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PICKERING WHARF HOTEL PROJECT �oniwr CITY OF SALEM s� v DEPARTMENT OF PLANNING AND COMMUNITY DEVELOPMENT STANLEY J.USOVICZ,JR. MAYOR 120 WASHINGTON STREET•SALEM,MASSACHUSETTS 01970 JOSEPH P.WALSH,JR. TEL:978-745-9595•FAX:978-740-0404 DIRECTOR May 14, 2003 Mr.Michael J.Harrington Hawthorne Hotel 18 Washington Square West Salem,MA 01970 Dear Mr.Harrington: Enclosed are copies of the documents you requested this morning with regards to the Pickering Wharf Hotel project. Please contact me at 978/745-9595 x311 if you need further assistance or require more information. Sincerely, lCreo ffd Economic Development Planner cc: Joseph P.Walsh, Director of DPCD Enclosures r CffY OF SALEM, MASSACHUSETTS PLANNING DEPARTMENT CO CRAIG L. WHEELER m ONE SALEM GREEN City Planner - 01970 (978)745-9595 Ext.311 ,� ••• Fax(978)740-0404 MEMORANDUM D TO: Stanley J. Usovicz, Jr.,Mayor MAR FROM: Craig L. Wheeler, City Planner v MAy /CF RE: Pickering Wharf Hotel Proposal DATE: March 30, 1998 CC: Hilary Rockett, Jr. Presented below is a summary of the developer's responses to issues related to the Pickering Wharf hotel project: • Design/Room Configuration The developer has proposed an 84 room, four story hotel/retail development. Eastern Bank will be relocated on the site. The hotel development will contain standard 14' x 36' rooms instead of suites. The development will be subject to site plan approval and other permits as required by city departments. • UDAG Funds The developer does not require the use of UDAG funds. These funds will be made available for other economic development initiatives that will positively impact the Pickering Wharf area. • CDAG/PWED Funds The developer pledges to work with the City in a public/private partnership to secure other state and federal funds such as CDAG and PWED funds for the purpose of increasing public access to the waterfront between Congress Street and the Chase House. This would complete the link from Congress Street to the NPS at Derby Street. • Parking Garage The developer requires the lease of at least one parking space per hotel room at the South Harbor Garage currently under construction to permit the hotel project to work. The lease rate per parking space will be $1.25 per diem or$456.25 annually. • TIF Plan In order for the hotel project to be economically viable,the developer requests a multi-year TIF for the hotel portion of the site only. All newly constructed retail space, including the relocated Eastern Bank,will be taxed at full valuation. The new retail located in the development will increase the city's tax base over what is currently received in taxes for the existing retail. The developer requires the following TIF schedule: Year % Exempted 1 - 8 100 9 80 10 60 11 40 12 20 13 0 The TIF exemption applies only to the hotel itself and only to the increase in value between the current development and the completed hotel development. The hotel will also generate room tax calculated at 4%of projected room revenue. The long term impact of the hotel's presence on the city's economy in terms of property tax, room tax and parking fees will outweigh the difference between five years at 0% and eight years at 0%. The location of the hotel will generate more business for local retailers, restaurants and tourist destinations. At this point in time, Mr. Rockett has indicated that the project will be unable to go forward without a commitment to a 13 year TIF, with the first eight years exempting all taxes on the increment in value. I am available to discuss this matter further at your convenience. -... �,. ••..��• "•" •������ , yroi400iai ; uec-1 /-01 18:58; Page 2/2 Pickering WbarfHotel Lel'al ChronoloAv December 12, 2001 7_ Planar Board Ju 999 (30 mondis ago)Salem Planning Board gave unanimous approval of the Pickering Wharf Hotel. August 1999 Dorothy Harrington,as Trost c of Hawthorne Hotel,appca s the decision to land Court March 2000 Land Court judge dismisses Hawthorne appeal June 200 Hatrmgton Appcsls Land Court decision to Appeals Court. Stin Waiting for hewing-18 mondhs Latest estimate—oral arguments in the Spring and a decisi ki next fall. 2. MEPA March 2000 Secretary of Environhneni al Affairs.Bob Durand,made a detetmmation that the hotel project is not likely to cause significant adverse envirvtnnental facts,thus no further review was required. June 2000 Dorothy Harrmgton and others appealed this decision to ' x Superior Court to probable damage to the emrironmantr. Action was brought againstboth Bob Durand and Pic Wharf. Currendy waiting for a hearing— 18 months 3. DEP December 15, 2000 DEP issues an approval for a Chapter 91 wetlands license. January 2001 A ten(10)citizen group files an appeal of the DEP license In order to appeal this detarrumation, 10 citizens of me Commonwealth must sign appeal. Majority of the plaintiffs are Hawthorne Hotel employees. July 27.2001 DEP Administration Judge dismisses 4 of 5 counts. Remaining issue is date the City of Salem Cleric sta=nped application. 4. Miscellaneous Loss of Bwin s to Salem $20,000,000 per year X 5 years=3100,000,000 (51011 Million) One Salem Green,Salem,MA 01970 978-745.9595,ext 311 Salem 97&740-0404,fax Planning Department Fax To: From: Fa>c Pages: (not includin cover sheet) Phase: Date: � I•�� • � a G� ❑Urgent ❑ For R ew ❑Please Comment ❑Please RePly ❑Please Recycle vYve.. re'. aA4�- A 41rwn +5:p Ke'vi""J . 17" �� V K. R. Geaney Associates 15 Cavour Street•Lynn,Massachusetts 01904 Phone: (781) 596-0472•Fax: (781)477-9444•Pager(781)362-3262 E Mail: krg@shore.net February 17, 1998 Mayor Stanley Usovicz Salem City Hall 93 Washington Street Salem,MA 01970 Dear Mayor Usovicz: Thank you for the opportunity to work with your administration on the Pickering Wharf project. I know that this type of project is important to the City of Salem.I also understand your interest in making sure that the long range plans as well as the short term goals of the city are met within the context of each development initiative. I want to assure you that the Rockett family is committed to working with your administration to insure that we have a project that is achievable from the developers prospective as well as from the city's perspective. I am sure that you would agree that it makes no sense to work with developers who are not properly motivated. Attached please find a DRAFT memo that I believe addresses the issues that we discussed recently in your office.We are prepared to meet with you at your earliest convenience to continue this dialogue with the hope that this project will continue to move at a sensible pace. Thank you again for your candid response to this development.I am convinced that we have a good project here that we will all be proud of when it is completed. Respectfully K - Kevin R. Geaney Enclosure: CC: Hilary Rockett, Jr. n = p FtU r CITY OF SALEM MAYOR'S OFFICE K. R. Geaney Associates 15 Cavour Street Lynn, Ma. 01904 (781)596-0472 phone- (781) 477-9444 fax (781) 362-3262 pager-email krg@shore.net M E M O R A N D U M DATE: February 17, 1998 TO: Mayor Stanley J. Usovicz FROM: Kevin R. Geaney RE: Pickering Wharf- Hotel Proposal CC: Hilary Rockett, Jr. DRAFT On behalf of the developer, the following responses to issues related to the Pickering Wharf hotel project are presented for discussion: • Desi n /Room Configuration e eve opment proposal consists of a four story hotel /commercial structure with 84 rooms, and a free standing building for Eastern Bank. The hotel rooms will consist of standard hotel rooms of 14' x 36'as opposed to the previously suggested suites. – —The site plan and architecturals are subject to site plan approval by the appropriate city agencies. • UDAG Funds he-deve—mer makes no request for the use of UDAG funds. The developer recognizes the city's need to use these funds for other economic initiatives that will have a beneficial effect upon the Pickering Wharf project. Additionally, the developer pledges their support for other development initiatives, in particular an effort to open up Essex Street to traffic from Rt. 114 to the Hawthorne Hotel. • CDAG /PWED Funds The developer p e ges to work with the city to secure other state and federal funds, in particular UDAG /PWED funds for the purpose of increasing public access to the waterfront between Congress Street and the Chase House. This would complete the link from Congress Street to the NPS at Derby Wharf. • Parking Garage e eve oper must be able to lease at least one parking space per hotel room at the parking garageAnder construction on Congress Street in order for thefiote(prolect to work. The developer must have exclusive use of the third floor of the new garage with other spaces to be provided elsewhere within the garage. The lease of parking spaces must run for the life of the hotel. • TIF The economic viability of the project requires that a multi-year TIF be negotiated with the City. The developer would like to suggest a different approach to the tax agreement; one that increases the tax yield of the project during construction and during the full term of the tax agreement. In effect, the agreement will have three key components: 1. Base Taxes The TIF will be for the hotel portion of the project. All newly constructed retail space, including the bank site, will be taxed at full valuation. Additionally, the base taxes on the newly constructed space will increase 3.0%annually for the term of the TIF. 2. TIF Schedule years 1-8 100% year 9 80% year 10 60% year 11 40% year 12 20% year 13 0% 3. Room Tax [40/6] The room tax in conjunction with the base tax agreement are the features of this agreement that distinguish this tax agreement from other commercial/industrial projects that may seek a TIF from the city. I hope you will agree that this memo present a good point of departure from previous discussions between the city and the developer. I also want you to know that we are prepared to make every effort to insure that we have a mutually beneficial project. v��CONUIT,(,�,Q c, nous CITY OF SALEM, MASSACHUSETTS STANLEY J. USOVICZ, JR. MAYOR February 24, 1999 To the City Council City Hall Salem Ladies and Gentlemen of the Council: In June 1998, the Council approved passage of a Tax Increment Financing (TIF) Agreement between the City of Salem and Pickering Wharf Realty Trust. The TIF was granted for the purpose of a hotel development at Pickering Wharf. After the completion of Council approval, the developers recognized that an additional parcel, lot 447 on Congress Street, was a key component that needed to be included in the agreement. Therefore,the Application for Certified Project Designation, that was approved by the Massachusetts Office of Business Development, needs to be amended by the City Council to incorporate lot 447. In addition,the effective date of the TIF Agreement should be amended from its current effective date of July 1, 1999 to July 1, 2000. The effective date is intended to commence when the building is constructed; to date this has not occurred. The purpose of the amendment is to permit the recipient to take full advantage of all twelve years of the TIF Agreement. I have prepared amended resolutions and an amended TIF Agreement that incorporates lot 447 and the revised effective date of the TIF Agreement, which shall be July 1, 2000 (Fiscal Year 2001). Thank you for your consideration of this important request. Very truly yours, STANLEY J. USOVICZ Mayor SALEM CITY HALL•93 WASHINGTON STREET •SALEM,MASSACHUSETTS 01970-3592•9781745.9595•FAX 9781744-9327 I r To: J. Hilary Rocket FACSIMILE Fax #: (781) 639-2290 City of Salem Re: TIF Amendment Planning Date: February 18, 1999 Pages /l�, including this cover sheet. Comments: I am faxing pages from the June 16, 1998 Certified Project application to MBOD that needs updated information on the overall project that includes the two buildings. We need: • A cover letter from you requesting the amendment adding the parcel (447, I'm still not sure how 408 will work) and also requesting an amendment to the effective date of the TIF from July 1, 1999 to July 1, 2000. • Color copy of the new site plan and site drawing • Total number of rooms per building • # of stories, square footage of each building • square footage of retail space • room sizes and features • development cost of both hotel buildings and retail space • # of persons to be employed ( the job chart needs updating), also # of construction jobs • updated project budget sheet • construction timeframe Please call with any questions you have. ht r l c1.,z/ ( T hail X !i)lii Pirh c�( /6' Q (`t7L( Q1il_ G(Ov) �2� ,OGu'rK�S� LX et Oho ihtGL I-0 ryt 00b 1,i ok4 61,r pu 61U 0k 44,-L Wtf'I^ A)-&Qi cer A t,u u. R-w h, !1 1A)e Ivz 1)-C_ w-� M O 8 From the desk of... Mary C.Cassidy Economic Development Planner City of Salem Planning Department One Salem Green Salem,MA 01970 978-745-9595 ext.311 Fax:978-740-0404 vg�CONDIT n � ���MINB 00� CITY OF SALEM, MASSACHUSETTS STANLEY J. USOVICZ, JR. MAYOR February 11, 1999 To the City Council City Hall Salem Ladies and Gentlemen of the Council: In June 1998,the Council approved passage of a Tax Increment Financing (TIF) Agreement between the City of Salem and Pickering Wharf Realty Trust. The TIF was granted for the purpose of a hotel development at Pickering Wharf After the completion of Council approval,the developers recognized that an additional parcel, lot 447 and 408 on Congress Street, was a key component that needed to be included in the agreement. Therefore,the Application for Certified Project Designation, that was approved by the Massachusetts Office of Business Development, needs to be amended by the City Council to incorporate lot 447 and 408. In addition,the effective date of the TIF Agreement should be amended from its current effective date of July 1, 1999 to July 1, 2000. The effective date is intended to commence when the building is constructed; to date this has not occurred. The purpose of the amendment is to permit the recipient to take full advantage of all twelve years of the TIF Agreement. I have prepared amended resolutions and an amended TIF Agreement that incorporate lot 447 and the revised effective date of the TIF Agreement, which shall be July 1, 2000 (Fiscal Year 2001). Thank you for your consideration of this important request. Very truly yours, STANLEY J. USOVICZ Mayor SALEM CITY HALL•93 WASHINGTON STREET-SALEM,MASSACHUSETTS 01970.3592 •978/745-9595•FAX 978/744-9327 c AMENDMENT TO RESOLUTION APPROVING CERTIFIED PROJECT APPLICATION OF PICKERING WHARF REALTY TRUST WHEREAS, Pickering 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,Pickering 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 the comer of Congress and Derby Streets, within the boundaries of the Salem Economic Opportunity Area. The legal description is as follows: 1. Tax Parcels - Map 34, Tax Parcels 408, 446 & 447 to be included in the Agreement and, 2. Area to be designated as a Tax Increment Financing Zone The language in the orignal TIF is to be deleted and changed to the following: "Parcel I & Parcel 2 in a deed dated June 6, 1996 from Joseph M. Gibbons and Nicholas A. Caporale, Trustees of Pickering Wharf Nominee Trust to J. Hilary Rockett, Trustee of Pickering Wharf Realty Trust, which deed is recorded with Essex South Deeds in Book 13598, Page 532." (See attached deed) Being the same premises conveyed to Grantor by Deed of Salem Five Cents Savings Bank, recorded with the Essex South Registry of Deeds on September 14, 1995, in Book 13191, Page 144. The address of the premises conveyed by this Deed is Pickering Wharf, Salem, Massachusetts. WHEREAS the City of Salem has agreed to offer Pickering Wharf Realty Trust a Tax Increment Financing Agreement; WHEREAS, Pickering Wharf Realty Trust will invest approximately $3,541,100 to develop a hotel at Pickering Wharf, an investment which creates approximately 60,new, permanent jobs for residents of the Beverly & Salem Regional Economic Target Area. WHEREAS, the construction of a hotel at Pickering Wharf will substantially improve the aesthetic appearance of the property and reduce blight on one of Salem's entrance corridors; NOW THEREFORE BE IT RESOLVED that the Salem City Council approves the Certified Project application of Pickering Wharf Realty Trust, designating this project as a certified project for a period of thirteen years, and forwards said application for certification to the Massachusetts Economic Assistance Coordinating Council for its approval and endorsement. Adopted this 11th day of February, 1999, by the Salem City Council. Stanley J. Usovicz, Jr., Mayor Date Attest: Deborah E. Burkinshaw, City Clerk SEAL i AMENDMENT TO RESOLUTION AUTHORIZING A TAX INCREMENT FINANCING AGREEMENT For Pickering 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 development of a Hotel at Pickering Wharf,the property owned by Pickering Wharf Realty Trust; 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: 1. Tax Parcels - Map 34, Tax Parcels 408, 446 &447 to be included in the Agreement and, 2. Area to be designeated as a Tax Increment Financing Zone The language in the orignal TIF is to be deleted and changed to the following: "Parcel I & Parcel 2 in a deed dated June 6, 1996 from Joseph M. Gibbons and Nicholas A. Caporale,Trustees of Pickering Wharf Nominee Trust to J. Hilary Rockett,Trustee of Pickering Wharf Realty Trust, which deed is recorded with Essex South Deeds in Book 13598, Page 532" (See attached deed) Being the same premises conveyed to Grantor by Deed of Salem Five Cents Savings Bank, recorded with the Essex South Registry of Deeds on September 14, 1995, in Book 13191, Page 144. The address of the premises conveyed by this Deed is Pickering Wharf, Salem, Massachusetts. f (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 11th day of February, 1999 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 EXHIBIT A: Tar Increment Financing Agreement EXHIBIT B: Map of Tax Increment Financing Zone era,(c, - TI P Infer a PICKERING WHARF HOTEL (' 5-YEAR TAX INCREMENT FINANCING PLAN Value now $1,267,700 This is the value of the property in its current, undeveloped state. Base tax bill $43,736 Value after hotel built $8,000,000 Increment in value $6,732,300 TIF is applied to the increment. Year Year Year Year Years Tax at full value $282,880 Tax at full value $290,000 Tax at full value $297,200 Tax at full value $304,640 Tax at full value $312,240 Base tax bill $44,826 Base tax bill $45,954 Base tax bill $47,095 Base tax bill $48,274 Base tax bill $49,478 Tax on increment $23,805 Tax on increment $73,214 Tax on increment $125,052 Tax on increment $192,274 Tax on increment $262,762 Pickering Pays $68,631 Pickering Pays $119,168 Pickering Pays $172,148 Pickering Pays $240,549 Pickering Pays $312,240 Pickering Saves $214,249 Pickering Saves $170,832. Pickering Saves $125,052 Pickering Saves $64,091 Pickering Saves $0 Pickering pays taxes on 10%of Pickering pays taxes on 30%of Pickering pays taxes on 50%of Pickering pays taxes on 75%of Pickering pays taxes on 100%of increment plus base tax bill. increment plus base tax bill. increment plus base tax bill. increment plus base tax bill. increment plus base tax bill. Total property tax exemptions $574,225 Total property taxes paid(including base year) $956,471 Tax rate is increased by 2.5%each year PICKERING WHARF HOTEL 5-YEAR TAX INCREMENT FINANCING PLAN Base Value $1,267,700 Value After Hotel Constructed $8,000,000 Increment in Value $6,732,300 Tax Rate $34.50 Levy Percent Growth 2.5% Base Year 1998 Year Property Tax I Taxes at TIF a!a Base Tax Taxes on 'd Taxes Paid Tax Benefit Assessment Rate 100%Value Bill Increment Each Year' Each Year BASE $1,267,700 $34.50 $43,736 0% $43,736 $0 $43,736 $0 1 $8,000,000 $35.36 $282,880 10% $44,826 $23,805 $68,631 $214,249 2 $8,000,000 $36.25 $290,000 30% $45,954 $73,214 $119,168 $170,832 3 $8,000,000 $37.15 $297,200 50% $47,095 $125,052 $172,148 $125,052 4 $8,000,000 $38.08 $304,640 75% $48,274 $192,274 $240,549 $64,091 5 $8,000,000 $39.03 $312,240 100% $49,478 $262,762 $312,240 $0 TOTALS $1,530,696 $956,471 $574,225 *Taxes Paid Each Year=Base Tax Bill plus Taxes on Increment v��coxo�rko n � CITY OF SALEM, MASSACHUSETTS STANLEY J. LISOVICZ, JR. MAYOR February 11, 1999 To the City Council City Hall Salem Ladies and Gentlemen of the Council: In June 1998,the Council approved passage of a Tax Increment Financing (TIF) Agreement between the City of Salem and Pickering Wharf Realty Trust. The TIF was granted for the purpose of a hotel development at Pickering Wharf. After the completion of Council approval,the developers recognized that an additional parcel, lot 447 and 408 on Congress Street, was a key component that needed to be included in the agreement. Therefore,the Application for Certified Project Designation,that was approved by the Massachusetts Office of Business Development, needs to be amended by the City Council to incorporate lot 447 and 408. In addition, the effective date of the TIF Agreement should be amended from its current effective date of July 1, 1999 to July 1, 2000. The effective date is intended to commence when the building is constructed; to date this has not occurred. The purpose of the amendment is to permit the recipient to take full advantage of all twelve years of the TIF Agreement. I have prepared amended resolutions and an amended TIF Agreement that incorporate lot 447 and the revised effective date of the TIF Agreement, which shall be July 1, 2000 (Fiscal Year 2001). Thank you for your consideration of this important request. Very truly yours, 7 I STANLEY J USOVICZ v Mayor SALEM CITY HALL•93 WASHINGTON STREET•SALEM, MASSACHUSETTS 01970.3592•978/745-9595•FAX 97 817 44-9 32 7 AMENDMENT TO RESOLUTION APPROVING CERTIFIED PROJECT APPLICATION OF PICKERING WHARF REALTY TRUST WHEREAS, Pickering 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, Pickering 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 the comer of Congress and Derby Streets, within the boundaries of the Salem Economic Opportunity Area. The legal description is as follows: I. Tax Parcels - Map 34,Tax Parcels 408, 446 & 447 to be included in the Agreement and, 2. Area to be designeated as a Tax Increment Financing Zone The language in the orignal TIF is to be deleted and changed to the following: "Parcel 1 & Parcel 2 in a deed dated June 6, 1996 from Joseph M. Gibbons and Nicholas A. Caporale, Trustees of Pickering Wharf Nominee Trust to J. Hilary Rockett, Trustee of Pickering Wharf Realty Trust, which deed is recorded with Essex South Deeds in Book 13598, Page 532." (See attached deed) Being the same premises conveyed to Grantor by Deed of Salem Five Cents Savings Bank, recorded