUTHWESTERLY corner of land formerly of George F. Lord, thence running in a
NORTHERLY direction along the Westerly property line of the property now or formerly
of George F. Lord, a distance of eighty-nine and 85/100 (89.85) feet to a point; thence
turning and running in a
NORTHWESTERLY direction a distance of fifty and 051100 (50.05) feet along land now
or formerly of H.P. Hood and Sons, Inc.; thence turning and running in a SOUTHERLY
direction along land now or formerly of the City of Salem, a distance of ninety-two and
57/100 (92.57) feet; thence turning and running in an EASTERLY direction along the
Northerly street line of Commercial Street, a distance of fifty (50) feet to the point of
beginning.
Containing 4,560 square feet of land, as shown on a plan filed with the Essex South
District Registry of Deeds entitled"Land of City of Salem, Rear of North Street, Salem,
Mass., May 1955, Revised October 1955 —Edgar W.Nickerson, City Engineer" in Book
4809, Page 500.
Parcel No. 2
The land in said Salem with the buildings thereon, if any; situated on the North side of the
North River Canal and bounded and described as follows:
Beginning at the SOUTHEASTERLY corner of said lot on the Northwesterly side of a
proposed road the same point being three hundred and eighty-eight and 44/100 (388.44)
feet Southwesterly from North Street; thence running
SOUTHWESTERLY by the Northwesterly street line of said proposed road seventy (70)
feet to other land now of formerly of the City of Salem; thence turning and running
NORTHWESTERLY by said other land now or formerly of the City of Salem, eighty-
nine and 85/100 (89.85) feet to land now or formerly of H.P. Hood and Sons, Inc.; thence
turning and running EASTERLY by said land now or formerly of H.P. Hood and Sons,
Inc., seventy and 12/100 (70.12) feet to land now or formerly of Cook; thence turning and
running SOUTHEASTERLY by said land now or formerly of Cook, eighty-six and
06/100 (86.06) feet to the point begun at.
Containing 6,156 square feet of land and being shown on a plan entitled "Land of the
City of Salem, rear of North Street May 1955, Revised October 1955, Edgar W.
Nickerson, City Engineer"and hereinbefore referred to.
For title, reference is made to Deed of Catharyn H. Lord, dated May 14, 1965 and
recorded with the Essex South District Registry of Deeds in Book 5267, Page 342.
(3) A map of the Tax Increment Financing Zone is hereby attached as Exhibit B and made
part of this Resolution.
(4) The Tax Increment Financing Agreement shall be binding on all subsequent owners of
the property in the Tax Increment Financing Zone. The City of Salem reserves the right
to review and renegotiate the Tax Increment Financing Agreement if the business activity
ceases to be fully operational during the life of the Tax Increment Financing Agreement,
as specified in the Tax Increment Financing Agreement.
(5) A copy of the adopted Tax Increment Financing Agreement shall be forwarded to the
Massachusetts Economic Assistance Coordinating Council for its approval.
(6) The effective date of the Tax Increment Financing Agreement shall be July 1, 2000
(Fiscal Year 2001), whichever is later.
(7) The Mayor is hereby authorized to execute and implement the Tax Increment Financing
Agreement.
Adopted this day of 2000 by the Salem City
Council at a regular City Council meeting with a quorum present.
Stanley J. Usovicz, Jr., Mayor Date
ATTEST:
Deborah E. Burkinshaw, City Clerk
SEAL