with the Essex South Registry of Deeds on September 14, 1995, in Book 13191, Page 144. The address of the premises conveyed by this Deed is Pickering Wharf, Salem, Massachusetts. WHEREAS the City of Salem has agreed to offer Pickering Wharf Realty Trust a Tax Increment Financing Agreement; WHEREAS, Pickering Wharf Realty Trust will invest approximately $3,541,100 to develop a hotel at Pickering Wharf, an investment which creates approximately 60, new, permanent jobs for residents of the Beverly & Salem Regional Economic Target Area. WHEREAS, the construction of a hotel at Pickering Wharf will substantially improve the aesthetic appearance of the property and reduce blight on one of Salem's entrance corridors; NOW THEREFORE BE IT RESOLVED that the Salem City Council approves the Certified Project application of Pickering Wharf Realty Trust, designating this project as a certified project for a period of thirteen years, and forwards said application for certification to the Massachusetts Economic Assistance Coordinating Council for its approval and endorsement. Adopted this 11th day of February, 1999,by the Salem City Council. Stanley J. Usovicz, Jr., Mayor Date Attest: Deborah E. Burkinshaw, City Clerk SEAL i AMENDMENT TO RESOLUTION AUTHORIZING A TAX INCREMENT FINANCING AGREEMENT For Pickering 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 development of a Hotel at Pickering Wharf,the property owned by Pickering Wharf Realty Trust; 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: 1. Tax Parcels - Map 34, Tax Parcels 408, 446 & 447 to be included in the Agreement and, 2. Area to be designeated as a Tax Increment Financing Zone The language in the orignal TIF is to be deleted and changed to the following: "Parcel 1 & Parcel 2 in a deed dated June 6, 1996 from Joseph M. Gibbons and Nicholas A. Caporale, Trustees of Pickering Wharf Nominee Trust to J. Hilary Rockett, Trustee of Pickering Wharf Realty Trust, which deed is recorded with Essex South Deeds in Book 13598, Page 532." (See attached deed) Being the same premises conveyed to Grantor by Deed of Salem Five Cents Savings Bank, recorded with the Essex South Registry of Deeds on September 14, 1995, in Book 13 19 1, Page 144. The address of the premises conveyed by this Deed is Pickering Wharf, Salem, Massachusetts. (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 11th day of February, 1999 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 EXHIBIT A: Tar Increment Financing Agreement EXHIBIT B: Map of Tax Increment Financing Zone 78828.50480 139 131449.d2 6/4/96 3:02 pm 0 � DEED ie a7,,. Joseph M. Gibbons and Nicholas A. Caporale, Trustees of Pickering Wfldt`f`I0iT m& °' Trust u/d/t August 31, 1995 and recorded September 14, 1995 with the Essex South Registry of Deeds in Book 13191, Page 144 (the "Grantor"), for consideration of One Million Sdven Hundred Twenty-Five Thousand Dollars ($1,725,000), hereby grants to J. Hilary Rockett, Trustee of Pickering Wharf Realty Trust u/d/t May 2, 1996 and recorded with said Deeds herewith of 190 Pleasant Street, Marblehead, Massachusetts 01945 (the "Grantee), with QUITCLAIM COVENANTS, the following condominium units, percentage interests-in condominium common areas and facilities and parcels of land in Salem, Essex County, Massachusetts: Condominium Units The following condominium units in the Pickering Wharf Condominium (the "Condominium") in Salem, Essex County, Massachusetts created by and described in the Master Deed of Pickering Wharf Condominium dated August 3, 1979 recorded with Essex South Registry of Deeds in Book 6624, Page 141, as amended by a First Amendment to Master Deed dated November 9, 1979, recorded with Essex South Registry of Deeds in Book 6653, Page 99, by a Second Amendment to Master Deed dated December 28, 1979, recorded with Essex South Registry of Deeds in Book 6667, Page 39, and as further amended by a Third Amendment to Master Deed dated April 4, 1980, recorded with Essex South Registry of Deeds in Book 6692, Page 336 (said master deed as so amended is hereinafter referred to as the "Master Deed"): Buildin2 unitPercentage Interest Bark Emerald A 2.4095 Bark Emerald B 1.8073 Privateer A 2.6529 IS REG 10 Pickering A 2.5602 OUTH Pickering B 2.4459 c Pickering C 2.1483 06/66/. Wherry Row A 1.9544 < Wherry Row B 1.7976 Wherry Row C .9195 TAX 7366.00 Square Rigge A 1.8221 CASH 7266.00 Bowditch A 2.4082 Tancook Crescent A 3.5773 EXCISE 1 :52 E Tancook Crescent B 2.0887 EXCISE TAX Tancook Crescent C 1.7079 4 _ 3i ,78828—VAQ_t39 13 L449.cJJ_o a C3 tt ;,iW2pni— Buildin2 UnitPercentage Interest Hawthorne A 1.6617 Hawthorne B 1.2949 Hawthorne C .9093 Arbella A 1.2628 BK 1359: PH D.-.13 3 Arbella B 1.3621 Gentoo A 1.1653 Gentoo B 3.6888 Gentoo C 1.7788 Grand Turk A 3.2700 Grand Turk B 6.3601 Derby A 10.8775 Derby B 2.8439 Together with the undivided percentage interests in the common areas and facilities of the Condominium described in the Master Deed as set forth for each unit above. Subject to and with the benefit of all easements, rights, reservations, restrictions, agreements and provisions contained in the Master Deed, in the Agreement and Declaration of Trust of the Pickering Wharf Condominium Trust dated August 3, 1979, recorded with Essex South Registry of Deeds in Book 6624, Page 168, in the By-Laws of Pickering Wharf Condominium recorded with Essex South Registry of Deeds in Book 6624, Page 179, and in any rules and regulations promulated pursuant thereto, as any of the foregoing may be amended from time to time. Subject to and with the benefit of the provisions of Massachusetts General Laws Chapter 183A as now in force and as amended from time to time. Each of the foregoing units is intended to be used for any purpose allowed by applicable law, zoning law, license, permit, use regulation, special permit, exception or variance. L04s Parcel I qqq I, qq All right, title and interest in and to the South River in Salem, Essex County, Massachusetts and any and all rights of access thereto and egress therefrom as more particularly described in Exhibit A to the Master Deed. As provided in the Master Deed, such right, title and interest and rights of access and egress were specifically excluded from the premises submitted to Massachusetts General Laws Chapter 183A by the Master Deed and from the Condominium created thereby. 2 78828.50480 139 131449.d2 l ti�•.J�� Flu Parcel 2 �r 7 The land with the buildings and improvements thereon in Salem, Essex County, Massachusetts bounded and described as follows: WESTERLY by Congress Street, about fifty-nine and 09/100 (59.09) feet; NORTHERLY by land now or formerly of Wetmore, about one hundred sixty-six (166) feet; EASTERLY by land now or formerly of Shaluk, about sixty- _ ...._ one and 72/100 (61.72) feet; and SOUTHERLY by the outer edge of the bulkhead shown on the plan recorded with Essex County Registry of Deeds in Book 3263, Page 40, about one hundred seventy and 92/100 (170.92) feet. Together with the flats to low center line appurtenant and adjacent to the aforesaid parcel as shown on said plan recorded in Book 3263, Page 40. Together with any other rights in any other flats which may be appurtenant to the aforesaid parcel. The premises described above are conveyed subject to and with the benefit of all easements, covenants and restrictions of record. Being the same premises conveyed to Grantor by Deed of Salem Five Cents Savings Bank, recorded with the Essex South Registry of Deeds on September 14, 1995, in Book 13191, Page 144. The address of the premises conveyed by this Deed is Pickering Wharf, Salem, Massachusetts. 3 V-4 J 78828.50480 139 131449.d2 K �tS1984,-AM -T 5 Executed under seal this day of June, 1996. Pickering Wharf Nominee Trust Joseph M. Gibbons, as Trustee By: -Yl /y/ /a l �- - o Nicholas A. Caporale, s Trustee BK 13592 PG 5-).j 4 78828.50480 139 131449.d2 6/4/96 3:02 pm COMMONWEALTH OF MASSACHUSETTS 1LS j"� ss. June t! , 1996 Then personally appeared the above-named Joseph M. Gibbons, and acknowledged the foregoing instrument to be his free act as trustee, before me. N ry b1icS4A�clr!. sc- My commission expires: COMMONWEALTH OF MASSACHUSETTS CCtt� ss June J. , 1996 Then personally appeared the above-named Nicholas A. Caporale, and acknowledged the foregoing instrument to be his free act and deed and the free act and deed as trustee, before otary Public cA,e My commission expires: 5 _ ROCKETT MANAGEMENT& REALTY CO., INC. 190 PLEASANT STREET MARBLEHEAD,MASS.01945 TEL.(781)631-3070 FAX(781)639-2290 J.HILARY ROCKETT,JR. November 20, 1998 Vice President Salem City Hall 93 Washington St. Salem, MA 01970 Attn: Mayor Usovicz Dear Mayor Usovicz, Per our conversation I have enclosed information regarding the inadvertent error to the TIF application for Pickering Wharf Realty Trust. The error is not with anything substantive, it's just regarding the legal description and tax parcel. Legal Description -The legal description simply should have been a copy of the deed from the Salem Five to Pickering Wharf Realty Trust, Book 13598 page 532. This includes all the commercial units in the condominium and the marina parcel (Parcel 2),which Pickering Wharf Realty Trust owns in fee. Tax Parcel - There are three (3) tax parcels at Pickering Wharf, Map 34 Lot 408, 446 & 447, but only Lot 446 is listed on the application. As I stated above, the intent was to allow the building of a hotel at "Pickering Wharf" There was never any mention of tax parcels or legal descriptions in the motion of the City Council, nor was there even any discussion of it. Additionally, isnot mentioned in the approval received from the State. I have enclosed the following materials for your review: 1. Complete TIF Package-I've highlighted the areas that need clarification. 2. MOU- Again there is no mention of location,just "on site at Pickering". As you're aware, the total number of rooms between 70 and 140 was used in case we expanded our proposed 75 room hotel into a second building,per our master plan (see enclosed) 3. Master Plan- As mentioned above 4. Assessors Map of Pickering Wharf 5. State Approval 6. Deed If you need any other information,please give me a call. As soon as this error is resolved, we will to file our plan with the Salem Planning Board. I look forward to hearing from you. SjHi Jck tt,Jr. Vesid Encl. JHR:nh 1 AMENDMENT TO TAX INCREMENT FINANCING AGREEMENT CITY OF SALEM, MASSACHUSETTS and DICKERING WHARF REALTY TRUST This agreement is made this_day of 1998, by and between the CITY OF SALEM, a 93 Washington Street, Salem,Massachusetts, municipal corporation duly organized under the laws of the Commonwealth of Massa' use , having a principal place of business at City Hall, (hereinafter called "the CITY"), and cz,01970, acting through the Mayor, Stanley J. Usovipri Jr.,al lace of business at 190 Pleasant PICKERING WHARF REALTY TRUST,with a prncipal p Street,Marblehead,Massilachusettsl take effe0ct as of July la 2000 (Fiscal Year 2001). This Agreement arf in Salem; and WHEREAS,the COMPANY wishes to construct a hotel at Pickering Wh ee of the WHEREAS,the CITY is willing to grant tax concessions in return for°grtunanres for local construction of the hotel property and the creation of employment opp workers; and cil resolved on November 9, 1995 to allow the use of Tax WHEREAS,the Salem City Conn Increment Financing as a tool to encourage ty Areadand°prrient within the Salem Economic Opp WHEREAS,the Salem City Council resolved on February 11, 1999 to endorse the Tax Increment Financing Plan negotiated by the CITY and the COMPANY. NOW,THEREFORE, in considerationmutuallyothe mutual followses contained herein,the parties do A.THE COMPANY'S OBLIGATIONS 1.The COMPANY shall develop the hotel property at Pickering Wharf in Salem. "The FACILITY" as used herein means a building containing approximately 50,000 square feet plus site improvements and refers to the Hotel portion only of the project. TY or the 2.During the life of this agreement, if the COMPANY decides business sell the r opei t ons thereof, r control of the FACbusiness or to othe h lle vanihe CITY at least three monthITY s noti eof said�ala or transfer.Hall, 93d sfe the COMPANY s g notice shall be given by certified mail, return receipt requested, to the Mayor, — Washington Street, Salem,Massachusetts, 01970. B.THE CITY'S OBLIGATIONS 1.The CITY shall grant a tax increment financing exemption to the COMPANY 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 thirteen (13) years, beginning with fiscal year 2001 (July 1, 2000) and ending with fiscal year 2014. During each year of this agreement, the company 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 current value 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 five (5) years,the COMPANY will pay only the base tax bill and will be granted an exemption of 100 percent of the full value of improvements to the FACILITY. The full value of improvements to the FACILITY is hereinafter called"the INCREMENT". In years six, seven and eight, the COMPANY will pay taxes on 10% of the full value of the INCREMENT, plus the base tax bill. In year nine,the COMPANY will pay taxes on 20% of the full value of the INCREMENT, plus the base tax bill. In year ten,the COMPANY will pay taxes on 40% of the INCREMENT, plus the base tax bill. In year eleven,the COMPANY will pay taxes on 60% of the INCREMENT, plus the base tax bill. In year twelve,the COMPANY will pay taxes on 80% of the INCREMENT, plus the base tax bill. In year thirteen, the COMPANY will pay taxes on the full value of the FACILITY. C.OTHER CONSIDERATIONS I.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. 2.117 the COMPANY decides to expand the facility at any time during the life of the Tax Increment Financing Agreement, the CITY and the COMPANY 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. Amendment to Pickering Wharf Realty Trust Tax Increment Finandng UM Agreement THIS AMENDMENT OF TIF effective of February 11, 1999 regarding the Tax Increment Financing(TIF)Agreement between the City of Salem and Pickering Wharf Realty Trust,including the Application for Certified Project Designation . . Background In June 1998,the Council approved passage of a TIF Agteement.between the City of Salem and Pickering Wharf Realty Trust After the approval;it was discovered that certain tax parcels were erroneously omitted. Only parcel 446 Map 34 was included. WITNESSETH NOW,THEREFORE,the CITY agrees with the following. 1: Tax Parcels-Map 34,Tax Parcels 408,446& 447 to be included in the Agreement and, 2. Area to be designated as a Tax Increment Financing Zone The language in the original TIF is to be deleted and changed to the following. "Parol l &Parcel 2 in a deed dated June 6, 1996 from Joseph M Gibbons and Nicholas A. Caporale,Trustees of Pickering Wharf Nominee Trust to J.Hilary Rockett,Tnraee of Pickering Wharf Realty Trust,which deed is r=rded with Essex South Deeds in Book 13598,Page 532" (see attached deed) 3. Effective Date-"July 1, 1999"deleted and change to"July 1,2000_" Stanley J.Usovicz, Jr.,Mayor Date Deborah 1~Burkinshw, City Clerk Date Executed as a sealed instrument on the day and year first above written. CITY OF SALEMPICKERING WHARF REALTY TRUST Stanley J. Usovicz, Jr., Mayor J. Hilary Rockett, Trustee Notary Public My commission expires I I �- Essea as. Received July 11, 1941. 10 m. past 12 P.M, Recorded and Exam ------- Wetmore IENOW ALL MEN By THESE PRESENTS et al THAT WE, Frank U- Wetmore bei ng, .- land Frank H. Wetmore, both of Danvers, Euamerri Essex County y, Massechusetta,for $ sideration d Reasonk plea Paid, Fent to Andrew 0. Henson Of Newmarket Hampshire QIIITCL�M COVENANTS the land in One #2.;Oas ;1. SALEM, said County and Commonwealth, Vi One 50 One 2t the huildings thereon, bounded sf k One .10 R.Stampa and described as follows: Westerly 6 I 1 Documentary y by Ca t Canceled. }4 (Igress, Street one hundred thirty and sine tenths (130.9) feet' northerly land now or formerly of the Hawthorne Garage Inc. about one hundred.sixi RIK Isiz and "sixty eight one-hundredths '(166.68) feet , easterly by lead now Yormerly-of.Shaluk, one hundred thirty.eight and seven ty two one-hundred _ (138.72) feet and southerly by the outer edge of the kulkhead as shown or �i. plan entitled "I end conveyed by Frank U. Wetmore at al to A¢dre, D-Hanson Salam, Hass. June 1941, T. A. rt. Appleton, C.S. recorded � t -seventy and ninety -two one- herewith one hundr• � { y huadrsdths (170.92) feet. Together ��' Plata to low-water line with the APpurtenant_aija adjacent thereto as show, on said F plan. Subject .to taxes for 1 1 }` - For title-see Book 3206 Page 130,ond Bo t 3221, Pegs 205. And T. Wet120" .N018 -of said grantor, Frank H.Wet- s i ore release to Said grantee-all rights off. v t8h dower and homestead and other s)� interests therein. WITS= our hands and 'seals this 2ad.day of July 1941 r i.. . THE C0IM WMLTH OF MASSACH05ETTS ) Prank-IT. Wetmore a� !( Essex, se. July 2, 1941 Thenso- P ) Frank H. Wetmore ` sonally appeared the above Hamad Lois T. Wetmore Frank U. Wetmore and e s aknoxledged the foregoing instrument to be his free fact and deed, before me Elmer W. Liebsch Justice of the peace IEeaez as. Received July 14, 1941. 52 m, past 1 P.M. Recorded and Examined." ---------------------------------------------- Friend ENDW ALL -- -------J ' + 'at al IQN BY THESE PRESENTS THAT We, Lester D. Friend and Frank L.Ord- i to Iway of Marblehead and Danvers, respectively, Essex County, yessachueetts, Hanson for consideration paid, grant to Andrew 0. Hanson of Newmarket, New Ham_ shire with gUITCLAIM COVENANTS All our rights in and to all the flats ap- i �Purtenant to the Ai parcel of real estate conveyed by us to Frank U. Wetmore . let al by our deed dated January 11, 1940 recorded with Essex South Die- Itrict Registry of Deeds in Book 3206 Page 130 and shown on a plan to be 'recorded with deed from Frank U. Wetmore et al to Andrew 0. Hanson dated i July 2, 1941. Consideration is under one hundred dollars. And I, Juliette !C. fiend wife of said Lester D. Friend sad I, Helen C. Ordway wife of Saud !Frank L. Ordway release to said grantee all rights of dower and homestead - iand other interests therein. WITNESS our hands and seals this 7th day of July 1941 Lester D. Friend x i 54ten�;M<►ss -. SGL! limp 30rT. Y JuNe, 1941. " MAWTIyORN! GA4AG!� ING. ' 1 - Ott- ,^. en 2 717 ou y 9q (� w 9 Kms. ru Edi z s A Y I / 4N Y e♦ . L - ♦ 19 ♦ 5c0 'J7.4 vzI2 r.-.3 Amendment to Pickering Wharf Realty Trnst Tax Increment Financing 01M Agreement THIS AMENDMENT OF TIF effective of February 11, 1999 regarding the Tax Increment Financing(TIF)Agreement between the City of Salem and Pickering Wharf . Realty Trust,including the Application for Certified Project Designation Baekgronnd - In Jmx., 1998,the Council approved passage of a TIF Agreement between the City of Salev:i and Pickering Wharf Realty Trust. After the approval,it was discovered that certain tax parcels were erroneously omitted. Only parcel 446 Map 34 was included. WITNESSETH NOW,THEREFORE,the CITY agrees with the following. . 1. Tax Parcels-Map 34,Tax Parcels 408,446& 447 to be included in the Agreement and, • 2. Area to be designated as a Tax Increment Financing Zone The language in the original TIF is to be deleted and changed to the following: "Par.�1 1 &Parcel 2 in a deed dated June 6, 1996 from Joseph M.Gibbons and Nicholas A. C€norale, Trustees of Pickering Wharf Nominee Trust to J.Hilary Rockett,Tru;tee of Picketing Wharf Realty Trust,which deed is recorded with Essex South Deeds in Book 1355)-..,Page 532." (see attached deed) 3. Effective Date-"July 1, 1999"deleted and change to"July 1,2000." Stanley J.Usovicz, Jr., Mayor Date Deborah E.Burkinshw, City Clerk Date 9/3 39va 66ZZ6E9LZ9.........3.o 1 SWOW 113}ID08•140213 Se-•ZI as-ee-933 ROCKETT MANAGEMENT&REALTY CO_,INC: 190 PLEASANT STREET . MARBLEHEAD,MA 01945 TEL_ (781)631-3070 FAX(781)639-2290 J. HILARY ROCKEIT,JR. Vice President TELECOPIER CONTROL SHEET TO: Mayor Stanley J.Usovicz FAX#: 978-744-9327 DATE: 2/9/99 FROM: J_Hilary Rockett,Jr. SUBJECT: # OF PAGES: 6 (Including cover page) Please contact Nancy Hayes at 781/631-3070 with any transmission problems. Notes: 9/t 39tla ..06226E9LZ9--------J'at- SWOW 11ax3on-14083 se—zt 99-99-933 . _ • 06'tb9'6 T0G1107 Inst J9f 1 Joseph M Glbbom and N1eholaS A CaPe1a10.Ttaetxs of Pido- q � $ f .� T�+at Wah Aogwr 31. 1995 and awarded of Deeds m g„r 13191.page Iu 1'•I995 wim me Prez scum Re&w g Hundred T,�y.Fi.e Thousam.D tlaa 7'for omwmtim of one Mmg,Seven i Tlastee of pieiomn Wharf Family Trost 11idh OOM•hacby VM t0].8'>laey Roeler< barewith OfMayZ 19%sell SCOOrded wilh uld Deeds G '. otmmsn areas and f Amar acer paeodt of Lad hs Salim gyyeai - c LIM ,r„�13e fopoa iaig oandomimom mtite in the FiCIDU ng Wharf Co�de�(me B .—"""®m7 3°-%tet.Eva Cwo4.Mam&.s me cared by Muter Dead of Piatezing WhW Coodom�mp dated Ao 3am dosed win me Semh RgtbW of Deeds in Hook GOA.page 141.as amrnd ,1979 avoided rth Psea Dead dared November 9.1979,seceieed faith Fsset South by a Plast Asomdment m Masew page 99,by s Snood Amadmmt to Mane Dad dated Dox 3$ 1979 MY Of Deeds re Hook 6033, F'mt Somh Re&0 of Dads in Hook 6667Amodmm ,page 39,sed as filttleer •taroa dad witb m MaAw Dad dared Apel 4.3960,atraeded 30th Fan SaarL ded by s wird 'Maser Dad'A�336(wad answer dad as ae smeeittd is hereimtter nfcTed to RE ft i lima Beet F wdd A 2.409S PHrick Emmu 73 L8073. A x _Pkkaft 2.4439 C Zko I Row When R C .. L95"V/bC"Y ROW TNit' D 17976 Squam�6$e A Lg22t ) A 7-4082 G9ir M .80 TaoaoakCrCSCCM A 3.5773 9e70AIde 1215 Tamao11 Qum : C 17079 •9/E 30tld 96ZZ669LZ9------- -3•.01 - J:wow. zs371ooa•woa3 SE �Z I 66-60-633 ` FEB-09-89' 12-36 FROM.ROCKETT MGMT - ID,F'---^^^-6'176392290 PAGE 6/6 f OF r. r i s moagp 74¢0t 1A+tt�xv�es��a *wlerruv j smpwMPMnmmm mama at **Pori= _ t ' 3 ,1 SK ISWM 534 pfttwjg The bad'Wim me MOW and bWavemew*men 10 SakM Eaaac C,.M. ;i women and deaaebod as fonows: WESTERLY by CwZ=Sava.about My-ntnt and MIO0(59.09) fat NORTEMMY by land now or fonaaly of wemiom abort am b as amy ak(160 feet: EASIERI.Y by land now or fam=ly of SbabdL"I siM, 7. - .. ane tad 721100(62.72)fc=and SOUMMMY 6y the omQ edge of the boafia4 ahora oa th pbo eseatded wkh Edea Cally Rstybny of : Deeds is Hook 3753.Pape 40.abom am hmdted aaemy wd 9=00(170-92)SeeL ._ =otcdmrwMmeamto law=wwrM sprowwwall old me aforumm patael ac aho.n ae ON plm romded la Hook 3763.Pate 40 a To3emervft ur odw Twasin myO'hwm Which Myb-appm,eumtmgm c afaltsaid vaam+- llw daa�ed abaw aR aee,mi,a w and wM me of an awmeam eo.emibs ane Maddiom afreootd. doo GIMIN by Deed ctSakm Five rets Sarjw Boat'-t«atiod.lm me rMa Saom Roomy of Deeds on 14.1996,hibmir, 13191.P*V 144.. -- - . the addeew of me VMhown Veyed by Ibis Deed is Pte==g%hat!Salem Maeac6omm. 3 S/S 3Od3 06226E92.T9---_—_— .�.f]I SW'JW SS3AJO21°W0213 jE°ZI 66-60-633 FEB,-09-99 12. 36 FROM:.ROCKETT MCMI ID:F- -------6176392290 PAGE 4/6 .Ago%PMM am M >�PaaQ N[aV1 La VEBi siert m =vJ s m a P=i qos saR= MOMS PoDaAm 4sommh a"an u Pa iiia;m nou pm msm palm lop a�a+'Pasa:�•sa w�P> sv 'PaoQ mwx aaz a v P,a!are 3 m m a'. aP 4vt=pnd iiia a MOIX D anOa Pam M=Ja s3g3p IIs Pao I=Psi'> M Tlj=a Laos 'mmndpodsVo"ft=aImad •ag8omm'malapogdds.. fq p whgp=Amd me mJ Pia as at popaalal g Imm ammo aa13 amP a amP�4 PaDQ�s a Pm amof to AM a 6 Ml=II&NO sari PSD >o sa aced aaz Ja Vom4 a*as pm as mrga s -wp a amp UQU pop== aq Um ftIaam aip Je Aw a•owaas mmuod pagomd wop.la8m pm s>Im Lao ' a0�'bfLaBsd'f299�HWdPmQ30�++lbBYtmS�3W�PoPz��moWaJ ;nq&=9 Js nerldg cat sa'm*ad 4mg*H el sp Majo Laq*m mws S �B a�DWJ�'6LEt'C�V PSV SSL�PasJJpaM d dP 3a�.L . P sDPMPsQ PW PSV acs 01'Pisa ZgM4=0 m Pmtnmm smeMwd Pm qU=MJU 'mp.mllms' ooRIRJo v-=K maate►Pm a=*fts 1"ags gm W=J%SIM las a pma MMA ma z?Pa4<sa *mop mopoo,=a P=992zy Pas can m =p m zo==n,22"=WW PaPywa a p V&JMPIO.L 6£f8Z 8 igca SLLB'0i Y Lqna 109['9 8 vn POUD 00L=C v 4IRL P� 8889'[ H oowa� awl v 00o20 Mrl Ma Jd 86SZT x8 rtwI . v NQ 616Ti g x+empmz�t awl v aozOgwog . >'alI ac[pEOg t _ AMENDMENT TO RESOLUTION APPROVING CERTIFIED PROJECT APPLICATION OF PICKERING WHARF REALTY TRUST WHEREAS, Pickering 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, Pickering 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 the corner of Congress and Derby Streets, within the boundaries of the Salem Economic Opportunity Area. The legal description is as follows: The following condominium unit in the Pickeririg'Wharf Condominium (the "Condominium") in Salem in the County of Essex and Commonwealth of Massachusetts, created by and described in the/Master Deed of Pickering Wharf Condominium dated August 3, 1979 recorded/with Essex South Registry of Deeds in Book 6624, Page 141, as amended by a Firs Amendment to Master Deed dated November 9, 1979, recorded with Essex Soujth Registry of Deeds in Book 6653, Page 99, by a Second Amendment to Master Deed d ted December 28, 1979, recorded with Essex South Registry of Deeds in Book 6667, Pade 39, and as further amended by a Third Amendment to Master Deed dated April 4,11980, recorded with Essex South Registry of Deeds in Book 6692, Page 336 (said masteY deed as so amended is hereinafter referred to as the "Master Deed"): Building Unit Percentage Interest Derby A 10.8775 said unit A, Derby Building being a part f the total Master Deed described above. Together with the undivided percentage ' terests in the common areas and facilities of the Condominium described in the Master eed as set forth for the unit above. Subject to and with the benefit of all ea ements, rights, reservations, restrictions, agreements and provisions contained i the Master Deed, in the Agreement and Declaration of Trust of the Pickering arf Condominium Trust dated August 3, 1979, recorded with Essex South Registry of Deeds in Book 6624, Page 168, in the By-Laws of Pickering Wharf Condominium recorded with Essex South Registry of Deeds in Book 6624, Page 179, and in any rules and regulations promulgated pursuant thereto, as any of the foregoing may be amended from time to time. Subject to and with the benefit of the provisions of Massachusetts General Laws Chapter 183A as now in force and as amended from time to tia"e. / The foregoing unit is intended to be used for any purpose allowed by applicable law, zoning law, license, permit, use regulation, special/permit, exception or variance. and Parcel l / The land with the buildings and improvement's thereon in Salem, Essex County, Massachusetts bounded and described as follows: r l WESTERLY by Congress Street, about fifty-nine and 09/100 (59.09) feet; 1 NORTHERLY by land now or formerly of Wetmore, about one hundred sixty-six(166) feet; EASTERLY byhand now or formerly of Shaluk, about sixty one anlld 72/100 (61.72) feet; and SOUTHERLY by the outer edge of the bulkhead shown on the plan recorded with Essex County Registry of Deeds in ook 3263, Page 40, about one hundred seventy and 2/100 (170.92) feet. Together with the flats to low center line appurtenant and adjacent to the aforesaid parcel as shown on said plan recorded in ok 3263, Page 40. Together with any other rights in y other flats which may be appurtenant to the aforesaid parcel. The premises described above at conveyed subject to and with the benefit of all easements, covenants and restri ions of record. Being the same premises conv ed to Grantor by Deed of Salem Five Cents Savings Bank, recorded with the Essex outh Registry of Deeds on September 14, 1995, in Book 13191, Page 144. The address of the premises conveyed by this Deed is Pickering Wharf, Salem, Massachusetts. f WHEREAS the City of Salem has agreed to offer Pickering Wharf Realty Trust a Tax Increment Financing Agreement; WHEREAS, Pickering Wharf Realty Trust will invest approximately $3,541,100 to develop a hotel at Pickering Wharf, an investment which creates approximately 60, new, permanent jobs for residents of the Beverly & Salem Regional Economic Target Area. WHEREAS, the construction of a hotel at Pickering Wharf will substantially improve the aesthetic appearance of the property and reduce blight on one of Salem's entrance corridors; NOW THEREFORE BE IT RESOLVED that the Salem City Council approves the Certified Project application of Pickering Wharf Realty Trust, designating this project as a certified project for a period of thirteen years, and forwards said application for certification to the Massachusetts Economic Assistance Coordinating Council for its approval and endorsement. Adopted this 11th day of February, 1999, by the Salem City Council. Stanley J. Usovicz, Jr., Mayor Date Attest: Deborah E. Burkinshaw, City Clerk SEAL AMENDMENT TO RESOLUTION AUTHORIZING A TAX INCREMENT FINANCING AGREEMENT For Pickering 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 development of a Hotel at Pickering Wharf, the property owned by Pickering Wharf Realty Trust; 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 following condominium unit in the Pickering Wharf Condominium (the "Condominium") in Salem in the Co6my of Essex and Cormnonwealth of Massachusetts, created by and described in the Masie Deed of Pickering Wharf Condominium dated August 3, 1979 recorded with Essex Solth Registry of Deed's in Book 6624, Page 141, as amended by a First Amendment to Mast r Deed dated No 9, 1979, recorded with Essex South Registry of Deeds in Book 665'• Page 9,.9„b'y a Second'Amendment to Master Deed dated December 28, 1979, recorded wiEssexSouth Registry of Deeds in Book 6667, Page 39, and as further amended by a Thid�mendment to Master Deed dated April 4, 1980, recorded with Essex South Registry of�e s in Book 6692, Page 336 (said master deed as so amended is hereinafter refe ed to a the "Master Deed"): Building Uni Y'eicen a e Interest Derby 8775 said unit A, Derby Building being a part of the total Master Deed described above. Together with the undivided percentage interests in the common areas and facilities of the Condominium described in the Master Deed as sef forth0for the unit above. Subject to and with the benefit of all easements,rights, reservations, restrictions, agreements and provisions contained in the Master Deed, in the Agreement and Declaration of Trust of the Pickering WhamCondominium Trust dated August 3, 1979, recorded with Essex South Registry of Deeds in'Book 6624, Page 168, in the By-Laws of Pickering Wharf Condominium recorded withJEssex South Registry of Deeds in Book 6624, Page 179, and in any rules and regulations promulgated pursuant thereto, as any of the foregoing maybe amended from time to time. A` Subject to and with the benefit of the p time of Massachusetts General Laws Chapter ti 183A as now in force and as amende from time to time. The foregoing unit is intended to b used for a y urpose allowed by applicable law, zoning law, license, permit, use regulation, specia ermit, exception or variance. and i Parcel l i The land with the buildings and improvements thereon in Sa em, Essex County, Massachusetts bounded and described as follows: WESTERLY by Congress Street, abo ffifty-nine and 09/100 (59.0'9,1 feet; NORTHERLY by land nb\w or foy erly of Wetmore, about one hundred siXt -s}x (166) feet; EASTERLY by land no/ or 1!ormerly of Shaluk, about sixty one and 72/190 (61.7'2feet; and SOUTHERLY by t eu ter edge of the bulkhead shown on the plan recdrded with Es ex County Registry of Deeds in ook 3263, Page 40, about one hundred seventy and 2/100 (17.92) eet. / Together with the flats to low center line appu errant and adjacent to the aforesaid parcel as shown on said plan recorded in Book 3263, Page 40. \ % Together with any other rights in any other flats which may be appurtenant to the aforesaid parcel. ti\ The premises described above are convey d subject to and with the benefit of all easements, covenants and restrictions of ecord. \ Being the same premises conveyed to Grantor by Deed of Salem Five Cents Savings Bank, recorded with the Essex South Registry of Deeds on September 14, 1995, in Book 13191, Page 144. The address of the premises conveyed by this Deed is Pickering Wharf, Salem, Massachusetts. (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 11th day of February, 1999 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 EXHIBIT A: Tax Increment Financing Agreement EXHIBIT B: Map of Tax Increment Financing Zone AMENDMENT TO TAX INCREMENT FINANCING AGREEMENT CITY OF SALEM, MASSACHUSETTS and PICKERING WHARF REALTY TRUST This agreement is made this_day of , 1998, 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 PICKERING WHARF REALTY TRUST, with a principal place of business at 190 Pleasant Street, Marblehead, Massachusetts, 01945 (hereinafter called "the COMPANY") . This Agreement will take effect as of July 1, 2000 (Fiscal Year 2001). WHEREAS, the COMPANY wishes to construct a hotel at Pickering Wharf in Salem; and WHEREAS, the CITY is willing to grant tax concessions in return for guarantee of the construction of the hotel 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 February 11, 1999 to endorse the Tax Increment Financing Plan negotiated by the CITY and the COMPANY. NOW, THEREFORE, in consideration of the mutual promises contained herein, the parties do mutually agree as follows: A.THE COMPANY'S OBLIGATIONS 1.The COMPANY shall develop the hotel property at Pickering Wharf in Salem. "The FACILITY" as used herein means a building containing approximately 50,000 square feet plus site improvements and refers to the Hotel portion only of the project. 2.During the life of this agreement, if the COMPANY decides to sell the FACILITY or the business or to otherwise transfer control of the FACILITY or business and/or operations thereof, the COMPANY 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 1.The CITY shall grant a tax increment financing exemption to the COMPANY 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 thirteen (13) years, beginning with fiscal year 2001 (July 1, 2000) and ending with fiscal year 2014. During each year of this agreement, the company 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 current value 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 five (5) years,the COMPANY will pay only the base tax bill and will be granted an exemption of 100 percent of the full value of improvements to the FACILITY. The full value of improvements to the FACILITY is hereinafter called "the INCREMENT". In years six, seven and eight, the COMPANY will pay taxes on 10% of the full value of the INCREMENT, plus the base tax bill. In year nine, the COMPANY will pay taxes on 20% of the full value of the INCREMENT,plus the base tax bill. In year ten,the COMPANY will pay taxes on 40% of the INCREMENT, plus the base tax bill. In year eleven, the COMPANY will pay taxes on 60% of the INCREMENT, plus the base tax bill. In year twelve, the COMPANY will pay taxes on 80% of the INCREMENT, plus the base tax bill. In year thirteen, the COMPANY 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 COMPANY decides to expand the facility at any time during the life of the Tax Increment Financing Agreement, the CITY and the COMPANY 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 SALEMPICKERING WHARF REALTY TRUST Stanley J. Usovicz, Jr., Mayo.j H'lary Rockett, Trustee Notary Public My commission expires February 11, 1999 To the City Council City Hall Salem Ladies and Gentlemen of the Council: In June 1998, the Council approved passage of a Tax Increment Financing (TIF) Agreement between the City of Salem and Pickering Wharf Realty Trust. The TIF was granted for the purpose of a hotel development at Pickering Wharf After the completion of Council approval, the developers recognized that an additional parcel, lot 447 and 408 on Congress Street, was a key component that needed to be included in the agreement. Therefore, the Application for Certified Project Designation,that was approved by the Massachusetts Office of Business Development, needs to be amended by the City Council to incorporate lot 447 and 408. In addition, the effective date of the TIF Agreement should be amended from its current effective date of July 1, 1999 to July 1, 2000. The effective date is intended to commence when the building is constructed; to date this has not occurred. The purpose of the amendment is to permit the recipient to take full advantage of all twelve years of the TIF Agreement. I have prepared amended resolutions and an amended TIF Agreement that incorporate lot 447 and the revised effective date of the TIF Agreement, which shall be July 1, 2000 (Fiscal Year 2001). Thank you for your consideration of this important request. Very truly yours, STANLEY J. USOVICZ Mayor 4 FAX TRANSMISSION CITY OF SALEM PLANNING DEPARTMENT ONE SALEM GREEN SALEM, MA 0 1970 (978) 745-9595, Exr. 31 1 FAX: (978) 740-0404 To: J. Hilary Rockett, Jr. Date: March 30, 1998 Fax#: (781) 639-2290 Pages: 3, including this cover sheet. From: Craig Wheeler, City Planner Subject: Pickering Wharf Hotel Proposal Memo COMMENTS: Attached is a copy of a memo to Mayor Usovicz regarding the Pickering Wharf Hotel Proposal. To: Sean Calnan FACSIMILE Fax #: (617) 727-8797 Re: TIF City of Salem Planning Date: January 27, 1998 Pages: 4, including this cover sheet. Comments: Sean, Attached is an example of how TIF tax savings were calculated previously and also of a worksheet I developed following the DOR information guideline. I will have to explain some assumptions I made and ask your advice about calculating the base tax bill and the tax bill for the increment. Thanks, and I will speak to you soon. From the desk of... Mary C.Cassidy Economic Development Planner City of Salem Planning Department One Salem Green Salem,MA 01970 978-745-9595 ext.311 Fax 978-740-0404 t 01/29/98 12:19 10 _ 16002 01/28/98 10,59 U15089971438 MOBD DARTMOUTH 444 SPRINGFIELD MOOD 0002 Mateo Electronics GTOUP,Inc, Land AssessmOnt $ 600,000 Base Year 1998 e011din9 AsseSsmeM $ 2,600,000 %Tax Collected overall lup?*fe" 750A Total Assessment $ 3,200,000 %Tax Benefit Overall izx d 25% Tax Rate $ 23.37 is iaces i ax o?ri - Levy Percent Growth IAK iaxcs 5% iiP . Ed(.�-qeay' Near Pi- , I}sstssNenl (lltl2 loo°l. � 1 °/ eau. BnSE $600,000 $23.3 14,022 $ $14,022 $0 1 $3,200 000 $23.95 $76,654 45% 1534,255 1 $48,627 $28,026 2 $3,200,000 Y24,55 $76,570q5% $35,111 $49,643 528, 27 3 $3,200,000 $2 .17 $80.534 40% $39,260 $54,351 $26,174 4 $3,200,000 $25.80 $82,548 40% $40,242 $55,720 $26,828 5 $3,200,000 $26.44 $84,511 3s'Ye $44,685 $80,550 $24,061 8 $3,200,000 $27.10 $86,727132 1 $45.802 $62,064 $24,663 7 $3,200.000 $27.78 $88,895 30% $50,559 227 $21,668 8 $3200,000 $28.47 $91,117 20% $59,226 $76,311 ;1:60 9 $3,20 ,000 $29.19 $93, ji 395 15% $64,501 $62,012 $11,383 10 $3 000 $29.92 $95,730 10% $70,002 $87,952 $7,778 TOTALS $858,760 665 iZ14,114 The Inleeo3e0n pw0Yided o meant fur esflmebon MW anoWn DuMcs"eNy,end deee not constito0e an utter by the Gommonwevah a any of ifs aubdiwwa Paye 1 01/29/98 12:18 V [a001 _ rA COMMONWEALTH OF MASSACHUSETTS �\ DEPARTMENT OF ECONOMIC DEVELOPMENT I ASHBURTON PLACE, ROOM 2101 BOSTON, MA 02108 Internet:http://w .state.m&uslecon ARGEO PAUL CELLUCCI TELEPHONE: GOVERNOR (617)727-9380 DAVID A TIBEIETTS FACSIMILE: DIRECTOR (617)7274426 **FACSIMILE COVER SHEET** Date: % c° °29 / Log Number: ' a Time: q;AM Number of Pages: To: /'1li4m� From��, dlln' Company: C1r�ySpecial Instructions: _Confidential _Urgent _Please reply u,,/ For your information Fax: � v] ��"'1 Message: O __ ' // �W4 020 /I AO iter �Oz �'!' �✓- ._L �k, .°0 erre Q'O�J v�''''�� IF NOT RECEIVED PROPERLY, PLEASE CALL SENDER AT (617) 727-3206 10 ' I ftelu Cum L)CCQ- . — a0 L-�to jA ? vd�k re-cc &JkAd i Calculating the TIF Base Valuation Assessed valuation in the last FY before the parcel became eligible for TIF (The EACC approves projects at beginning of new FY or later, so if a project is proposed during calendar year 1998, it will be approved on July 1, 1998(FY 99) or later. The figure to be used for the base value will be the FY 98 value) Inflation Factor To ensure that the exemption applies only to increases in a parcel's value that exceed ordinary inflationary increases in the value of other commercial and industrial property in the community. 1 i D Z current FY total assessed value of all commercial Prop. 21/2 tax base growth adjustment attributable & industrial parcels (excluding TIF parcels) to commercial and industrial real estate Prior FY assessed value of parcels included in numerator To Determine Exemption Amount (current FY market value - (base value x inflation factor) ) x exemption % = current FY exemption amount To Determine Assessed Valuation for Tax Purposes current FY market value - exemption amount = assessed valuation for tax purposes The Evening News, Salem,Mass.,Wednesday,February 4,1998 C3 S alem wnerspro ose entrance redesi n P g into Salem in big num- I M ,und June. ett had put the price tag of r' a o- ,lect at about $1 million r.Firm principal J.Hilary t Jr. was traveling yes- and couldn't be reached ment. irrn had initially scrapped sign plans when it reached --'— -- - — - - -- i ement with former Mayor irrington to build a hotel - corner. Usovicz rejected - n after he took office in _ - 'lanning Board is sched. review the plans at its tomorrow night. - icz hadn't seen the pro- — mt said he is"absolutely" ive of the idea. An artist's rendition of the,proposed redesign at Pickering Wharf. reasurer says J mayor playing politics :GORY LIAKOS problems pointed out in two audits puter deficiencies, she said, as pointed out in the audits were sys- aff of city finances. they did with O'Connor's perfor- temic ones. ; He reiterated that stand yes- mance. "I find it troubling that the fi- IM—The,lawyer for City terday,saying political considera- The first audit was released nance director is not taking any ­r William O'Connor said tions were not part of his decision shortly after O'Connor took office.- responsibility for these deficien- ; ay that politics,not perfor- to suspend O'Connor and push for And O'Connor said he wasn't told cies,"Donahue said. is the real reason O'Connor his dismissal. of the second, 1997 audit until Jan. Usovicz, who just reappointed ousted. "We're going to.go about doing. 28 of this year.Nor was he given a . Guy,said,"It's not Bruce's respon- ; i attbrney Loretta Attardo the right thing," Usovicz said. chance to respond to its findings.- sibility to continually harass(0'- Qayor Stanley Usovicz "And the right thing is to judge ; "Usually a department head is Connor)to get the job done." to replace O'Connor after. people on their performance;not given a chance to respond to a O'Connor,58, is the former trea- ; g the November election. on politics." draft management letter,"Attardo surer for the city of Everett.He ien O'Connor refused to re- The audits by the accounting' said."That wasn't the.case here." 'was appointed to the Salem post by ie said Usovicz cooked up fu*ni Tucci and Roselli said O'Con- What's more, Attardo said the former,Mayor Neil Harrington erformance-related issues'._nor's office was unable to recon-, problems pointed out in the audits February 199& him out. cile cash, meaning he couldn't weren't O'Conrior's alone:She said ',.-His term runs untrl March5l s is 'really a political square his books with those,of the Finance Director;Brace Guy O 1999 UsoviciadvertLsedfor OCon i; 'saidAttardo."It was very city's banks and other municipal Connors boss,"also must.take nor;s Job.astreasurer collector, n November-when the departments A' kr .;. a, , 'K1 someresponsibilttyforthem. xy t,�akul$withab0¢t20othec�ltyHall posted a vacancy that - The firm referred to a troubling iq,It s a bookkeepping issue. At po�te,a8tjec'd a tng HaisNgt n�?- vacant,that he intended to j. "vanance".that grew.f ni$76,000 t 'tarda said,E andtTe a bac$end !t}:fl10 of him. in 1996 to;$130,000_last,year O,fi forthybatween°_ atid(tur,9 ane r ;ity Council is set to decides °Connor couldn't account forxthe "the tr29sunat'e aee� ldbcdxc ow night whether to fire difference after much effoiE4h tified;,(C�Cotfnor)these iWlC8rilea iorj, who has held the eudit9.sIa ' sonr na sh4ttid b•diddi� Olt +' ayearpostfortwoeyeare Byt cite Bt4doCdhYt &" �` a lcz said he decided to d witlti, j Eli Connor.becatise-thI trey °z,longbefotrgq�0'COnn4r(ook^ �' ¢ � ollector had.failed to ad apTQbiuhadife Mudlt t0 dd ,gddbC�dat�thettq,Qel�Np, oEw a �number of bookkeeping�thlaCit-Otetaff " �1MONY NAT I _ " US'_ 1_GRADE A ;, - - � A � � \ / i \ c \ \ © ® ~ s \ x . Ci » \ qj LP @ K ., � / m \ \ ƒ \ / % \ 7 \ % G � G � � O I w I O � G L` r c 00 O C w � � � U o X � a c � d removal of a window on the Liberty Street facade. The storefronts were also replaced and raised mahogany transom panels were installed. Several DRB meetings were held to review the design elements of Phase One. These recommendations were presented to the SRA and approved. DIRECTORS AND STAFF Craig L. Wheeler began his tenure as SRA Executive Director in September 1996. The former planning director in Portsmouth,NH, Mr. Wheeler brings extensive experience and expertise in downtown revitalization, community and economic development and planning. In January 1997, Economic Development Planner Michelle Cammarata left to pursue an economic development career in New York City. In August 1997, Mary Cassidy was hired as the new Economic Development Planner. Previously, Ms. Cassidy was planner for the City of Everett. CONCLUSION In the program year 1996-1997,the Salem Redevelopment Authority pursued and supported several development initiatives that have improved the business climate, aesthetic environment and quality of life in the City of Salem. 3 PICKERING WHARF HOTEL 15-YEAR TAX INCREMENT FINANCING PLAN t luK h;l l b Base Value $2,285,000 Value After Hotel Constructed $7,685,000 Increment in Value $5,400,000 Tax Rate $34.50 Levy Percent Growth 2.5% Base Year 1998 Year Property Tax Taxes at TIF %* Base Tax Taxes on Taxes Paid Tax Benefit Assessment Rate 1000% Value Bili Increment Each Year* Each Year BASE $2,285,000 $34.50 $78,833 0% $78,833 $0 $78,833 $0 1 $7,685,000 $35.36 $271,761 0% $80,803 $0 $80,803 $190,958 2 $7,685,000 $36.25 $278,555 0% $82,823 $0 $82,823 $195,731 ° 4 94 200 625 285 519 0/0 84 894 0 $8 8 $ 3 $7,685,000 $37.15 $ $ $ , 4 $7,685,000 $38.08 $292,657 0% $87,016 $0 $87,016 $205,640 5 $7,685,000 $39.03 $299,973 0% $89,192 $0 $89,192 $210,781 6 $7,685,000 $40.01 $307,472 . 0% $91,422 $0 $91,422 $216,051 7 $7,685,000 $41.01 $315,159 0% $93,707 $0 $93,707 $221,452 8 $7,685,000 $42.03 $323,038 0% $96,050 $0 . $96,050 $226,988 9 $7,685,000 $43.09 $331,114 30% $98,451 $69,799 $168,250 $162,864 10 $7,685,000 $44.16 $339,392 50% $100,912 $119,240 $220,152 $119,240 11 $7,685,000 $45.27 $347,877 60% $103,435 $146,665 $250,100 $97,777 12 $7,685,000 $46.40 $356,574 70% $106,021 $175,387 $281,408 $75,166 13 $7,685,000 $47.56 $365,488 80% $108,671 $205,453 $314,125 $51,363 14 $7,685,000 $48.75 $374,625 90% $111,388 $236,913 $348,302 $26,324 15 $7,685,000 $49.97 $383,991 100% $114,173 $269,818 $383,991 $0 TOTALS $4,952,027 $1,223,275 $2,751,067 $2,200,961 'TIF % = Percent of increment that is taxed PICKERING WHARF HOTEL 07YEAR TAX INCREMENT FINANCING PLAN 1� Base Value $2,285,000 Value After Hotel Constructed $7,685,000 Increment in Value $5,400,000 Tax Rate $34.50 Levy Percent Growth 2.5% Base Year 1998 Year. Property Tax Taxes at TIF %* . Base Tax Taxes on Taxes Paid Tax Benefit Assessment Rate 100%:Value Bi11 ]ncrement Each Year* Each Year BASE $2,285,000 $34.50 $78,833 0% $78,833 $0 $78,833 $0 1 $7,685,000 $35.36 $271,761 0% $80,803 $0 $80,803 $190,958 2 $7,685,000 $36.25 $278,555 0% $82,823 $0 $82,823 $195,731 3 $7,685,000 $37.15 $285,519 0% $84,894 $0 $84,894 $200,625 4 $7,685,000 $38.08 $292,657 0% $87,016 $0 $87,016 $205,640 5 $7,685,000 $39.03 $299,973 0% $89,192 $0 $89,192 $210,781 6 $7,685,000 $40.01 $307,472 20% $91,422 $43,210 $134,632 $172,841 7 $7,685,000 $41.01 $315,159 20% $93,707 $44,290 $137,998 $177,162 8 $7,685,000 $42.03 $323,038 30% $96,050 $68,097 $164,146 $158,892 9 $7,685,000 $43.09 $331,114 40% $98,451 $93,065 $191,516 $139,598 10 $7,685,000 $44.16 $339,392 50% $100,912 $119,240 $220,152 $119,240 11 $7,685,000 $45.27 $347,877 60% $103,435 $146,665 $250,100 $97,777 12 $7,685,000 $46.40 $356,574 70% $106,021 $175,387 $281,408 $75,166 13 $7,685,000 $47.56 $365,488 80% $108,671 $205,453 $314,125 $51,363 14 $7,685,000 $48.75 $374,625 90% $111,388 $236,913 $348,302 $26,324 15 $7,685,000 $49.97 $383,991 100% $114,173 $269,818 $383,991 $0 TOTALS $4,952,027 $1,402,139 $2,929,931 $2,022,097 'TIF % = Percent of increment that is taxed � �1 QcvrS � D al7i PICKERING WHARF HOTEL 16Y EAR TAX INCREMENT FINANCING PLAN 1 Base Value $2,285,000 Value After Hotel Constructed $7,685,000 Increment in Value $5,400,000 Tax Rate $34.50 Levy Percent Growth 2.5% Base Year 1998 Year Property TaxTaxes at TIF %* Base Tax Taxes on Taxes Paid Tax Benefit Assessment Rate 100%ValIue Bili Increment Each Year* + Each Year'. BASE $2,285,000 $34.50 $78,833 0% $78,833 $0 $78,833 $0 1 $7,685,000 $35.36 $271,761 0% $80,803 $0 $80,803 $190,958 2 $7,685,000 $36.25 $278,555 0% $82,823 $0 $82,823 $195,731 3 $7,685,000 $37.15 $285,519 0% $84,894 $0 $84,894 $200,625 4 $7,685,000 $38.08 $292,657 0% $87,016 $0 $87,016 $205,640 5 $7,685,000 $39.03 $299,973 0% $89,192 $0 $89,192 $210,781 6 $7,685,000 $40.01 $307,472 0% $91,422 $0 $91,422 $216,051 7 $7,685,000 $41.01 $315,159 0% $93,707 $0 $93,707 $221,452 8 $7,685,000 $42.03 $323,038 20% $96,050 $45,398 $141,447 $181,591 , 9 $7,685,000 $43.09 $331,114 30% $98,451 $69,799 $168,250 $162,864 10 $7,685,000 $44.16 $339,392 50% $100,912 $119,240 $220,152 $119,240 11 $7,685,000 $45.27 $347,877 60% $103,435 $146,665 $250,100 $97,777 12 $7,685,000 $46.40 $356,574 70% $106,021 $175,387 $281,408 $75,166 13 $7,685,000 $47.56 $365,488 80% $108,671 $205,453 $314,125 $51,363 14 $7,685,000 $48.75 $374,625 90% $111,388 $236,913 $348,302. $26,324 15 $7,685,000 $49.97 $383,991 100% $114,173 $269,818 $383,991 $0 TOTALS $4,952,027 $1,268,673 $2,796,465 $2,155,563 *TIF % = Percent of increment that is taxed PICKERING WHARF HOTEL - 13-YEAR TAX INCREMENT FINANCING PLAN Base Value $2,285,000 Value After Hotel Constructed $7,685,000 Increment in Value $5,400,000 Tax Rate $34.50 Levy Percent Growth 2.5% Base Year 1998 Year Rioperty Tax P Taxes'at TIF%* Base Tax Taxes on Taxes Paid Taz Behefit Assessment Rate 100%Value @ Bill Increment ! Each Year` Each Year _ BASE $2,285,000 $34.50 $78,833 0% $78,833 $0 $78,833 $0 1 $7,685,000 $35.36 $271,761 0% $80,803 $0 $80,803 $190,958 2 $7,685,000 $36.25 $278,555 0% $82,823 $0 $82,823 $195,731 3 $7,685,000 $37.15 $285,519 0% $84,894 $0 $84,894 $200,625 4 $7,685,000 $38.08 $292,657 0% $87,016 $0 $87,016 $205,640 5 $7,685,000 $39.03 $299,973 0% $89,192 $0 $89,192 $210,781 6 $7,685,000 $40.01 $307,472 0% $91,422 $0 $91,422 $216;051 7 $7,685,000 $41.01 $315,159 0% $93,707 $0 $93,707 $221,452 8 $7,685,000 $42.03 $323,038 0% $96,050 $0 $96,050 $226,988 9 $7,685,000 $43.09 $331,114 20% $98,451 $46,533 $144,984 $186,131 10 $7,685,000 $44.16 $339,392 40% $100,912 $95,392 $196,304 $143,088 11 $7,685,000 $45.27 $347,877 60% $103,435 $146,665 $250,100 $97,777 12 $7,685,000 $46.40 $356,574 80% $106,021 $200,442 $306,463 $50,111 13 $7,685,000 $47.56 $365,488 100% $108,671 $256,817 $365,488 ($0) TOTALS $4,193,411 $2,048,079 $2,145,332 - *TIF%=Percent of increment that is taxed **Taxes Paid Each Year= Base Tax Bill plus Taxes on Increment dick i If 3 � citi�IF 1 04r I.YUQSfi91� i U a-1 ,4-e V , Wv\ os Pickering Wharf&Hotel Projected Revenue to City of Salem Present Commercial Development Value $1,700,000 Value of Hotel When Constructed $5,400,000 Future Commercial Development Value $7,100,000 Increment in Value $5,400,000 As Presently Developed With Development of Hotel Year Tax Rate Tax Property TIF% Base Tax Taxes on Taxes Paid Room Tax Parking Total Tax Benefit Assessment Bill Increment Each Year Fees to City Base 1998 $34.50 $58,650 $1,700,000 0% $58,650 $0 $58,650 0 1999 $35.36 $60,116 $7,100,000 0% $60,116 $0 $60,116 2000 $36.25 $61,619 $7,100,000 0% $61,619 $0 $61,619 2001 $37.15 $63,160 $7,100,000 0% $63,160 $0 $63,160 2002 $38.08 $64,739 $7,100,000 0% $64,739 $0 $64,739 2003 $39.03 $66,357 $7,100,000 0% $66,357 $0 $66,357 2004 $40.01 $68,016 $7,100,000 0% $68,016 $0 $68,016 2005 $41.01 $69,716 $7,100,000 0% $69,716 $0 $69,716 2006 $42.03 $71,459 $7,100,000 0% $71,459 $0 $71,459 2007 $43.09 $73,246 $7,100,000 20% $73,246 $46,533 $119,778 2008 $44.16 $75,077 $7,100,000 40% $75,077 $95,392 $170,469 2009 $45.27 $76,954 $7,100,000 60% $76,954 $146,665 $223,619 2010 $46.40 $78,878 $7,100,000 80% $78,878 $200,442 $279,320 2011 $47.56 $80,850 $7,100,000 100% $80,850 $256,817 $337,666 $968,837 $968,837 $745,848 $1,714,685 ROCKETT MANAGEMENT&REALTY CO.,INC. 190 PLEASANT STREET MARBLEHEAD,MA 01945 TEL. (781)631-3070 FAX(781)639-2290 J.HILARY ROCKETT,JR. Vice President TELECOPIER CONTROL SHEET TO: Mary Cassidy FAX-#: 978-740-0404 DATE: 2/18/99 FROM: J. Hilary Rockett,Jr. SUBJECT: # OF PAGES: 16 (Including cover page) Please contact Nancy Hayes at 781/631-3070 with any transmission problems. Dear Mary, I have made some notes/changes to the information you sent me. 101 tluW. 4kD 1�-4-k�rnuw� I�Id1� -ui� �vaty, o ? 9I/I 30Vd 06LL6E94t9'OI SNOW I.r3HOONAWOM3 bE 'Lt 66-61-633 02/19/99 tRI 00:41 M 9797400404 SALEM 0001 Ta J. Hilary Rocket FACSIMILE Fa:#: (781) 639-2290 City of Salem VIM TIF Amendment Planning Data; February 18, 1999 Pages /� including this cover sheet. Comments: 1 am faxing pages from the June 16, 1998 Certified Project application to MBOD that needs updated information on the overall project that includes the two buildings. We need: A cover letter from you requesting the amendment adding the parcel (447, I'm still not sure how 408 will work)and also requesting an amendment to the effective date of the TIF from July 1, 1999 to July 1,2000. • Color copy of the new site pian and site drawing • Total number of rooms per building • #of stories, square footage of each(wilding square footage of retail space • room sizes and features • development cost of both hotel buildings and retail space #of persons to be employed (the job chart needs updating), also#of construction jobs • updated project budget sheet • construction timeframe Please call with any questions you have. Ht r :77 Da,,� d S 10A yok orti AA-,)�, a jx d�'h,;Nifs(_. �' /Ylt/B� � hole! 9L. erZti7e_ �er[2R 6-t a tMi l.+M itJ i1Cy% P}YE.✓ S r*. Cvntc_ rsC aki t �?Ui + .trccv� �urd 'l,jJ ,.dc KAP un >r+ mo3D Depwftam or,e S4tim Caeee C� Scum.UA(119n) 979-743-1595401 311 Fmc 97b7400a04 st/L 3DVd 06LL6£6L16`01 1W3W 1138308twodl Vewat 66-8I-B33 VL/La/aa rni yyp 4L tAA ao4w+++ ea�.cm �--- . ROCKM MANAGEM04!i REALTY CO,IMC. 196 PLE&SANr STREET MAIMUMAb,YAM MW FAX rM)C0ZeG J.H"JW ROCK£rr.JR. Mm PwYLnt hme 1s,1998 --— Ecoo6mie Assistance Cocardinating Council 1� C/o Sean Caln2n Director V" p aPL massacuuscus Office of Busmas Development One Asbbm=Place,Room 2101 -Boston,MA 02108 a v To the Members oftbc E==;c AWL,= .Coordinating Council: Ttust herr p°\ I am writing to express the coi�iIIUent Wharf ofPickerimg Realty top \ tevitali2e the Salam waterhontidowotown area with our plans to build a hotel As �� evidence of our cormaitment,we have filed an application fir certified project status with �9 the SACC. We would 18te to start comSt-uction this sumimer and hope to open in the summer of.I999. Our commit merit to do business in Salem is based on an agreement with city officials in whish the city will offer property tax credits to make this redevelopment project economicaAy feasible. In addition.Pickering Wharf Realty Tout will take advantage of state inves==t tax credits offered through the Commonwealth's Economic Development Incentive Program primarily to build a scawalk to allow the public access to the waterfront. The numerous economic and community benefits of this project are described m our application for certified project status It has been projecICd that an additional 50,000 i people will visit Salem due to this hotel,which will give a tremendous boost to Salem's i downtownlwaterfmnL If you have any questions about this matter or if you need further evidence of our commitment to Salon,please contact meat(781)5 3070. $i lye 7. nary 3r. ' � Presider IFIIL:nit i 9I/E a5va 06ZZ6E9Li9°DI LWOW 11ax3onzwoul bE'Zl 66-61-633 N 02/10/99 FRI 00:42 FAX 9797400404 SALE![ 2009 6. Nature and purpose of project: IN I XODUMON AND HISTORY OF PRONCT 3DEV=-0M ffiq .I•,s. r Pickering Wharf Realty Toast seeks Capfied Project designation fide Pickering Wharf Hotel to be developed atis a major New England umut destination that draws over 650,000 visitors annually to its cultural,historic and mantiame attractions. Due to a limited supply of overnight accommodations,tourist and business visitor dollars are spent in communities such as Danvers and Peabody which have numerous hotels with easy access to major highways. The trustees of Pickering Wharf Realty Trust recognized the need for additional hotel accommodations in Salem and that the potential space available at Pickering Wharf was an ideal location. The developers conducted an ext®sive financial analysis of the project and concluded that the development would not be et Onucally feasible without properry tax relief though a TIF agreement. Their Endings were supported by a Hotel Study conducted by Landauer Group that indicated the Pickering Wharf hotel site was the most suitable location in Salem for new development and the one most lWely to be supported by the markeL Their analysis also concluded that the cash flow,generated by The project for debt service would not bre_sufficient m atttact private sector developers without ectawmre Aassiistanc a from the community. Rockett Management&Realty Company was established in 1968. The comparry develops, manages and owns several commercial and residential properties, including 400 Highland Place, Route 107 in Salem,the Village Plaza in Marblehead and several apartment buildings- The Pickering Wharf Realty Trust was established prior to the purchase of Pickering Wharf on May 2, 1996_ �/� r)LSwm.-wharf Realty Trust acquired g Wharf m June 1996 and Initiated the successful revitalization of this popular waterfront destination Pickering Wharf Realty Trust owns 67% of the condominiums in the form of commercial space. The remaining 33% of the space is camprise d of residential condominiums. Twelve of the 54 residential condominiums are owned by Pwl=wg Wharf Realty Trust Pickmring Wharf had been for sale since 1991 and had begun to show signs of neglect What have since been reversed under Roci=Management Company's ownership. As a part of the owner's pians for a major redevelopment of Pickering wharf. a hotel P development was proposedt kering Wharf Realty Trust plans to construct an eighty +/- room, three story ho gaining standard 14' x 36' rooms franumg 16tehm facilities_ The gtvund floor will joffer 18,000 square feet of retail spate. The development will be a total of four stories. �,� The develeprawn cast of the hotel portion of the project is 53.541,100. The hotel will ximately 50.000 square fret. i 2 9t/b 30va 06LL6E9LI9'OI SW9W xx3x3od:WoHA SE'LI 66-et-633 ..ar a...-� .... v...... crit' a,o......�..-. .....�� �___ x The overall profax cost is$4,441,100. The retail portion of the project is estimated to cast SMOW. please refer to the chart on page 4 for a cost breakdoam. r� The project is projected to emplc 60 peasons uet,new permanent jobs for the ETA. The existing conditions of the hotel site include retail and office space contained in two builditigs and-ao Eastern Bank. Ninety percent of the retail and office space has been abandoned for over two years. The two buildings housing retail and office will be demolished aril the remil uses will be relocated to the ground floor of the hotel. The bank will be demolished and relocated next to the hotel site_ The applicant seeks ceaifieation for the hotel portion of the project only. All newly constructed retail space, including the relocated Eastern Bank, will be taxed at full valuation- In addition,the City and the developer have entered into a l4tviorandum of Undetstandiog in which each parry bas pledged to work in a publielprivate partnership to secrete state and federal funds for items such as inmeasing public access to the watuftn .There is an unfinished segment of a scawalk from Congress Street to the Chase Honse restaurant to be addressed with the use of gram funds. 7. Is this business new to Massachusetts? d Yes ❑ No If no: • Where are rhe exis ing Massachisetts facilities'! Will this project requirch igger the closing or consolidation of any Massachusetts facilities? If yes,pie cKpIA111- S. Is this project an expansion of an existing business? a Yes d No If yes, check the appropriate box: ❑ at crusting location at new location in same municipality u at near location in different municipality 3 Bt/S 3Vdd 06LL6C6LI6°aI IW9W llamaoaiwona SC'LI 66-BI-B33 oz/r�/99 M 00=44 FAX 9787400404 SALEM Woos Claforproject Soft Costs Budget Architecuue Fees 150,000 Snvchual/Meebanical Engineering 38.000 21 E Site Report 10,000 Legal Fees 18,000 General Cour itions 85,000 Business Relocation Costs 125,000 Bank Loan Fees 150,000 Permit 15,000 Site Superintendent 75,000 Office.Expense 30,000 Hard Costs DtlooLtion 145,000 Site Preparation 45,000 Piles/Caps 160,000 Grade Beams 129,000 lst Floor Suucturai Slab 106,000 Suactlual Plank/Steel Structure 513,000 Concrete Slabs(3) 94,000 Roofing 145,000 Towma-lat Steel Framing 0 staircases 51,000 Elevator 125,000 Exterior Wall System 347,000 Glass&Glazing 150,000 Misc.Exterior Allowance 50,000 4 9I/9 3Otld 06L86E9L I9=Qt .LWJW .L.L3)IJ021'WOT73 6E 'ZI 66-BI-633 0E/19/99 F8'.I 00:46 PAI: 9781400404 SAM WOOS Sprinkler System 130,000 Electrical 197,000 Plumbing 175,000 HVAC 365,000 IaLaior Demising Partitions 157,000 Interior Allowance 215,000 Erse Al=System 56,900 Excavation 26,000 Materials 22,000 Grading/Compaction 26,000 Curbing 22,000 Landscaping 27.000 Sprinkler System r 7,100 Paving 6100 Walkway 49,000 Sidewalk Pavers 25,000 Speciallaadscaping 15,000 Total 4,441,100 Breakdown of costs Hotels, 3,5�t1.►8L� Resail 900,000 9_ Job creation In order to qualify for Certified Projecr sm=.the govennng siaurte and inul2tions require rhe creation of tut. new,petmancM full-tithe employees in Massachu$eus. On the than provided(see nova page).Please fill in the blanks Provided- 5 9L/L 39Hd 06tL6E9Lt9'QI SW�W ,L13NJOm'W021j 06°Li fib-fit-633 ark force Analysis and job Creation Plan lm tee TOEAI OBS 0EW J08fIWNK- NEW IoBS RIW JOBS NEW JOBS emptrymrm pmjtatdnew Ynr 1 ar Year Year4 YgtS Tnes613 pemnmot 1� Ted FmpioTtaxCvd(rcdProµa 0 60 4S 8 l 0 0 0 haffity Tani Empf ym atochurdmiu 0 0 0 0 0 0 0 0 Yaa #e(Empl ym 2tCeroH Fmjetr 0 4S 3S 3S 3S 33 35 3S laauto wfie Kte i0the ETA #ol Pemtotet Eoq-Tmm fmpigea D 45 3S S S 0 0 a #of Ptrmtmm Pyt Time Emplgm 0 IS 10 3 3 0 0 0 d+o(TTaO TmrcEmpm3en D TO 0 0 0 0 a 0 mmsomon #of Tmlptmq Part-rs=&0" 0 10 a 0 0 0 0 0 ram0uttion #of thurme m Patilmm 0 4 a 0 0 0 0 0 AwmVSalmy,dKm8rnma a SSaADD Posdom #a(Pmfil mo d Posiimm 0 IO D 0 0 D 0 0 pten=e Saha afP�oitaiaaa! 0 540.000 Paiitiam #ofTtdmiolPoedom 0 4 D 0 0 0 a 0 Avenge Sahl of Titchaidl Pcsidm 0 530 0 �a #oESir porimm 0 M 0 O 0 0 0 0 Aeen`eSthryofSidWfssid= S30,OOD *a(OmkIDed Posidom 1 o 14 o a o 0 0 0 Aec,EtsahryarumhTkaPositiom sls.DOa 6 9t/6 30vd 06ZZ6E9L i9°OI 2W0W 113HOON:MOm3 Ob'Zt 66-6t-633 U-L/lU/an rel UU:4Z ML VY414UU4U4 14. Economic benef'Qs of PM*ed afttif czdm Provide a description of the economic benefits tha are anticipated for the busiam and the project. if the project is certified. Also,provide any information,doatmentatim or studies derrwnsttating any addirioml benefits(i.e. reduction of blight,tease of abandoned buildings,clean up of contaminated property.job tom.provision of day care, any rontributions to the community,ete-) liltely to accrue to the area as a result of Certified ProjcM designation. " - Please describe_ Frnnomir beagdU to apyhn nr The benefits of project certification are summarized below: • Development is economically feasible with the receipt of investment tax credits and property tax benefits The developer will receive approximately$1.369.964 in local property n`� tax benefits over 13 yews r 4>r,(-LH 4' b",J The construction of a$3.873.400 hotel will entide the company w $193,670 instate 5% investment rax credits • Tle developer will receive additional state investratnt tax credits as a result of investment in equipment for the bored • Project provides an anchor for the Pickering Wharf development and orients the visitor to Pickering Wharf and the waterfront • a 90 % abandoned building is rc=vtd from the site • quantity acrd quality of retail is greatly improved within Pickering Wharf n ra th • The City's tax base will be expanded; room taxes in the amount of $968.927 will be received and parr fees in the amount of$451.710 will be generated • The reconfigt3ted retail will generate additional not revenue • After all local property tax exemptions expire, this project will generate $185,121 per year in property tax revenues • 60 new As will be generated through the staffing of the botel • The hotel is to be locapd is the heart of Salem's waterfeoat area On one of Salem's main etttrance corridors. The City has launched several initiatives to improve the appearance of commercial properties on Salem's entrance rotricims. This project will be a catalyst for additional development and rehabilitation of the waterfront area - The City has historically suffered a loss of tourist revenue due to a limited supply of hotel rooms.The new hotel and retail property taxes, coupled with room tax and parking fees,will have a significant impact on 8 61/6 3'JVd Orza6E6415°Or SWJW 113M3od:Woaa Ob°Z1 66-81-63A VL/sa/ae rni Yu:9g !A6 a/S(9UY9u9 .++.++ a....r Massachusetts Economic Development Incentive Program Tac Increment Financing Plan X. Location A. Economic Opportunity Area (E®A): Salem EOA B. Municipality: City of Salem C. Tax increment Financing UM Zone: Attached we: • map of the ETA map showing the general location of the proposed private project • parcel by Parcel map property lines and the outline of each building • map indicating itthastruentre improvements, all thoroughfare, public rights of way and easements • zoning map - `locati*toYna of proposed private and public projects /e Common destaription of TIF Zone: The proposed TIF Zone is located atO the rq pF atgest 9nn DW t;tr=in the Salem Economic Opporrunity Area (EOA)_ The taz parcel is Map 34, I.ot446. -K-1 40r<' Legal description of TTP Zone: The following condominium unit in the Pickering Wharf Condominium(the "Condominium") in Salem in the Coupy of Essex and Commonwealth of Massachusetts,created by and described in the Master Deed of Picketing Wharf Condominium dated August 3, 1979 recorded with Essex South Registry of Deeds in Book 6624,Page 141,as amended by a First Amendment to Master Deed dated November 9, 1979,recorded with Essex South Registry of Deeds in Book 6653,Page 99, by a Second Amendment to Master Deed dated December 29, 1979,recorded with Essex South Registry of Deeds in Book 6667,Page 39,and as funher amended by a Third Amendment to Master Deed dated April 4. 1990,recorded with Essex South Registry of Deeds in Book 6692,Page 336(said master deed as so amended is hereinafter referred to as the"Master Deed'): Buildino Unit Percentage Tmerest Derby A 10.8775 1 9I/0t anvil 0fiEL6E9L I9'0t IWnW S13mooNzw0a.4 Ib'LI fib-9I-933 U-1/vWULI rat uu:46 FAX 978740040e bAJ�* ��•� said unit A,Derby Building being a past of the total Master Deed described above. Together with the undivided percentage interests in the common areas and facilities of the Condominium described in the Master Deed.as set forth for the unit above. Subject to and with the benefit of all easements,rights,reservations,restrictions, agreements and provisions contained in the Master Deed,in the Agreement and Declaration of Trust of the Picketing Wharf Condominium Taut dated August 3, 1979, recorded with Essex South Registry of Deeds in Book 6624,Page 168,in the By-Laws of Pickerm,Wharf Condominium recorded with Essex South Registry of Deeds in Book 6624,Page 179,and in any rules and teVISSons ptomuilgeted pursuant thereto,as any of the foregoing may be amended from time to time. Subject to and with the benefit of the provisions of Massachusetts General Laws Chapter 183A as now in force and as attended from time to time. The foregoing unit is intended to be used for any purpose allowed by applicable taw, zoning law,license,pe:mit,use regulation,special permit,cx=ption or variance. 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 Pickering Wharf Realty Trust and the City of Salem. MIMMEBELM- Solving problems and meeting rhe needs of Pickering Wharf Really 7Yur.: The trustees of Picketing Wharf Reeky Taut tirade a major investment in Salem upon the purchase of Pickering Wharf. The trastees were seeking an opportunity to enhance this important investment and rcwpiud that one of the problems facing Salem was the need for additional hotel accommodations. The potential space available at Pickering Wharf was considered an ideal location. The developers conducted an extensive tnnaucial analysis of the project and concluded that the development would not be ecanonucally feasible without property tax relief through a TIF agreement. Their findings were supported by a Hotel Study conduetrd by Landauer Group It=indicated the Pickering Wharf hotel sire was the most suitablc location in Salem for new development and the one most likely to be supported by the market. Their analysis also concluded that the cash flow generated by the project for debt service would not be sufficient to atttact prirdte sector developers without economic assistance frown the community. 2 9t/it 39Vd 0BZZ6C9619°BI SWBW 2L3AD08'WON3 t6'Zt 66-Bt-833 02/19/09 FRI 00:41 FAX 9787400404 SAI.Ea °'9vat c)vamg oppornatizy for Admits Ma f Realty TF149 'chis project proviWharf 1Z!'ill+ y Trtut with an Ideal OppOrACOiLy to enhance the value of pidacring Wharf and to establish an anchor in the heart of Salctn's busy waterfront d;snict. In additionthe ground floor of the hotel will showcase an improved quality and Lpuam"of retail shops that will ftu ha enliven PieKering Wharf. Oz Pwjcetmg Wharf Realty Test plans to eonstrtxx an eighty +I- roam,three story hotel conmbft standard 1st' x 36' rooms feanning I tchen facilities. The ground ulnar will offer 18.00o square feet of retail space The devtlloptuent win be a wml of four stories The cost of the hotel POreon of the project is 33,45t,100- 544t The constmetion timeframe is expecte to be approximately one year, With construction camn>e�iag in August of 1998 and ending in June of 1999. The project is anticipated w employ 60 permanent,W.new jobs in the ETA_ Solvzng problems and tneemtg the needs of the City of Salem: The hotel is to be located is the heart of Salem's waterfront area on one of Salem's train ennaztca corridors. The City has launched several initiatives to improve the appearance of cotmn&rcial propcx6m on Sgc&s entrance corridors. This projat sill be a catalyst for additional development and rehabilitation of the waterfront am The City has historically suffered a loss of murist reveme due to a limited supply of hotel rooms.The ucw hotel and retail property taxes,coupled with room tax and parl-ing fees,will have a significant impact on the City's economy. The wateafiont location of the hotel will generate marc business for local retailers,re unrenis and tourist destinations. In addition,the City and the developer have entered into a Memorandum of Understanding in which each party has pledged to work m a public/private partnership to secure state and federal funds for itezttc sucb as itteteasiag public across to the waterfront 1bere is an a ntialshed segmew of a seawalk from Congress Street to the- Chase heChase House restaurant to be addressed wirh the use of grant farads. Crefiring OPporz ally for the Ply of Salah Designation of The TIP Zone and approval of this TIF plan will help Pickermt Wharf Realty Trust establish a new hotel in Salem,wbieh will generate jobs, room taxes. panting fees, and property taxes of$185,121 at the expiration of the TIF. The waterfront location of the hotel will generate more business for local retailers,restaurants and tourist desdttations. 3 91/at 3JVd 06LL6E9dt9=a1 LW9W llaxood2wodd ZO'Lt 66-81-833 02/19/99 M 06:48 PAZ 0787400404 SALSN 4Ao12 E Property owners within the proposed TN Zone: The property owner within the proposed TIF Zone is the Pickering Wharf Realty Trust. The Trustees are: J.Hilary Roderm M. Denise Rockett I.Hilary RockM 7r. T.Michael Rockelt Richard P. Rockett Pamela M. Rod= II. Time The TiF plan and TIF Zone dmmbcd here will be in effieet for a period of thirteen Y=S- M. 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 job 60 flet,new jobs • Generates tax attanc�d spreadsheet entitled "13 Year Tax InareMgt'I Financing Plan' • Improves appearance of 90% abandoned property through demottuon The City's tax base will be expanded; room taxes and parking fees will be generated,please sec attached spreadsheet emrid d 413 Year Tax Inv =c tt P. plan- The teLoaligured retail win generare $20.000 in idonal tax reveuoe per year in properly tax revetates • The hotel is to be loamd in the heart of Sa1em7s wamf ont area on one of Salem's main eot.an=corridors. The City bas launched several initiatives to improve the appearama of commercial Properties on Salem's eaaana corridors. This pmject will be a eatdyst for addiu®al development and rehabilitation of the wauerhoW area • The City has historically suffered a Ioss of tourist revemm due to a limited supply of hotel roams.The new howl and retail property taxescoupled wkh room tax and parking fees,will have a sigr i5eant impact on the City's economy. The vratmftnt location of the hotel will generate more business for local retailers, restaurants and totnist desunauous. 4 9I/£I 30tld esaasescis ai iwow 113HOoa-woad zv'zl 66-8I-63A YL/1J/DJ ran uu:ro rAa VJ0�1YV4V9 oaJ.�o ---- B. . Proposed and Potential Land Uses: (analyze bow the land Uses art: appropriate for anticipated ecaouomie devclopmmt) The developer will contract a hotel and retail development at Pickering Wharf on the waterftin in downtown Salem- There is a demonstrated need for additional hotel accommodations due to Salem's popularity as a tourist destination. C. Zoning in the TIF Zone: The TIF Zone is located in district 13-5.Central Deveivymeut Dismict. D. Hazardous Waste: C�fY MY Pte•public or private. in zone which are confirmed hazardous waste disposal sites.in ace-ordance with chapter 21E. MGI- Describe GLDescribe any public or private site remediation activities and any reuse plans) Not Applicable IV. TE Zone Projects A. Planned Private Project: Pickering Wharf Realty Toast will construct a 50AW square foot, four story. C� y approximately 8o room botel,with the ground floor to he occupied by 18,000 square / feu of mail uses. Existing recig and office buildings will be razed and a bank will be relocated oa site. B. Provide Documentary evidence of the level of the developer's commitment to the proposed and required construction m the TIF project: The developer has retained architects,cngineers, surveyors and attorneys for the development of this project. 5 9[/bi 39Vd ®6LL6C6L[6'C[ IWOW 113w3om'Womi Cb'L1 66-61-633 ' uai ice.ua ru VV:is res rro •�u•w -•-- - M;U 1:>lector All DVM= 50,000 Sprinkler System 130,000 Electrical 197,000 Plumbing. 175,000 HVAC 365,000 latetior Demising Partitions 157,000 Interior Allawance 2I5.000 Fire Alarm System 56,000 Excavation 86,000 Materials 22,000 Orading/Compaction 26.000 Curbing 22,000 Landscaping - 27,000 Sprinkler System 7,100 Paving 61,000 Wady 49,000 Sidewalk Pavers 25,E Special Landscaping 15,000 Total 4,441,100 VV Breakdown of casts _. Hotel' " 3,451,100 3,5`t I,t Retail 00. 0 N A. Relevant business plans: TSme schedule for development: Scheduled consM=om commene mens August 199 7 St/SI 3OVd 064eacs419'01 SNOW S13H008'W08d Eb'E1 66-61-633 • 02/38/99 FRI 00:49 FAX 9757400404 fpc�t 00 COIDp ' June IM e.S in Job ereadow. jubs auction i jobs upon increased valuation of parcel: E. partidpation in other federal,state and local economic development programs and initiatives: The City ititmds to pursue gtaut fmAmg such as CDAG or PWE D. F. Plaaned Public Projeety The city and the developerbava entered Ban a MemOrandiim of Understandin4 in which each party has pledged to work in a public/private partnership to=ure state and federal Inds for items Such as ic=ing public access to the wautfront. There is an ut$misbed segment of a seawalk from Congress$tract to the Chase House restaurant to be addressed with the use of groat&pis- The derails of this projetz will be fonhEomins- V. )"lmancing for TIF Zone Projects A. Anticipated Fnandng for Private Projects: 1.011tor. �nnt unknown S4.00D.OM B. Anticipated Financing for Public Projects: son nt: PWED TBD CRAG TBD 8 6i/9t 30tld 06LZ6E6L I9.Oi .LW9W .LL3N,OM'WOM3 Eb°Zt 66-8I-633 PICKERING WHARF HOTEL 5-YEAR TAX INCREMENT FINANCING PLAN Value now $1,267,700 This is the value of the property in its current, undeveloped state. DRAFT ■ Base tax bill $43,736 Value after hotel built $8,000,000 Increment in value $6,732,300 TIF is applied to the increment. Year Year Year Year Year Tax at full value $282,880 Tax at full value $290,000 Tax at full value $297,200 Tax at full value $304,640 Tax at full value $312,240 Base tax bill $44,826 Base tax bill $45,954 Base tax bill $47,095 Base tax bill $48,274 Base tax bill $49,478 Tax on increment $23,805 Tax on increment $73,214 Tax on increment $125,052 Tax on increment $192,274 Tax on increment $262,762 Pickering Pays $68,631 Pickering Pays $119,168 Pickering Pays $172,148 Pickering Pays $240,549 Pickering Pays $312,240 Pickering Saves $214,249 Pickering Saves $170,832 Pickering Saves $125,052 Pickering Saves $64,091 Pickering Saves $0 Pickering pays taxes on 10%of Pickering pays taxes on 30%of Pickering pays taxes on 50%of Pickering pays taxes on 75%of Pickering pays taxes on 100%of increment plus base tax bill. increment plus base tax bill. increment plus base tax bill. increment plus base tax bill. increment plus base tax bill. Total property tax exemptions $574,225 Total property taxes paid(including base year) $956,471 Tax rate is increased by 2.5%each year PICKERING WHARF HOTEL }5-YEAR TAX INCREMENT FINANCING PLAN �* Base Value $1,267,700 9- RAFT T Value After Hotel Constructed $8,000,000 Increment in Value $6,732,300 Tax Rate $34.50 Levy Percent Growth 2.5% Base Year 1998 Year. Property Tax 's Taxes at TIF% Base Tax Taxes on Taxes Paid Tax Benefit Assessment Rate 100%Value Bill Increment Each Year` Each Year. BASE $1,267,700 $34.50 $43,736 0% $43,736 $0 $43,736 $0 1 $8,000,000 $35.36 $282,880 10% $44,826 $23,805 $68,631 - $214,249 2 $8,000,000 $36.25 $290,000 30% $45,954 $73,214 $119,168 $170,832 3 $8,000,000 $37.15 $297,200 50% $47,095 $125,052 $172,148 $125,052 4 $8,000,000 $38.08 $304,640 75% $48,274 $192,274 $240,549 $64,091 5 $8,000,000 $39.03 $312,240 100% $49,478 $262,762 $312,240 $0 TOTALS $1,530,696 $956,471 $574,225 *Taxes Paid Each Year=Base Tax Bill plus Taxes on Increment Welcome to Matblehead �a x o L a ih e�V B s g R�d ffi sE,�b` q s6 10, tk'��RSBFn � . - aµ' �ey 7z A unique seacoast community. "Yachting capital of the world." Rockett Management &Realty Company, Inc. The largest exclusive Residental rental agency in Marblehead. Rockett Realty owns, develops and manages our own residential properties. 190 Pleasant Street • Route 114 • Marblehead, MA 01945 617 631 -3070 9 Fax 617 639-2290 Seven good reasons why you should rent from Rockett Management & Realty Company 1. Rockett Realty is the owner/manager of all our rental property. 2. There are no rental fees charged because the property is our own. 3. Our rental office specializes in rentals only. 4. Rockett Realty is the only rental owner with an office in Marblehead. This enables us to provide immediate attention to our tenants requests. S. Rockett Realty rental units are the best maintained rental units in Marblehead because: a. Rockett Realty has the only full-time maintenance crew in Marblehead. b. Rockett Realty has crews and trucks to handle the snow plowing of our parking lots. c. Rockett Realty has crews to handle the landscaping. d. Rockett Realty contracts rubbish removal daily. 6. Rockett Realty provides parking with our units. Parking is a major problem in Marblehead, but we have been able to provide parking with 99% of our rental units. 7. Rockett Realty provides the largest variety of rental units, because we are the largest exclusive rental agency in Marblehead. Marblehead Harbor 6 b n a E= t w � a _ f' Why you should rent in Marblehead. 1. MARBLEHEAD SCHOOL SYSTEM Marblehead has a highly rated school system, and 87% of the high school graduates go on to higher education. 2. RESTAURANTS There are over 57 eating establishments throughout Marblehead. 3. SUMMER ACTIVITIES a. The annual Summer Arts Festival - an event that has �` 4 many attractions for people of all ages. ' � b. Concerts at State Street Landing and Crocker Park, which are weekly events, sponsored by Marblehead. c. Marblehead has sailing programsfor both adults and children sponsored by the town and the YMCA on Children's Island. �` e d. Free supervised playground activities. 4. DEVEREUX BEACH - Marblehead residents receive free special permits for beach parking. 5. WINTER ACTIVITIES a. The annual Christmas Walk, which is sponsored by the Marblehead Chamber of Commerce, has become a Marblehead tradition. b. Marblehead Little Theatre offers a variety of entertaining plays, dinner party performances. c. There are two pools in Marblehead, one at the YMCA and the other at the Jewish Community Center. 6. HISTORIC ASPECTS a. Marblehead is the "Birthplace of the American Navy': b. Abbot Hall famous Town Hall where the famous W " original painting of the "Spirit of 76" is located. Painting is also known as "Yankee Doodle". Abbot Hall c. Throughout "Old Town" there are numerous 17th and 18th century built homes. Many of these historic homes belong to sea captains, and have been preserved to display their widow's walk. d. Famous historic "Lee Mansion", which is located on Washington Street, is open to the public. 7. TRANSPORTATION - The MBTA has daily bus service to and from Boston. MBTA Commuter Rail service is in Swampscott and Salem. f t ' SALEM SALEM HARBOR R W\ Ej.Sr v Al E WEST SHORE DRIVE HUMPHREY SL WEST SHO Q \ :NIJMn ~.. BEAcoNSp 4 N C \ HREyST �rF, MARBU HEAD O 1 -. !yp! > 4 BESSOM ST. HILLSIDE HINES WAY Q ' ANDERSON ST AVE. R n TE IZy PLEASANT ST ❑5 ORMAN ST p7LANTIC AVE. 3 E( oNp ST �.... T WASHINGTON ST. ATLANTIC AVE. STATE ST. 6 ME ITT&,PICgKETT ST._ MASSACHUSETTS BAYY� FONT ST. os, Residential Pmpel des oF� sr. MARBLEHEAD HARBOR F9 Name Type °+ 0000 1. Anderson St. Apts. °Fy 2. Bes.som-Plaza Apts. �y 3. Cross&Pleasant Apts. MARBLEHEAD NECK " 4. Herritage Way Tnhse. 5. Hillside Apts. 6. Merrill&Pickett Apts. __ f SCALE MILE 7. 78 Pleasant Apts. o va 12 ara 1 8. 35 State St. Apts. — 9. Vine& Village St. Apts. 10. 52 Washington St. Apts. 11. Yacht Town Tnhse. 12. Village Plaza I-II-III Shopping Rockett Management&Realty Company Inc. 13. Rockett Mngt. Co. Office 190 Pleasant St., 190 Pleasant Street • Route 114 • Marblehead, MA 01945 (617) 631-3070 617 631 -3070 • Fax 617 639-2290 q n , 1C �I?l � i •� z W. 7 772101 fr lw■fuNHO 1pi Exm f i"�! II■if67F list IR I I j i�ii�F KALI'J y � I ' � tll➢jSI ' `'�'q ! rt: 1t is It ' a Ifl �� I�ftllPi■1C,f itly$� d r d P.■• z ��'✓r ' all p yy n r JP 7 +Yfl logo I \ Nil„ it Imo■ t _ f TV11� I( I'C. All 11VA f f■ �. +°1 �:: i ','L NW , �MAW ! u 1 Y �'t • 1 . t I[aollworm ia I fe.all 1 ro, t 11,•1.. ' WWI �II ICC."—��I lv �' fi dh1�i kj AUr I ` Ail ca74.�i i�iFti;P1 �p {7 A 4N F�I^Fllli.tii "`" 4 .......... ...... wEiG1I1'ED AS SCARE; 5. CAPACITY TO UNDERTAKE PROJECT IN A TIMELY MANNER: (MUST STRICTLY ADHERE TO 25 THE APRIL 10 , MAY 29 AND JUNE 1, 1998 DEADLINES FOR PHASE 1) TIMETABLE PROPOSED: will meet deadlines set in the RFP DOES IT ADHERE TO SCHEDULE? Y N # OF KEY PERSONS ASSIGNED TO THE PROJECT: 6 TOTAL STAFF: 70(29 reeistered architects,registered interior designer) 4 OF CURRENT PROJECTS: 10 STAFF/CURRENT PROJECTS RATIO: 7 6. YEAR ESTABLISHED: 1963 5 FINANCIAL STABILITY: anticipated revenues this year are$9 million, $2.5million liability insurance 7. AFFIRMATIVE HIRING GOALS PROVIDED? Y N VALUE 2 POINTS 1 ............... 8. IS SUBMISSION COMPLETE(ALL MATERIAL SUBMITTED)? Y N VALUE 2 POINTS .......... 8, 1.4 TOTAL 34 34 42 —L 4U504 COMMENTS: A detailed approach to the project is not included in the proposal,however the proposal indicates the responsibilities of the key personnel who will be managing the project and the letter of introduction indicates ability to meet the strict deadlines set in the RFP. Experience with urban settings and with multiple school projects within those communities. Designers for original$39 million Salem Schools project. LU f yq,�- 3a, goo / -2% /00 4/l, 7 0 c) Z4 Ll 0 o /-t(, ao o 31-1, 3 0 o �`f.3 ,70 0 9 /6 ,5-00 , s c eg tv re -d on 4Le s, e �0 d— '!VY 7 Zo �� o v v Gam, z iti a L 0 S-7 A- 5"76 73, 000 7'aI 7w s j?� 331voZ) 7a , v Fvv I0({ 3o (� 11s-j 3(n0 8 r, zoo 7 5 9 vo 39&vb � z4LI) uZc�w DESIGNER SELECTION EVALUATION FORM FIRM: Earl R. Flansburgh +Associates, Inc. Boston OVERALL RATING: __.. ......... .......... .......... .......... ............ ...... ...... ­........ ......... .......... V . 1. PRIOR RECENT(LAST FIVE YEARS) SIMILAR EXPERIENCE DESIGNING SCHOOLS; 25 INCLUDING PRE K- 8 SCHOOLS (INCLUDES,DATES OF COMPLETION,ETC.) Beverly Elementary School,new 1998,$5.6 million Maiden Public Schools,5 new K-8 schools,2002,$98 million,2 under construction currently Everett Public Schools,4 new K-8 schools,2008,$92 million, I under construction currently Easton Intermediate Elementary School,new, 1997,$17.3 million Bentley Elementary School,Salem, 1992,$8.4 million South Lawrence East School(Pre-K-8)new, 1995,$22.4 million Saltonstall Elementary School,Salem, 1995,$6.4 million Blanchard Elementary School,Boxborough,additions& renovations, 1995,$6.2 million 2. QUALITY OF PREVIOUS WORK ON PUBLIC&PRIVATE PROJECTSqNcLuDE REFERENCES,AWARDS, 15 LETTERS OF RECOALVENDA TION,ETC.) 10+ references 49 design awards for educational projects,93 awards overall(including Salem school projects) firm's work published in several professional journals,magazines & books recipient of four grants from the Ford Foundation to study public school planning and design 3. PUBLIC SECTOR KNOWLEDGE(INCLUDE NAMES OF PUBLIC AGENCIES, #OFCURPENTCONTRACTS,ETC.) 10 Extensive experience with SGESSS, in FY's 95,96 and97 the firm had more schools funded and under construction than any other firm. Salem,Beverly,Easton,Lawrence,Everett,Malden,Swampscott, Boxborough, Lynn, Fairhaven, Ipswich,Cohasset,Stoneham,Jamaica Plain,Acton,Dover,Allston, Natick, Ashby,Charlestown, Hingham,Sherborn,Milton,Concord,Cambridge,Boston, Lexington, Brookline 4. QUALIFICATIONS: 20 SUB-CONSULTANTS:(LIST NAMES OFF/RMS TO BE UTILIZED AND PROFESSIONAL REGISTRATION) En&ccrs Dui®Grourn/Ciunbridge,MA Thomas Arthur,PE 23616 Structural Engineering/Principal-in-Charge Bernard Doherty,PE 29480 Structural Engineering/Project Manager Nazeih Harranouri,PE 36786 Structural Engineering/Project Engineer TMP Consulting Enginecrs/BostgiL MA Michael Spence,PE 35989 MW Engineering/Principal-in-Charge Richard Noce,PE 28760 HVAC/Project Manager Kevin Alles N/A Electrical/Project Engineer Roger Wardwell,PE 30377 Fire Protection/Plumbing/Project Engineer Geller Associates.Inc./Boston.MA Joseph Geller,ASLA 771 Landscape Arebitecture/Principal-in-Charge Phil Pryor 715 Landscape Architecture/Projcct Manager Judith Nit-ch EnginectirutMoston.MA Stephen M.Benz,PE 38307 Civil Engineering/Project Manager Gerry M.Pease,PE 37850 Civil Engineering/Project Engineer Geotechnical Services InclBaverhill,MA Harry Wetherbee,PE 34882 Geotechnical/Project Manager Hanscomb Associate/Carnbridge.MA Seamus Fennessy,ARICS N/A Cost Estimating/Project Manager Daniel Collins N/A Cost Estimating/Chief Estimator Tavares Design Associates/Arlington-MA Manny Tavares N/A FF&E/Food Service Consultant Abend Associates. lncJBurIJnZQiL MA Norman A.Abend 9996 Traffic Engineering/Project Manager Michael R. Abend N/A Traffic Engineering/Project Engineer STAFF: (LISTKE) PEPSONNELAND DISCIPLINE) David S. Soleau, AIA, 49363, Exec. Vice President, Architecture/Principal-In-Charge/Desi-,n, Master Plan Alan S. Ross, AIA, #5208, Principal, Architecture/Principal-in-Char-,e/Management David A. Crotcau, AIA, Senior Assoc.,#8325, Arch itecture/Project Manager Jeanne A. Kuespert, AIA,48846,Arch itecture/Project Manager Daniel J. Tuberty, AIA, #9534,Architecture/Project Architect Marie E. Fitzgerald, IFMA, Director of Interior Design, Interior Design/Project Interior Designer 4� � ^ Q2,, J-Ct, s , G em 1-4 S�uIRFl Q -GaLror , C 5 p.lhl us sm Pad I¢reco�C J- I Pr�tik rn : F�•�jwt;�ng 8�- �xyie. "`.�� . (� L A� s r�as4e.e-^ w.:i1 he Loyd vy\ So.(_ ln•,In_I - ' ✓ova— � � G�eGo �7tP�rl, l,.�r� � lN_ -cui,�t.P� irt�lvde- (� - bays Jue ; rJw l my�l�Xz nit c �►� Sus✓�s b , V - - - a �'-:' .� �� :.e. a � r I i {... .... gni ..- � r � .. � i.:. n.. ` ' � ♦ .: ' . .. � 4 ..' . .. ,. -... vim. f yr tic e �f� -��Zc % _ '-/( c _ �C ✓� —Ctv—/ r i � i � _ r �_.�----- -�--. . . --�----�-_.._ - _T - _v.y----- -- j a^--e L --- - - T_IJ.^l�r_I 1 �Lv�,o _ --- I_>_— - GI.QJ'C�v� -�'u-�_l'�l_Y✓�C.� _�,.��C���__ 7 CC7 {e-c( f<4'1 gl,� /' 3_ 1 . (av, sir tA � � �'Pivvc� � �'�Pir�- iuez+' Gu G✓!ti-Gc-Y � �ae�,-� CCc!-� �- /�r/h� G/j�J�'vL�Z J'r Vie. /UO-v � _ :_���_:�,c_air-v-� .-_----- - --- - -- _ _ _ -- - - --- --- - - - -- - _ , - . � n a r • _. _ _ _. �_ _ .. _ �_ _. _...._ . ._ .. _ _ - _ _ � s i" i i; ' � COYYJ M(M i� v- �L'BY7 UiY7 �C Zde�lvPM PlL]�- �OMMi'�`"'c i '�a�eV `s t ulw,,i C� Ing. Prvg. tNw� — LChn yr GrM- be-/—Co c,i - /�tiu.� k Q 4vc� o (K r�r'c s hCckv,rn vwt i fe_GomecF�e p ;II M Lp-r ,s Rte`^`�—� CQPe/tt"A c,., �S kkav- b- ,,�tL I cg e__c;. UL cit 4c� ___- -- -_ . _� __ __. —. — LL-__r_ _._�—_.________. —_T s K f � � P i 'a t - a .j s /��✓2� p�v�l�u� � r� cow a'o s_ �v`1t� t,tri l 1 � o� I d i— �� � D� ��= C � !�-C��-�� -19 _ corgi .� �P-v _��;P�,r� __ _ --- --- - ._ _ _ . _. . � . . .. _. z;._-._ —. -_ -� x - -- - .� n �• • .. � .. Modifications to the Economic Development Incentive Policy per Council members'input. At issue in the last discussion about this policy were: C.Lb Annual'• alary Dollars As Ico omments from committee members more emphasis has been put on job creationas salaries, howevevthere is flexibility to assessed the jobs based on how well they pay. C.2 Determining Schedule for Property Tax Increments Original wording was somewhat confusing. There has been an effort to re-word the paragraph in order to make a fairly technical subject more understandable. C.3.1 Shall vs.May Per Councillor Furey's comments the word'shall' has been replace by the word'may'to add more flexibility. C.3.2 Other TIF Policy Considerations Some committee members wanted also to be able to consider negative impacts that a project might have on the community. That language has also been added to the policy. R E C IE JUN 2214098 Salem Planning Dept. 1 n Saw, CITY OF A6AYpRS C 4L f f l City of Salem Economic Development Incentive Policy •:7 f� A. Table of Contents A.TAm-EofCoNTENTs........................................................................................................................2 B.INTRODUCTION..................................................................................................................................3 C.TaxINcREmENTFiNnNciNo.....................:......................................................................:.................3 1. Determining the Length of TIFAgreements...................................................................................3 a)Assessable Value......................................................................................................................................3 b)Job Creation..............................................................................................................................................4 c)Non-Properly Tax Revenue........................................................................................................................4 2 Determining Schedule for Property Tax Increments.......................................................................4 3. Other TIF Policy Considerations...................................................................................................4 D.OTHER ECONOMIC INCENTIVES..........................................................................................................4 2 f� B. Introduction The economic development incentive policy seeks to address the implementation of financial incentives that are by law available for the City of Salem to offer developers in order to generate economic growth. Among the things the policy addresses are tax increment financing agreements,low interest loans from sources such as the Urban Development Assistance Grant program,and other incentives pertaining to parking arrangements(leased or otherwise),permitting fees and infrastructure improvements. The policy does not intend to make new law,but rather intends to create a framework in which the parameters of economic development agreements between the city and private developers may be discussed and executed. C. Tax Increment Financing Tax increment financing is a method of offering economic development incentives,available to municipalities like Salem that have been designated as economic target areas by the Commonwealth of Massachusetts. 1. Determining the Length of TIF Agreements Tax increment financing allows the city to phase in property taxes on new development over time. Five years is the minimum length of time for which a TIF agreement can be made under state law. How the City of Salem determines the length of its TIF agreements shall be outlined in the following sections The parameters for determining the length of TIF agreements shall include the following basic criteria. • The Resultant Assessable Property Value • The Resultant Number of New Jobs Created • The Resultant Additional Non-Property Tax Revenue Realized by the City a) Assessable Value The assessable value of the project shall determine the base number of years for a TIF agreement per the chart below. 3 Assessable New Development Base TIF Years Value $ Over 1,000,000 5 Over 10,000,000 10 Over 100,000,000 15 b) Job Creation New job creation as a result of the development shall be a factor in determining additional years in the TIF agreement The relative value of the jobs may be assessed based on the average yearly salary of the sum total of jobs created. c) Non-Property Tax Revenue The generation of additional non-property tax revenue to be realized by the city shall be a factor in determining additional years in the TIF agreement 2. Determining Schedule for Property Tax Increments The changes in tax exemption percentages from one year to the next may typically decrease linearly over the life of the TIF; however,other formulas for the schedule of exemption percentages may be negotiated based on the parameters of the development project. 3. Other TIF Policy Considerations 1. Taxes may be levied on the assessed value of the under-construction value of the property semi-annually. 2. Benefits to the city other than assessed value,job creation and non-property tax revenue may be considered in determining the parameters of the TIF. Those benefits may include but are not limited to remediation of a blighted sight or the creation of a critical anchor to an economic area within the city. Furthermore,a projects negative impact on the community may be considered in the evaluation of a TIF agreement, 4 D. Other Economic Incentives Other incentives may be employed by the city to generate economic growth. These incentives may include but are not limited to the following. 1. Low Interest Loans 2. Parking Arrangements(Leased or Otherwise) 3. Infrastructure Improvements 4. Permitting Fee Reduction or Waivers 5 CRY OF SALEM, MASSACHUSETTS PLANNING DEPARTMENT ���oxar,b CRAIG L. WHEELER 4 ONE SALEM GREEN City Planner 01970 a = f o (978)745-9595 Ext. 311 Fax(978)740-0404 MEMORANDUM TO: Craig L. Wheeler, City Planner FROM: Mary Cassidy, Economic Development Planner RE: Phoenix School/Masonic Temple Loan Update DATE: June 23, 1998 On June 10 I spoke with Attorney Bill Tinti about the status of the Masonic Temple loan payoff. He explained to me that 70 Washington Realty Trust will payoff the Masonic loan in full if the Phoenix School arrangement is successful. If it falls through, the Trust may need to refinance or extend the terms. Mr. Tinti said that the Trust owns the first, second and third floors, a portion of the fourth floor and the entire basement. The fifth floor is owned by the Masonic Temple and there are three condominiums under other ownership on the fourth floor. On June 19 I had a conversation with Lenny Owens. He informed me that a purchase and sales agreement was signed that day and that there is a 60 day due diligence period that expires August 20, 1998. The purchase price is $600,000. The bank(Salem Five Cents) will loan $5004550 thousand and Phoenix has $100,000. When the due diligence period is up on August 20, a thirty day notice will be given to tenants on the first floor. An October 1 closing date is expected, at which time 70 Washington Realty Trust will payoff the loan. We can then reissue the loan to the Phoenix School after October 1. //j , G G City of Salem Economic Development Incentive Policy �E T� 6csrQ.ss�ne�"�- 5�e� �mem� TGV(t 5 Co I C�zpl z a� I U ( c-Uv � h� A. Table of Contents A. TABLE OF CONTENTS.........................................................................................................................2 B. INTRODUCTION..................................................................................................................................3 C. TAX INCREMENT FINANCING..............................................................................................................3 I. Determining the Length of TIFAgreements...................................................................................3 a)Assessable Value......................................................................................................................................3 b)Annual Salary Dollars(Job Creation)........................................................................................................4 c)Non-Property Tax Revenue........................................................................................................................4 2. Determining Schedule for Property Tax Increments.......................................................................4 3. Other TIF Policy Considerations...................................................................................................4 D. OTHER ECONOMIC INCENTIVES..........................................................................................................4 2 B. Introduction The economic development incentive policy seeks to address the implementation of financial incentives that are by law available for the City of Salem to offer developers in order to generate economic growth. Among the things the policy addresses are tax increment financing agreements,Lw interest loans from sources such as the Urban Development Assistance Graq program,and other incentives pertaining to parking arrangements(leased or otherwise), rmitting fees and infrastructure improvements. The policy does not intend to make new law,but rather intends to create a framework in which the parameters of economic development agreements between the city and private developers may be discussed and executed. C. Tax Increment Financing Tax increment financing is a method of Massachusetts offering economic development incentives, available to municipalities like Salem that have been designated as economic target areas by the Commonwealth of. 1. Determining the Length of TIF Agreements Tax increment financing allows the city to phase in property taxes on new development over time. Five years is the minimum length of time for which a TIF agreement can be made under state law. How the City of Salem determines the length of its TIF agreements shall be outlined in the following sections The parameters for determining the length of TIF agreements shall include the following basic criteria. • The Resultant Assessable Property Value • The Resultant New Annual Salary Dollars(Job Creation) • The Resultant Additional Non-Property Tax Revenue Realized by the City a) Assessable Value The assessable value of the project shall determine the base number of years for a TIF agreement. 3 Assessable New Development Base TIF Years Value $) Over 1,000,000 5 Over 10,000,000 10 Over 100,000,000 15 �Q b) Annual Salary Dollars (Job Creation) OThe increase in annual salary dollars or otherwise number of jobs created by the development shall be a factor in determining any additional years in the TIF agreement c) Non-Property Tax Revenue The generation of additional non-property tar revenue to be realized by the city shall be a factor in determining any additional years in the TIF agreement 2. Determining Schedule for Property Tax Increments The tax levy increments on new property shall typically increase linearly over the life of the TIF,however they may be subject to negotiation based on the parameters of the development project. 3. Other TIF Policy Considerations 41 1. Taxes s all be levied on the assessed value of the under-construction value of the property on a semi-annual basis, and be levied per the percentage increments of the TIF. 2. Benefits to the city other than assessed value,job creation and non-property tax revenue may be considered in determining the parameters of the TIF. Those benefits may include but are not limited to remediation of a blighted sight or the creation of a critical anchor to an economic area within the city. 4 D. Other Economic Incentives Other incentives may be employed by the city to generate economic growth. These incentives may include but are not limited to the following. 1. Low Interest Loans 2. Parking Arrangements(Leased or Otherwise) 3. Infrastructure Improvements 4. Permitting Fee Reduction or Waivers 5 iIlcbv. G, r� Cue Ll A- f le�dh reg _ Mevv� CcN-n, af\& rka` 1 rhe c-oA- t7 t-I r-�_ 'Ocou YQt-j 04e-5 in -Au� � s- �� �/� �i�� Salem Public Schools support staff to repair, maintain, solescence. State guidelines d capable of running only 25% o standards. The equipment we four years old in year five. Main ant factors. 300 �i0 FY 9%, Z?o, ,560 CAwp It I I q o4 , I o-o '� h 30), -7 cTD rpt-ds� `T;"7 DO (oo`, 30O, &00 L �Io u (r 3/ Zzf D !1 i; I' (t t i i �r .1 !i lel T i ?i . 1) a ii �j I,I I I� „ {I a II� , d j t-R=c�� ll/I v S_ 1 � �o�, o v c� � �� Henry Moss, Chair Historic Resources Committee Boston Society of Architects 101 Beech St. Belmont, MA 02178EELD= Mr. MossENDFIELDIT -'A ENDRECf4RD 1 UNCE LAWS ASSESSMENT OF LOCAL TAXES 59 § 5, d. (5 1) a, which is con- -ration, in whole acceptable level. No exemption shall be granted or part thereof, as the case may be, shall not be hating industrial under this clause to any hazardous waste facility exempt. level of toxicity sited under the provisions of said chapter twenty- Added by St.1977,c.964. - animal life or one D, which is maintained principally for the Forty-seventh, Real property subject to taxation ding or prevent- treatment of hazardous waste produced by other under section ten of chapter one hundred and )E the common- persons and transported to the facility for treat- twenty-one A. g, preventing or ment and disposal. Added by St.1979,c.339,§ 1. the atmosphere Added by St.1966, c. 700, § 2. Amended by St.1972, c. Forty-eighth, Land classified under chapter six rtion shall apply 707, § 2; St.1975, c. 706, § 113; St.1983, C. 540, § 2; P tY- St.1986,c.407. one B, except from taxes provided for in said eutralization or ,r industrial air Forty-fifth, Any solar or wind powered system or chapter. y preceding the device which is being utilized as a primary or Added by St.1979,c. 713,§ 3. _ :ion or stabiliza- auxiliary power system for the purpose of heating Forty-ninth, Land classified under chapter sixty- sding the neces- or otherwise supplying the energy needs of proper- one A, except from taxes provided for in said cilities, but ex- ty taxable under this chapter; provided, however, chapter. or the primary that the exemption under this clause shall be al- Added by St.1983,c.72,§ 3. ch are usable in lowed only for a period of twenty years From the Fiftieth, the increased value of residential real tarketable. The -» date of the installation of such system or device. property as a result of alterations or improvements erm "industrial Added by St.1975, c. 734, § 2. Amended by St.1978, c. thereto, not to exceed five hundred dollars of taxes ion, shall mean 388due; provided, however, that said alterations or :: substance, ora Forty-fifth A, Any hydropower facility, the con- improvements are made to provide housing for a t any process of struction of which was commenced after January . person who is at least sixty years old and who is asiness or from 'i= first, nineteen hundred and seventy-nine; provided, not the owner of the premises; provided further, any natural re. --' however, that the exemption under this clause shall that any such alterations or improvements must be t reasonably be `"" be allowed only for a period of twenty years from made to a house, consisting of no more than three waters or the-'-".,. t the date of completion of the construction of such units prior to such alterations or improvements `4U facility; and provided further, that such facility and which is owned and occupied by the applicant :vice, appliance shall be exempt only 'if the owner thereof has as his domicile; and provided, further, that the roperty is used ',•�'^,..;; entered into an agreement with the city or town, applicant shall annually furnish to the assessors a elimination or �'t` wherein it is located, to make a payment in lieu of statement under oath that the alterations or im- the exemption x taxes which shall be at least five per cent of its provements were made to provide housing for a P " �- preceding Y person who is at least sixty years old. This exemp however, only'�a S gross income in the recedin calendar year. F premises are no device, a liL." _ the purposes of this clause, hydropower facilitytion shall terminate when the her prop a PP shall mean any real property used in the produc- longer occupied by any such elderly person. No P P rtY'_is'. .... '. _ of tion of energy from the water power of an existing person shall receive more than one exemption un- aic;. ; troraceted aass r dam, including land, all rights, easements and oth• der the provisions of this clause in any fiscal year. the ratio which: - er interests appurtenant thereto, excluding trans- This clause shall take effect upon its acceptance by thereof used-; mission lines from such facilities, and all buildings any city or town and shall apply only to alterations the entire and other improvements situated thereon, and any or improvements made on or after the date of such -es, machine personal property situated upon such real property. acceptance by such city or town. ry� ratio whic5�_ Added by St.1979,c.367. Added by St.1986, c. 200, § 1. Amended by St.1989, c. h th ollution con[to Forty-sixth, Real estate, owned by an economic 494. 1. X'Y: development corporation whose purpose is to re- Fifty-first, the value of a parcel of real property tder this clar tain and expand job opportunities and which is which is included within an executed agreement eM pll organized under chapter one hundred and eighty, under the provisions of paragraph (v) of section of water,, 09- from the date of said real estate's acquisition until fifty-nine of chapter forty, together with all person- environmen� : h' .e airpolhiti- ; such real property is leased, rented, or otherwise al property situated on such parcel; provided, thas,the`' disposed of; provided said exemption For such real however, that taxes on property eligible for exemp- he city or td; property should not extend beyond a total period of tion under this clause shall be assessed only on that mg,;device;-"a seven years; and provided, further, that if the portion of the value of the property that is not ther.propeity+ �- whole or any part of any such real estate is used for exempt pursuant to the provisions of section fifty- pollution td other than the purpose of said corporation and nine of chapter forty; provided, further, that such derives any income from such use, such real estate exemption shall be for a term no longer than the 293 r t I 59 § 5, Cl. (51) MUNICIPAL FINANCE LAWS ASSE: t period specified therefor in such agreement; pro- business expenses and losses may be deducted, but for fixi t' vided, further, that the amount of the exemption not personal or family expenses; provided, further, T,{ the bo; j under this clause for any parcel shall be the exemp- that no abatement shall be granted unless in the tion sh tion percentage adopted under paragraph (iii) of preceding year, such owner had a whole estate, withstz said section fifty-nine of said chapter forty multi- real and personal, not in excess of twenty thou- _: an owr plied by the amount by which the parcel's value sand dollars, or, if married, a combined estate not ` '_ section exceeds the product of its assessed value for the in excess of twenty-five thousand dollars, provided = , in add: last fiscal year before it became eligible for exemp- that real property occupied as his domicile shall shall to 11 tion under this clause multiplied by the adjustment not be included in computing the whole estate tante. factor determined in accordance with said section except for any portion of said property which pro- Added I EiEty-nine of said chapter forty. Taxes on property duces income. In the case of real estate owned by NON eligible for exemption under this clause shall be a person jointly or as a tenant in common with a x tial la assessed only on that portion of the value of the person not his spouse, the amount of his exemp pursua { property that is not exempt hereunder. tion under this clause shall be that proportion of Sevent- t, Added by St.1993,a 19,§ 14. the amount described in subsection (a) which the creases ,. Fifty-second. (a) Notwithstanding any other amount of his interest in the property ears to the by an z s. provisi n of this section, any elderly homeowner whole value of the property: provided that no of livil who meets the criteria described in subsection (c) abatement shall be granted to any joint tenant or z Index shall receive an abatement of an amount equal to tenant in common unless the gross receipts from effect i' ' the difference between any increase in property all sources whatsoever of each joint tenant or ten city or taxes attributable to the provisions of paragraph(n) ant in common is less than fifteen thousand dol g t Added t of section twenty-one C and the amount by which lars, or, if married, the combined gross receipts ,' the applicant's water and sewer bill would be high- from all sources whatsoever of each joint tenant or" .. § 5A. er if the amount of said increase in property taxes tenant in common and his spouse is less than xn were recovered in water and sewer charges, which eighteen thousand dollars and unless the combined , § 5B. difference shall be calculated by the board or offi- whole estate, real and personal, of each joint-ten cer responsible for Fixing water and sewer charges, ant or tenant in common is less that i twenty thou+ w and certified to the board of assessors; provided, sand dollars or, if married, the combined whole­ Any however, that said abatement shall not be greater estate, real and personal of each joint tenant.m4 than two hundred dollars. common with his spouse does not exceed twen , ; '' : determ p Tyres ' eligibil (b) The commonwealth shall annually appropri- five thousand dollars; and provided, further,thaU1 , for the ate the amount necessary fully to reimburse cities no proportion of the exemption shall be denied toy. a Third c and towns for taxes abated under this clause. Sub- any applicant otherwise qualified for the reasod a petit jest to said appropriation, the commissioner of that another joint tenant or tenant m common" .- .a., in acct i- revenue shall distribute to each city and town its receives a proportion of the total exemption. .Not ., oEchat Full reimbursement amount based on the number withstanding any provision of this section or any of ch r and amount of such abatements granted. other general or special law to the contrary"s..I abatement shall be available in addition to.atty "petro (c) The criteria For eligibility for this abatement other abatement which a homeowner may receive, plying shall be as follows. The property for which the t So in original; probably should read"less than ` '' < ;ra. tion, c abatement is sought must be owned by a person Added by St.1993,c. 110,§ t t I , ,% ' direct sixty-five years of age or over and occupied by him Fifty-third. Residential real estate thatuse3�a• the ch` as his domicile, or owned jointly with his spouse, Addedt a either of whom is sixty five years of age or over, septic system or cesspool and is not connected' and occupied as their domicile, or by a person the municipal sewer system in a city or town, § SC. who owns the same jointly or as a tenant in com- has accepted the provisions of paragraph (n) o mon with a person not his spouse and occupied by section twenty-one C shall receive an exemptio him as his domicile. No abatement shall be grant- equal to the difference between any mcre _ property taxes attributable to the provisions ed unless said owner had, in the preceding year, ofrsai"` m gross receipts from all sources of less than fifteen paragraph (n) and the amount by which met.,q dassifi #, thousand dollars, or, if married, combined gross bills for the property would have been htghe6f town c thousand dollars; amount of said increase in property taxes, - y all pro receipts of less than eighteen provided, however, that in computing the gross re- recovered in water charges, which difference:_' '-at the ceipts oE.an applicant under this clause, ordinary be calculated by the board or officer resp_ with d 294 -ac .t° CE LAWS CITIES AND TOWNS—POWERS AND DUTIES 40 § 59 cal events, pub- TAX INCREMENT FINANCING PLAN years, for any parcel of real property which is hundred and 1 7Caption editorially supplied located in the TIF zone and for which an agree- nd forty. ment has been executed with the owner thereof in § 59. Tax increment financing plan accordance with the provisions of paragraph (v); local license or I Notwithstanding any general or special law to provided, however, that the TIF plan shall specify r or ordinance. the contra y city y the level of such exemptions expressed as an ex- ry, an ci or town b vote of its town P P St.1992, c. 286, meeting, town council, or city council with the emption percentage, not to exceed one hundred 16, c. 74, H 1, 2. approval of the mayor where required by law, on Percent to be used in calculating the exemption its own behalf or in conjunction with one or more under clause fifty-first of said section five of said "_IENS cities or towns, and pursuant to regulations issued chapter fifty-nine; provided, however, that such by the secretar,,,of the executive office of communi- exemptions shall be calculated for each said parcel `ed ties and development, may adopt and prosecute a as provided in said clause fifty-first using an adjust- tax increment financing hereinafter referred to as ment .actor for each fiscal year of the specified TIF plan, and do any and all things necessary term equal to the product of the inflation factors x lien on real thereto; provided, however, that the TIF plan: for each fiscal year since the parcel first became �r town for any (i) eligible for such exemption pursuant to this para- aid by the designates one or more areas of such city or graph. The inflation factor for each fiscal vear een P town as a TIF zone; provided, however, that each shall be a ratio. as the "munici- area so designated is wholly within an area desig- separate vote at nated by the secretary of economic affairs, pursu- (a) the numerator of which shall be the total town council is ant to regulations adopted by the economic assis- assessed value of all parcels of commercial and tante coordinating council established pursuant to industrial real estate that are assessed at full and section three B of chapter twenty-three A, as pre- fair cash value for the current fiscal vear minus the rued under this a new growth adjustment for the current fiscal year cording of a list senting exceptional opportunities for increased g I economic development; provided, further, that in attributable to the commercial and industrial real fees by parcel of estate as determined b the commissioner of rese- t assessed for the the case of a TIF plan adopted by more than one Y city or town, the areas designated as TIF zones nue pursuant to subsection(f)of section twenty-one ds of he county C of.cha ter fifty-nine, and to the lien lies. shall be contiguous areas of such cities or towns; P (ii) describes in detail all construction and con- (b) the denominator of which shall be the total ed by a munici- struction-related activity, public and private, con- assessed value for the preceding fiscal year of all when the asses- tempiated for such TIF zone as of the date of the parcels included in the numerator; provided list and warrant adoption of the TIF plan; provided, however, that such ratio should not be less than one. -three of chapter in the case of public construction as aforesaid, the (iv) establishes a maximum percentage of the charge of the TIF pian shall include a detailed projection of the costs of anv public construction, referenced in e or fee. or the costs thereof and a betterment schedule for the paragraph (ii) and initiated subsequent to the le under section defraval of such costs; provided, further, that the adoption of the TIF pian, that can be recovered ne, shall certify TIF plan shall provide that no costs of such public through betterments or special assessments against ssors, who shall constructions shall be recovered through better- any parcel of real property eligible for tax incre- to the tax on the ments or special assessments imposed on any party ment exemptions from property taxes pursuant to commit it with �� which has not executed an agreement in actor- paragraph (iii) during the period of such parcel's taxes as part of dance with the provisions of paragraph (v); and eligibility for exemption from annual property tax- provided, further, that in the case of private con- es pursuant to clause fifh--first of section five of h charge or fee struction as aforesaid, the TIF plan shall include chapter fifty-nine, notwithstanding the provisions e or fee shall be the rapes of industrial and commercial develop- of chapter eighty or anv other general or special rider this section ments which are projected to occur within such law authorizing the imposition of betterments or rtificate from the TIF zone, with documentary evidence of the level special assessments: charges or fees of commitment therefor, including but not limited (y) includes executed agreements between such to architectural plans and specifications as re- city or town and each owner of a parcel of real h any interest and 4quired by said regulations;r legally abated. =` g property which is located in such TIF zone; pro- ging a lien under _ : ' (iii) authorizes, tax increment exemptions from vided, however, that each such agreement shall the owner of the __ property taxes, in accordance with the Provisions include: (1) all material representations of the par- of clause fifty-first of section five of chapter fifty- ties which served as the basis for the descriptions R nine, for a specified term not to exceed twenty contained in the TIF plan in accordance with the 93 y�Ab� fA+ -r 40 § 59 - MUNICIPAL FINANCE LAWS provisions of paragraph (ii); (2) a detailed recita- the economic assistance coordinating council shall tion of the tax increment exemptions and the maxi- make, and incorporate in-its minutes, that the plan _ mum percentage of the cost of public improve- is consistent with the requirements of this section ments that can be recovered through betterments and will further the public purpose of encouraging OFF or special assessments regarding such parcel of increased industrial and commercial activity in the ELECTI real property pursuant to paragraphs (iii) and (iv); commonwealth; provided, further, that a city or (3) a detailed recitation of all other benefits and town may at any time revoke its designation of a Section responsibilities inuring to and assumed by the par- 1. Officers to be ties to such agreement; and (4) a provision that TIF zone and, as a consequence of such revocation, 1A. District define shall immediately cease the execution of any addi- 1B. Appointed to such agreement shall be binding upon subsequent tional agreements pursuant to paragraph (v); pro- voters. owners of such parcel of real property; vided, further, such revocation shall not affect 2. Establishment P P m crease or de (vi) delegates to one board, agency or officer of agreements relative to roe tax exemptions and ber of office- the city or town the authority to execute agree- limitations on betterments and special assessments 3. City officers; p ments in accordance with the provisions of para- Pursuant to said paragraph (v) which were execut- 4. Penalty for fail graph(v); and ed prior thereto; and provided, further, that the 4A. Members of es other offices, (vii) is certified as an approved TIF plan by the board, agency or officer of the city or town autho- 5. Voting list; us economic assistance coordinating council estab- rfzed pursuant to paragraph (vi) to execute agree- 6. Use of official lished by section three B of chapter twenty-three A ments shall forward to the board of assessors a for. pursuant to regulations adopted by said council; co of each such agreement,together with a list of 7. Use of official provided, however, that the economic assistance copy g 8. Handling of ba the parcels included therein. 9. Handling of be coordinating council shall rt of based on the y theor- P 10. Failure to elect nation submitted in support of the TIF plan by the Added by St 1993, C. 19, § 12. Amended by St.1993, c 11 Appointment city or town and such additional investigation as 110,§ 104; St.1996,c.450,§ 96. 12. City clerks; tA 13. Bond of town 13A. Bond of city 13B. Renewal of 1 authority. 14. Temporary c 15. Town clerks; 15A. Certification 16. Oaths of town 17. Filing of cip ance. 18. Assistant city 18A. Records of ci 18B. Facsimile sig clerk. 19. Assistant to pensation. 19A. Certificate o filing requi 19B. City and towr 19C. Acceptance o 19D. Removal or s tenure. 19E. Procedure fo removal of 19F. Additional 6 city council 19G. Additional co registrars o 19H. Maximum a serving as 191. Additional col --- or town po 193. Additional co� board of rel 94 i City of Salem Economic Development Incentive Policy A. Table of Contents A. TABLE OF CONTENTS.........................................................................................................................2 B. I NIR OD UCTI ON..................................................................................................................................3 C. T.xx INCREMENT FINANCING..............................................................................................................3 1. Determining the Length of TIFAgreements...................................................................................3 a)Assessable Value......................................................................................................................................3 b)Annual Salary Dollars(Job Creation)........................................................................................................4 c)Non-Property Tax Revenue........................................................................................................................4 2. Determining Schedule for Property Tar Increments.......................................................................4 3. Other TIF Policy Considerations...................................................................................................4 D. OTHER ECONOMIC INCENTIVES..........................................................................................................4 2 B. Introduction The economic development incentive policy seeks to address the implementation of financial incentives that are b law available for the Ci of Salem to offer developers in order to generate Y City P economic growth. Among the things the policy addresses are tax increment financing agreements, low interest loans from sources such as the Urban Development Assistance Grant program,and other incentives pertaining to parking arrangements(leased or otherwise),permitting fees and infrastructure improvements. The policy does not intend to make new law,but rather intends to create a framework in which the parameters of economic development agreements between the city and private developers may be discussed and executed. C. Tax Increment Financing Tax increment financing is a method of Massachusetts offering economic development incentives, available to municipalities like Salem that have been designated as economic target areas by the Commonwealth of. 1. Determining the Length of TIF Agreements Tax increment financing allows the city to phase in property taxes on new development over time. Five years is the minimum length of time for which a TIF agreement can be made under state law. How the City of Salem determines the length of its TIF agreements shall be outlined in the following sections The parameters for determining the length of TIF agreements shall include the following basic criteria. • The Resultant Assessable Property Value • The Resultant New Annual Salary Dollars(Job Creation) • The Resultant Additional Non-Property Tax Revenue Realized by the City a) Assessable Value The assessable value of the project shall determine the base number of years for a TIF agreement. 3 i , Assessable New Development Base TIF Years Value ($ Over 1,000,000 5 Over 10,000,000 10 Over 100,000,000 15 b) Annual Salary Dollars (Job Creation) The increase in annual salary dollars or otherwise number of jobs created by the development shall be a factor in determining any additional years in the TIF agreement c) Non-Property Tax Revenue The generation of additional non-property tar revenue to be realized by the city shall be a factor in determining any additional years in the TIF agreement 2. Determining Schedule for Property Tax Increments The tax levy increments on new property shall typically increase linearly over the life of the TIF, however they may be subject to negotiation based on the parameters of the development project. 3. Other TIF Policy Considerations 1. Taxes shall be levied on the assessed value of the under-construction value of the property on a semi-annual basis,and be levied per the percentage increments of the TIF. 2. Benefits to the city other than assessed value,job creation and non-property tax revenue may be considered in determining the parameters of the TIF. Those benefits may include but are not limited to remediation of a blighted sight or the creation of a critical anchor to an economic area within the city. 4 D. Other Economic Incentives Other incentives may be employed by the city to generate economic growth. These incentives may include but are not limited to the following. 1. Low Interest Loans 2. Parking Arrangements(Leased or Otherwise) 3, Infrastructure Improvements 4. Permitting Fee Reduction or Waivers 5 Modifications to the Economic Development Incentive Policy per Council members' input. At issue in the last discussion about this policy were: C.Lb Annual Salary Dollars As per comments from committee members more emphasis has been put on job creation as oppose to salaries,however there is flexibility to assessed the jobs based on how well they pay. C.2 Determining Schedule for Property Tax Increments Original wording was somewhat confusing. There has been an effort to re-word the paragraph in order to make a fairly technical subject more understandable. C.3.1 Shall vs. May Per Councillor Furey's comments the word `shall'has been replace by the word `may'to add more flexibility. C.3.2 Other TIF Policy Considerations Some committee members wanted also to be able to consider negative impacts that a project might have on the community. That language has also been added to the policy. City of Salem Economic Development Incentive Policy A. Table of Contents A.TABLE OF CONTENTS.........................................................................................................................2 B. INTRODUCTION..................................................................................................................................3 C. TAx INCREMENT FINANCING..............................................................................................................3 1. Determining the Length of TIFAgreements...................................................................................3 a)Assessable Value......................................................................................................................................3 b)Job Creation..............................................................................................................................................4 c)Non-Property Tax Revenue........................................................................................................................4 2. Determining Schedule for Property Tax Increments.......................................................................4 3. Other TIF Policy Considerations...................................................................................................4 D. OTHER ECONOMIC INCENTIVES..........................................................................................................4 a 2 r ' B. Introduction The economic development incentive policy seeks to address the implementation of financial incentives that are by law available for the City of Salem to offer developers in order to generate economic growth. Among the things the policy addresses are tax increment financing agreements, low interest loans from sources such as the Urban Development Assistance Grant program,and other incentives pertaining to parking arrangements(leased or otherwise),permitting fees and 1 infrastructure improvements. The policy does not intend to make new law,but rather intends to create a framework in which the parameters of economic development agreements between the city and private developers may be discussed and executed. C. Tax Increment Financing Tax increment financing is a method of offering economic development incentives,available to municipalities like Salem that have been designated as economic target areas by the Commonwealth of Massachusetts. 1. Determining the Length of TIF Agreements Tax increment financing allows the city to phase in property taxes on new development over time. Five years is the minimum length of time for which a TIF agreement can be made under state law. How the City of Salem determines the length of its TIF agreements shall be outlined in the following sections The parameters for determining the length of TIF agreements shall include the following basic criteria. • The Resultant Assessable Property Value • The Resultant Number of New Jobs Created • The Resultant Additional Non-Property Tax Revenue Realized by the City a) Assessable Value The assessable value of the project shall determine the base number of years for a TIF agreement per the chart below. 3 Assessable New Development Base TIF Years Value $ Over 1,000,000 5 Over 10,000,000 10 Over 100,000,000 15 b) Job Creation New job creation as a result of the development shall be a factor in determining additional years in the TIF agreement The relative value of the jobs may be assessed based on the average yearly salary of the sum total of jobs created. c) Non-Property Tax Revenue The generation of additional non-property tax revenue to be realized by the city shall be a factor in determining additional years in the TIF agreement 2. Determining Schedule for Property Tax Increments The changes in tax exemption percentages from one year to the next may typically decrease linearly over the life of the TIF; however,other formulas for the schedule of exemption percentages may be negotiated based on the parameters of the development project. 3. Other TIF Policy Considerations 1. Taxes may be levied on the assessed value of the under-construction value of the property semi-annually. 2. Benefits to the city other than assessed value,job creation and non-property tax revenue may be considered in determining the parameters of the TIF. Those benefits may include but are not limited to remediation of a blighted sight or the creation of a critical anchor to an economic area within the city. Furthermore,a projects negative impact on the community may be considered in the evaluation of a TIF agreement. 4 D. Other Economic Incentives Other incentives may be employed by the city to generate economic growth. These incentives may include but are not limited to the following. 1. Low Interest Loans 2. Parking Arrangements(Leased or Otherwise) 3. Infrastructure Improvements 4. Permitting Fee Reduction or Waivers 5 City of Salem Economic Development Incentive Guidelines As Amended June 18,1998 A. INTRO ON.......................................................................... ............. ................................ ...... B. T NC MENr FINANC .......... ..................................... ................... ....................... ................. 1. ete mining the L gth ojTIFA reements............... ....................... ................. .................... .3 De ermining Sc edule for Proper Tax Incremen ............................ ......... ......................... ...4 3. O er TIFP icy Considerations..... ........... .......................................................................... ...4 IT. ERE OMIC INCENTIVES..........................................................................................................4 2 A. Introduction The economic development incentive policy seeks to address the implementation of financial incentives that the City of Salem may,by law,extend to business development in order to generate economic growth. RLro rJ Among the things the policy addresses are tax incre arcing agreements, low interest loans from sources suc ie Urban me Assists Grant program,and other incentives pofieiaiFrangemenie (1- permitting fees and infrastructure improvemen s. � ) The policy does not intend to make new law,but rather intends to create a framework in which the parameters of economic development agreements between the city and private developers may be discussed and executed. B. Tax Increment Financing Tax increment financing is a method of offering economic development incentives,available to municipalities like Salem that have been designated as economic target areas by the Commonwealth of Massachusetts. 1. Determining the Length of TIF Agreements Tax increment financing allows the city to phase in property taxes on new development over time. Five years is the minimum length of time for which a TIF agreement can be made under state law. Hew the eiqTrSa-re-in-Ue-reTnmTcslhe4-engdi-e� a secU ns Th ameters for termini�h of TIF agreem Kglha11 include the following 'c criteria. Tl—�,c ce�aii-an Upul tv Val 1e- The Resultan mber o obs Created • The Re ant Additional Non-Prop ax Revenue Reali ed by the City a) e The as essable vdl f ti l t nacr-rnamh f years for anent per the chart below. 3 Assessable New Development B Years Value ($ Over 1,000, 0 5 Over 10,000,00 10 Over 100,000X0 15 Job Creation New job creation as a result of the development shall be a factor in Cdetermining gdditieaei-yearsMr he TIF agreement The relative value'of the jobs may be assessed based on the average yearly salary of the sum total of jobs created. l) Non-property Tax Revenue The generation of additional non-property tax revenue to be realized by the city Aral!be a factor in determining additional years in the TIF agreement 2. Determining Schedule for Property Tax Increments The changes in tax exemption percentages from one year to the next may / typically decrease linearly over the life of the TIF;however,other formulas for (\ the schedule of exemption percentages may be negotiated based on the parameters of the development project. 3. Other TIF Policy Considerations 1. Taxes be levied on the assessed value of the under-construction value of the property semi-annually. 2. Benefits to the city other than assessed value,job creation and non-property tax revenue may be considered in determining the parameters of the TIF. Those benefits may include but are not limited to remediation of a blighted sight or the creation of a critical anchor to an economic area within the city. F,�a-greigst�negative-iT �1 a m.oln��,nn of�TTF awr��, 4 C. Other Economic Incentives Other incentives may be employed by the city to generate economic growth. These incentives may include but are not limited to the following. 1. Low Interest Loans 2. Infrastructure Improvements 3. Permitting Fee Reduction or Waivers 5 c7t- k� FS Y 4 Q's oc A? ov omiff -T—" F -15- A ulm Avic ;A-A -.T:� nAi. if I G`- Jag WO ---L 4. . \ r 1 _I ��� _ - .''1" .� �'- :'---—'=: 'Y_!S � I'�'--_�_ �- - -_��_�"^ -�".�t '233. :.��w 1� Iv���„!i!.a �..� r+.� }�}�� 3} ' - -_ - - --------- ..... ZZ o;� AM NL UDAG LOAN Pickerin Wharf H tel f Loan Amount: $500,000 Annual % Rate: 5% Term: 20 Years Periods: 240 Payment: 3,299.78 Calculation of Paymant Amount 3299.78 Monthly Rate Loan Amount 0.0042 500,000 Pay# Due Date Interest Principal Balance 1 2083.33 1216.45 498783.55 2 2078.26 1221.52 497562.03 3 2073.18 1226.60 496335.43 4 2068.06 1231.72 495103.71 5 2062.93 1236.85 493866.86 6 2057.78 1242.00 492624.86 7 2052.60 1247.18 491377.68 8 2047.41 1252.37 490125.31 9 2042.19 1257.59 488867.72 10 2036.95 1262.83 487604.89 11 2031.69 1268.09 486336.80 12 2026.40 1273.38 485063.42 13 2021.10 1278.68 483784.74 14 2015.77 1284.01 482500.73 15 2010.42 1289.36 481211.37 16 2005.05 1294.73 479916.63 17 1999.65 1300.13 478616.51 18 1994.24 1305.54 477310.96 19 1988.80 1310.98 475999.98 20 1983.33 1316.45 474683.53 21 1977.85 1321.93 473361.60 22 1972.34 1327.44 472034.16 23 1966.81 1332.97 470701.19 24 1961.25 1338.53 469362.66 25 1955.68 1344.10 468018.56 26 1950.08 1349.70 466668.86 27 1944.45 1355.33 465313.53 28 1938.81 1360.97 463952.56 29 1933.14 1366.64 462585.91 30 1927.441 1372.34 461213.57 31 1921.72 1378.06 459835.52 32 1915.981 1383.80 458451.72 33 1910.22 1389.56 457062.15 34 1904.43 1395.35 455666.80 35 1898.61 1401.17 454265.63 36 1892.77 1407.01 452858.62 37 1886.91 1412.87 451445.76 38 1881.02 1418.76 450027.00 39 1875.11 1424.67 448602.33 40 1869.18 1430.60 447171.73 41 1863.22 1436.56 445735.16 42 1857.23 1442.55 444292.61 43 1851.22 1448.56 442844.05 44 1845.18 1454.60 441389.46 45 1839.12 1460.66 439928.80 46 1833.04 1466.74 438462.06 47 1826.93 1472.85 436989.20 48 1820.79 1478.99 435510.21 49 1814.63 1485.15 434025.06 50 1808.44 1491.34 432533.71 51 1802.22 1497.56 431036.16 52 1795.98 1503.80 429532.36 53 1789.72 1510.06 428022.30 54 1783.43 1516.35 426505.95 55 1777.11 1522.67 424983.27 56 1770.76 1529.02 423454.26 57 1764.39 1535.39 421918.87 58 1758.00 1541.78 420377.09 59 1751.57 1548.21 418828.88 60 1745.12 1554.66 417274.22 61 1738.64 1561.14 415713.08 62 1732.14 1567.64 414145.44 63 1725.61 1574.17 412571.26 64 1719.05 1580.73 410990.53 65 1712.46 1587.32 409403.21 66 1705.85 1593.93 407809.28 67 1699.21 1600.57 406208.70 68 1692.54 1607.24 404601.46 69 1685.84 1613.94 402987.52 70 1679.11 1620.67 401366.85 71 1672.36 1627.42 399739.43 72 1665.58 1634.20 398105.24 73 1658.77 1641.01 396464.23 74 1651.93 1647.85 394816.38 75 1645.07 1654.71 393161.67 76 1638.17 1661.61 391500.06 77 1631.25 1668.53 389831.53 78 1624.301 1675.48 388156.05 79 1617.321 1682.46 386473.59 80 1610.31 1689.47 384784.12 81 1603.271 1696.51 383087.60 82 1596.20 1703.58 381384.02 83 1589.101 1710.68 379673.34 84 1581.971 1717.81 377955.53 85 1574.81 1724.97 376230.57 86 1567.63 1732.15 374498.42 87 1560.41 1739.37 372759.05 88 1553.16 1746.62 371012.43 89 1545.89 1753.89 369258.53 90 1538.58 1761.20 367497.33 91 1531.24 1768.54 365728.79 92 1523.87 1775.91 363952.88 93 1516.47 1783.31 362169.57 94 1509.04 1790.74 360378.83 95 1501.58 1798.20 358580.63 96 1494.09 1805.69 356774.93 97 1486.56 1813.22 354961.72 98 1479.01 1820.77 353140.94 99 1471.42 1828.36 351312.58 100 1463.80 1835.98 349476.61 101 1456.15 1843.63 347632.98 102 1448.47 1851.31 345781.67 103 1440.76 1859.02 343922.65 104 1433.01 1866.77 342055.88 105 1425.23 1874.55 340181.33 106 1417.42 1882.36 338298.97 107 1409.58 1890.20 336408.77 108 1401.70 1898.08 334510.70 109 1393.79 1905.99 332604.71 110 1385.85 1913.93 330690.78 111 1377.88 1921.90 328768.88 112 1369.87 1929.91 326838.97 113 1361.83 1937.95 324901.02 114 1353.75 1946.03 322954.99 115 1345.65 1954.13 321000.86 116 1337.50 1962.28 319038.58 117 1329.33 1970.45 317068.13 118 1321.12 1978.66 315089.47 119 1312.87 1986.91 313102.56 120 1304.59 1995.19 311107.38 121 1296.28 2003.50 309103.88 122 1287.93 2011.85 307092.03 123 1279.55 2020.23 305071.80 124 1271.13 2028.65 303043.15 125 1262.68 2037.10 301006.05 126 1254.19 2045.59 298960.46 127 1245.67 2054.11 296906.35 128 1237.11 2062.67 294843.68 129 1228.52 2071.26 292772.42 130 1219.89 2079.89 290692.52 131 1211.22 2088.56 288603.96 132 1202.52 2097.26 286506.70 133 1193.78 2106.00 284400.70 134 1185.00 2114.78 282285.92 135 1176.19 2123.59 280162.33 136 1167.34 2132.44 278029.89 137 1158.46 2141.32 275888.57 138 1149.54 2150.24 273738.33 139 1140.58 2159.20 271579.12 140 1131.58 2168.20 269410.92 141 1122.55 2177.23 267233.69 142 1113.47 2186.31 265047.38 143 1104.36 2195.42 262851.97 144 1095.22 2204.56 260647.40 145 1086.03 2213.75 258433.65 146 1076.81 2222.97 256210.68 147 1067.54 2232.24 253978.44 148 1058.24 2241.54 251736.91 8992.04 1048.90 2250.88 249486.03 1039.53 2260.25 247225.78 '1 1030.11 2269.67 244956.10 1020.65 2279.13 242676.97 1011.15 2288.63 240388.35 1001.62 2298.16 238090.19 2307.74 235782.45 156 982.43 2317.35 233465.10 157 972.771 2327.01 231138.09 158 963.081 2336.70 228801.38 159 953.341 2346.44 226454.94 160 943.56 2356.22 224098.72 161 933.74 2366.04 221732.69 162 923.89 2375.89 219356.79 163 913.99 2385.79 216971.00 164 904.05 2395.73 214575.27 165 894.06 2405.72 212169.55 166 884.04 2415.74 209753.81 167 873.97 2425.81 207328.01 168 863.87 2435.91 204892.09 169 853.72 2446.06 202446.03 170 843.53 2456.25 199989.77 171 833.29 2466.49 197523.28 172 823.01 2476.77 195046.52 173 812.69 2487.09 192559.43 174 802.33 2497.45 190061.98 175 791.92 2507.86 187554.13 176 781.48 2518.30 185035.82 177 770.98 2528.80 182507.03 178 760.45 2539.33 179967.69 179 749.87 2549.91 177417.78 180 739.24 2560.54 174857.24 181 728.57 2571.21 172286.03 182 717.86 2581.92 169704.11 183 707.10 2592.68 167111.43 184 696.30 2603.48 164507.95 185 685.451 2614.33 161893.62 186 674.561 2625.22 159268.39 187 663.621 2636.16 156632.23 188 652.631 2647.15 153985.09 189 641.60 2658.18 151326.91 190 630.53 2669.25 148657.66 191 619.41 2680.37 145977.29 192 608.24 2691.54 143285.74 193 597.02 2702.76 140582.99 194 585.76 2714.02 137868.97 195 574.45 2725.33 135143.65 196 563.10 2736.68 132406.96 197 551.70 2748.08 129658.88 198 540.25 2759.53 126899.34 199 528.751 2771.03 124128.31 200 517.20 2782.58 121345.73 201 505.61 2794.17 118551.56 202 493.96 2805.82 115745.75 203 482.27 2817.51 112928.24 204 470.53 2829.25 110098.99 205 458.75 2841.03 107257.96 206 446.91 2852.87 104405.09 207 435.02 2864.76 101540.33 208 423.08 2876.70 98663.63 209 411.10 2888.68 95774.95 210 399.06 2900.72 92874.23 211 386.98 2912.80 89961.43 212 374.84 2924.94 87036.49 213 1 362.651 2937.13 84099.36 214 350.41 2949.37 81150.00 215 338.121 2961.66 78188.34 216 325.78 2974.00 75214.35 217 313.39 2986.39 72227.96 218 300.95 2998.83 69229.13 219 288.45 3011.33 66217.80 220 275.91 3023.87 63193.93 221 263.31 3036.47 60157.46 222 250.66 3049.12 57108.33 223 237.95 3061.83 54046.51 224 225.19 3074.59 50971.92 225 212.38 3087.40 47884.52 226 199.52 3100.26 44784.26 227 186.60 3113.18 41671.08 228 173.63 3126.15 38544.93 229 160.60 3139.18 35405.76 230 147.52 3152.26 32253.50 231 134.39 3165.39 29088.11 r 232 121.20 3178.58 25909.53 233 107.96 3191.82 22717.71 234 94.66 3205.12 19512.58 235 81.30 3218.48 16294.11 236 67.89 3231.89 13062.22 237 54.43 3245.35 9816.86 238 40.90 3258.88 6557.99 239 27.32 3272.46 3285.53 240 13.69 3271.84 0.00 Final pa m nt is$3,285,53 UDAG LOAN Pickerin Wharf H tel i, Loan Amount: $500,000 Annual % Rate: 5% Term: 20 Years Periods: 240 Payment: 3,299.78 Calculation of Paymant Amount 3299.78 Monthly Rate Loan Amount 0.0042 500,000 Pay# Due Date Interest Principal Balance 1 2083.33 1216.45 498783.55 2 2078.26 1221.52 497562.03 3 2073.181 1226.60 496335.43 4 2068.06 1231.72 495103.71 5 2062.93 1236.85 493866.86 6 2057.78 1242.00 492624.86 7 2052.60 1247.18 491377.68 8 2047.41 1252.37 490125.31 9 2042.19 1257.59 488867.72 10 2036.95 1262.83 487604.89 11 2031.69 1268.09 486336.80 12 2026.40 1273.38 485063.42 13 2021.10 1278.68 483784.74 14 2015.77 1284.01 482500.73 15 2010.42 1289.36 481211.37 16 2005.05 1294.73 479916.63 17 1999.65 1300.13 478616.51 18 1994.24 1305.54 477310.96 19 1988.80 1310.98 475999.98 20 1983.33 1316.45 474683.53 21 1977.851 1321.93 473361.60 22 1972.34 1327.44 472034.16 23 1966.81 1332.97 470701.19 24 1961.25 1338.53 469362.66 25 1955.68 1344.10 468018.56 26 1950.08 1349.70 466668.86 27 1944.45 1355.33 465313.53 28 1938.81 1360.97 463952.56 29 1933.14 1366.64 462585.91 30 1927.44 1372.34 461213.57 31 1921.72 1378.06 459835.52 32 1915.98 1383.80 458451.72 33 1910.22 1389.56 457062.15 34 1904.43 1395.35 455666.80 35 1898.61 1401.17 454265.63 36 1892.77 1407.01 452858.62 37 1886.91 1412.87 451445.76 38 1881.02 1418.76 450027.00 39 1875.11 1424.67 448602.33 40 1869.18 1430.60 447171.73 41 1863.22 1436.56 445735.16 42 1857.231 1442.55 444292.61 43 1851.22 1448.56 442844.05 44 1845.18 1454.60 441389.46 45 1839.12 1460.66 439928.80 46 1833.04 1466.74 438462.06 47 1826.93 1472.85 436989.20 48 1820.79 1478.99 435510.21 49 1814.63 1485.15 434025.06 50 1808.44 1491.34 432533.71 51 1802.22 1497.56 431036.16 52 1795.98 1503.80 429532.36 53 1789.72 1510.06 428022.30 54 1783.43 1516.35 426505.95 55 1777.11 1522.67 424983.27 56 1770.76 1529.02 423454.26 57 1764.39 1535.39 421918.87 58 1758.00 1541.78 420377.09 59 1751.57 1548.21 418828.88 60 1745.12 1554.66 417274.22 61 1738.64 1561.14 415713.08 62 1732.14 1567.64 414145.44 63 1725.61 1574.17 412571.26 64 1719.05 1580.73 410990.53 65 1712.46 1587.32 409403.21 66 1705.851 1593.93 407809.28 67 1699.21 1600.57 406208.70 } 68 1692.54 1607.24 404601.46 69 1685.84 1613.94 402987.52 70 1679.11 1620.67 401366.85 71 1672.36 1627.42 399739.43 72 1665.58 1634.20 398105.24 73 1658.77 1641.01 396464.23 74 1651.93 1647.85 394816.38 75 1645.07 1654.71 393161.67 76 1638.171 1661.61 391500.06 77 1631.251 1668.53 389831.53 78 1624.30 1675.48 388156.05 79 1617.32 1682.46 386473.59 80 1610.31 1689.47 384784.12 81 1603.27 1696.51 383087.60 82 1596.20 1703.58 381384.02 83 1589.10 1710.68 379673.34 84 1581.97 1717.81 377955.53 85 1574.81 1724.97 376230.57 86 1567.63 1732.15 374498.42 87 1560.41 1739.37 372759.05 88 1553.16 1746.62 371012.43 89 1545.89 1753.89 369258.53 90 1538.58 1761.20 367497.33 91 1531.24 1768.54 365728.79 92 1523.87 1775.91 363952.88 93 1516.47 1783.31 362169.57 94 1509.04 1790.74 360378.83 95 1501.58 1798.20 358580.63 96 1494.09 1805.69 356774.93 97 1486.56 1813.22 354961.72 98 1479.01 1820.77 353140.94 99 1471.42 1828.36 351312.58 100 1463.80 1835.98 349476.61 101 1456.15 1843.63 347632.98 102 1448.47 1851.31 345781.67 103 1440.761 1859.02 343922.65 104 1433.01 1866.77 342055.88 105 1425.23 1874.55 340181.33 106 1417.42 1882.36 338298.97 107 1409.58 1890.20 336408.77 108 1401.70 1898.08 334510.70 109 1393.79 1905.99 332604.71 110 1385.85 1913.93 330690.78 111 1377.88 1921.90 328768.88 112 1369.87 1929.91 326838.97 113 1361.83 1937.95 324901.02 114 1353.75 1946.03 322954.99 115 1345.65 1954.13 321000.86 116 1337.50 1962.28 319038.58 117 1329.331 1970.45 317068.13 118 1321.121 1978.66 315089.47 119 1312.87 1986.91 313102.56 120 1304.59 1995.19 311107.38 121 1296.28 2003.50 309103.88 122 1287.93 2011.85 307092.03 123 1279.55 2020.23 305071.80 124 1271.13 2028.65 303043.15 125 1262.68 2037.10 301006.05 126 1254.19 2045.59 298960.46 127 1245.67 2054.11 296906.35 128 1237.11 2062.67 294843.68 129 1228.52 2071.26 292772.42 130 1219.89 2079.89 290692.52 131 1211.22 2088.56 288603.96 132 1202.52 2097.26 286506.70 133 1193.78 2106.00 284400.70 134 1185.00 2114.78 282285.92 135 1176.19 2123.59 280162.33 136 1167.34 2132.44 278029.89 137 1158.46 2141.32 275888.57 138 1149.54 2150.24 273738.33 139 1140.58 2159.20 271579.12 140 1131.58 2168.20 269410.92 141 1122.55 2177.23 267233.69 142 1113.47 2186.31 265047.38 143 1104.36 2195.42 262851.97 144 1095.22 2204.56 260647.40 145 1086.03 2213.75 258433.65 146 1076.81 2222.97 256210.68 147 1067.54 2232.24 253978.44 148 1058.24 2241.54 251736.91 149 1048.90 2250.88 249486.03 150 1039.53 2260.25 247225.78 151 1030.11 2269.67 244956.10 152 1020.65 2279.13 242676.97 153 1011.15 2288.63 240388.35 154 1001.62 2298.16 238090.19 155 992.04 2307.74 235782.45 156 982.43 2317.35 233465.10 157 972.77 2327.01 231138.09 158 963.08 2336.70 228801.38 159 953.34 2346.44 226454.94 160 943.56 2356.22 224098.72 161 933.74 2366.04 221732.69 162 923.89 2375.89 219356.79 163 913.99 2385.79 216971.00 164 904.05 2395.73 214575.27 165 894.06 2405.72 212169.55 166 884.04 2415.74 209753.81 167 873.97 2425.81 207328.01 168 863.87 2435.91 204892.09 169 853.72 2446.06 202446.03 170 843.53 2456.25 199989.77 171 833.29 2466.49 197523.28 172 823.01 2476.77 195046.52 173 812.69 2487.09 192559.43 174 802.33 2497.45 190061.98 175 791.92 2507.86 187554.13 176 781.481 2518.30 185035.82 177 770.98 2528.80 182507.03 178 760.45 2539.33 179967.69 179 749.87 2549.91 177417.78 180 739.24 2560.54 174857.24 181 728.57 2571.21 172286.03 182 717.86 2581.92 169704.11 183 707.10 2592.68 167111.43 184 696.30 2603.48 164507.95 185 685.45 2614.33 161893.62 186 674.56 2625.22 159268.39 187 663.62 2636.16 156632.23 188 652.63 2647.15 153985.09 189 641.601 2658.18 151326.91 190 630.53 2669.25 148657.66 191 619.41 2680.37 145977.29 192 608.24 2691.54 143285.74 193 597.02 2702.76 140582.99 194 585.76 2714.02 137868.97 195 574.45 2725.33 135143.65 196 563.10 2736.68 132406.96 197 551.70 2748.08 129658.88 198 540.25 2759.53 126899.34 199 528.75 2771.03 124128.31 200 517.20 2782.58 121345.73 201 505.611 2794.17 118551.56 202 493.961 2805.82 115745.75 203 482.271 2817.51 112928.24 204 470.531 2829.25 110098.99 205 458.751 2841.03 107257.96 206 446.911 2852.87 104405.09 207 435.021 2864.76 101540.33 208 423.081 2876.70 98663.63 209 411.101 2888.68 95774.95 210 399.06 2900.72 92874.23 211 386.98 2912.80 89961.43 212 374.84 2924.94 87036.49 213 362.65 2937.13 84099.36 214 350.41 2949.37 81150.00 215 338.12 2961.66 78188.34 216 325.78 2974.00 75214.35 217 313.39 2986.39 72227.96 218 300.95 2998.83 69229.13 219 288.45 3011.33 66217.80 220 275.91 3023.87 63193.93 221 263.31 3036.47 60157.46 222 250.661 3049.12 57108.33 223 237.951 3061.83 54046.51 224 225.19 3074.59 50971.92 225 212.38 3087.40 47884.52 226 199.52 3100.26 44784.26 227 186.60 3113.18 41671.08 228 173.63 3126.15 38544.93 229 160.60 3139.18 35405.76 230 147.52 3152.26 32253.50 231 134.39 3165.39 29088.11 Y 232 121.20 3178.58 25909.53 233 107.96 -3191 82 22717.71 234 94.66 3205.12 19512.58 235 81.30 3218.48 16294.11 236 67.89 3231.89 13062.22 237 54.43 3245.35 9816.86 238 40.90 3258.88 6557.99 239 27.32 3272.46 3285.53 240 13.69 3271.84 . 0.00 Final pa m nt is $3,285153 GRAPHIC SCALE a �� �� P 20 0 10 20 40 9D Lg S WILLOWS S PARK\ ` 9V o�AIL CONCRETE ° ti RE BOX BGXEs (2) =r� ERB y S,DEW ,� o �� a IN FEET EDISTAL R I_ ALK - y` Gp 1 inch = 20 ft. '^�yJX�� � STRE E r - -- -- - -- -_ - - -- - VGC � sV0 TRAFFIC LI HT STREET RIM=10.58 £W NLW DMH o V� �9 / LIGHT _ - _ _ _ NO IIII CGNCRE O ❑ _ CB®/ RAMP NO L VGG v r 6fi 5 T WATER • RAMP / IA �� x zA �C Winter -- BOX R WG ®CB / - DE:95'i / 11� Island - 1 12"LINDEN SIGN �� ST WG HYD w Power land \ V R / - - O��G > PowerCo DMH / ,-, - RIM=77 79 / A - RIM=12.64 \ 0 New England / X2 53' Sc EMH \ O / K i Y` VGC BRICK £ S� 1 n ESSE �a SMH / P O �C O \ � / / > RIM-11.8 i � �Up CONCRETE ESSEX z MH RR RIM-9.8 SC &R/C,, \ \_ _ i / CONDO o 5 0£0 �.F' F GRASS 5/N 1' -- — __ - 4.4, C B OUT RMH(1.77 -12- _ \ / 1 GATE oPm�cE h m y �e OVERHEAD — - -- _ 11 EMH 10"TREE \ _ / '! SWITCH NORMq j U R BRICK I R _ SITE P / \GG 6C T _- ! UP 12"TREE 4"TREE z / I BIT. CONC. m - - --- VG,_ P, _ to / rby CURBING o CONCRETE WATER OR r' — --12 SK 1U �Rheif m BOX 13 '� RAISED BRICK WATER O WIRE 430�- ? D SIESalem O _ _ _ WATER TMH STREETS > CONCRETE BOX _ BOX ❑ LIGHT • .o £ GRANITE BI ti LEA`ATT WALK m CONCRETE R 'j j_o A_.yYD � y RETAINING WALL W � L� / Harbor ^ A LOCUS v BRICK EMH VGG • I OUT DDDR BRII �° e II II n el GAS sCA11N6 O \ ❑ A 2"LOCUS •1 PICKET C / RIM-,107 0 PEDISTAL PK 413 ❑ 2 HAINTHORNE METERS wooDEN f�M —I o FIRE Bo/ � � N 9 ���] �p���I�1/17��� �, , SCALE: 1"=2000' F FENCE m ASPHALT ❑ L� BRICK EMH £ y�0 ►�yJyy Vyy 4 3.9 CON PAVEMENT/ z WATER ETE / n Box / �` SALEM MARITIME - rM 'N ...... i NATIOIAAL HISTORK, 1.90' CONC,. - - SMH • RIM=10.55 S `Y 10 Maf PLANTER �,N, n SITE _ we ("TREE I qc TFe _ RIM 11 s W(, / W P NTEft R TION fi IRE ASPHALT / PLANTE PLANIEP �*-�`1 a 122-D 2 TRANS 6 PINE 12"WIDE VGC WOODEN ° _ � INFORMATION � /�P L M N , LEGEND: _ �. m RE SHE 6'PINE • '� _ "CHOWDER G RAISED BRICK N 6 METERS " �� CB Catch Basin cE • 0 AREA \ �' SMH Sewer Manhole IT GONG. DUMPSTER HOUSE' _ - RANG �I °+� -- )::Y LP ..44 \ E'TREE DMH Drain Manhole �--' MH "DICKERING" u -- MH Manhole 12"LINDEN � - � - CONCRETE 6"6AARLE n� SMH WG Water Gate g'TREE PLANTER yg2 � 2 0- -- - E-1 „0 3 G o G. RIM=,o.s s"TREE P HYD Hydrant ' - -- -- - . � �. s 'oat ---1 LF %G o CONCRETE n ¢ / 7� AD Area Drain s_ CON-I • PLANTER 2a 6 PLANTFR _ ('RICH weoucHT tiP w / v VGC Vertical Granite Curbing r h;4 r GG SIGN L: BRICK vpi u W 8"TREE LP Light Pole E­4 LL L L STEPS o m qp M OW Level Lighting "RUSSIAN , RELAY BRICK PLANTER � �2cY � WC• p 5�A£LE STAIR*AGKcoMPAss AL � UP e Legh n T c I�RTON GATE y +/ N 3 / - 1 R V JSIAIV MAIL BOX RETAINING- CONCRETE C Utility Pole 1G LINDEN o R AID Z' SMH GG Gas Gate LAID IN CONCRETE --- REES 0 G O GB EMH Elactric Manhole / - REES SOCIETY' RIM=,o� BRICK STEPS- Zi 42.2x' I ® 0 ® TMH Telephone Manhole � 1 ,r WG <,, o FRONT sG AC ICV Irrigation Control Valve • "DERBY" LP ..__�� DOOR SMH AL GAS ONC P HT • — 10 WG RAMP RooFEL - ❑ Trash Can (decorative) AC UNITS (HIGH WROU GRANi�T U WALKNU 12 I O [� / I 50.30' SWc -- PLANTER Planter, Concrete and Brick IRON carE O BRICK TMII SC Siamese Connection and Fire Alarm OA., METER _ _ ROOMY �i P - -_ - TRANS I 7 MW Monitoring Well �w i RAISED AI RETE l w H PAD METERS I R Ramp (in sidewalk) [-i LIP AC Air Conditioning Unit ❑ TRANS Transformer Irl - - �� N � 1ruNDEN - L N I BART{ Existing Buildings (roof overhangs 2B.3a' �- AL.I -- ^ I n 1460' Sh _. ' ARES'+ ^ L� ' EMERALD not shown) Ar//ll Landscaped Area 4 !+ z �K- BRICK ARCHED T,yti, I� STRUCTURE T� s CRUSHED NOTE. SECOND FLOOR O E 5 0 7 STONE - ❑ I a BRICK PLANTERS AD II AND ROOM NOT SHOWN "TANCOOK I; '� CANTILEVERED DECK] oT PLANTER _ O BIKEm RACI 'B CONIC. PARKING e j'0 r I II SMH ft Arl - BUMPERS REQUIRED o CRESCENT" �' GG RM=10.5- RIM 11.43 U "WHER.IR'Y s ;� _� Row, i � 'lk R O TWIN 12 TREE •,- - V -- - - : CRASS -1 I - - _, • - OS AER q� � 6 MA/I�_ r AG 11rr (( TREE ETAREj 'I _ 1 , �:=.I ILS- I = TMH -1I - - G Eu�EP �� 1s.1s' RETAINING WALL _ ,yl GRANITE �I Y I I 1 BRICK BEN,- I - D BLOCK PAVERS ,, +. t I � I I I VIS �� a6 NI P � I i I � y� 14. F- ;. `., LAYS P PICINIC I I I 1 \> �� RB� AREA APITE W;♦ NOTE: ALL PARKING SPACES IN THIS LOT - --1 + _— cn m nJL a�gh �I o,P_b; rr 3 g"P B z. z RAISED �. rl _ CONCRETE SLAB ARE 9X17.5 l,. l Y -R - O . _ x • i-� HIM,r �II ° BARK ON GRANITE BRICK I i - � O AREA �� BLOCK FOUNDATION r;G• G_ I, FEE � ��LF,. EMERALD W ERICH HI • ^-' MP TMH BRICK COOL Kill,NTER �r^y GRASS �y-ly�J iRIM 1, °� AL PLANTER �\ S- � . / / ILII MLLTAL-� A ,.I 1 r. I:. _ 12"" .Nl�r' I - - - ___ ti: BRICK i STEPS MH II _ 'I4'MAPL BR PS +� - " BRICK 5 TIAL+1 -- _. e I> Lr , • - I I� ♦ ,��-.� WOOD VERCR 1�..uNDEN I .n. I E �� �. .-� E��Ce HEDGE C;C • DECK C 1 ARb.INr I �.... 14 OAK BOLLARD SHRUBHEDGEd MNL ? T:--�- -LOW HEDGE PYJ Lu.,i ;.FI mC' LP _ U - - "! - WOODEN \ ® ® - - END POST _ / - JJ LP "Hu,E�L - (lIJ GRANITE BLOCKS � - - GRANITE BLOCK •_ � `� I al RAGED PLANTER - - T• I "-dOLLAEL; 21,1 1 HODODENORON �C6-� .. H • ¢ - I.. • CONCRETE- �- -i 11 _ Q HEDGE IM-9.32 �21M 9 401 1 -i v\ p a _ R WC CED R r m j -.q0 N m 8" F- r a i14"M�LE In I O " �AULCHED N, RHODODENDRON SHRUBS ENTRAH ­SQUARE J -, i 7 l - PINE RIGGER" METERS s, _ w. GAS 4 98 -- / N WN 2 BRICK " " - - r DRAIN OUTFALL 18 18.0" LP LP 70 r- 12"RAP RE ARBELLA SED O i GRANITE S-0. BLOCK - RHODODENDRON =.[? PAD 12"HIGH SHRUB HEDGE 18:8' GRANITE BLOCK I < r, - A o t RET WALL 3 a m (TO REMAIN) CONSTRUCTION m 42 0T AREA ADJACENT 07 DELIVERY TO CONGRESS / WG WG RAMP "PRIVATEER" STREET 7 " PRIVATEER 3620' p "N_ :RANITE TWO 6"PINES Fk BLOCK 1 BRICK o WALKWAY r> i - ---- LO RETAINING I AD .° WALL 15" i - - EP "LOW %�H Pickering Wharf I I� � LL 18.20' AT GROUND / �• � _ EVERGREEN "vYA LEVEL ,( 'fir HEDGE Marina o _ O J z o _ v 4 'P1 IL WALK L ��10"SWD61 (MIN) W LKWAY � GA n - - ,+vLr "ARBELLA" ' ' _ -FE nON ❑ / GRA$$7NTROTHERS TO BOATS �� ME �— t �"IS Ar LE 9t i PLATE RATS€B-^6RAMITE —� DMH PAVERS 18' HIGH ° /�' ' �HIM-9 52 - 92.57 A',.O � \ 'MAPLE � r �sT eA'� ONr is s"MAPLE s MAPL / ENTRANCE TO c n cC A r �TEPs uN�s) MARINA DOCKS �I B - �� PIM CONCRETE CONCRENE RHMP-UFS '.-r'- L 1D"L OUST ,1 RETAINING LL w METAL DECK EN m GATE 1 WALL WTH RAILINGS -� ❑ I ,�, • - GANGWAY • j GRASS T / // I � To Boars .�OMAPLE _WOODEN \ O ROAD \ ( GRANITE NOTES: RAILROAD 8"MAPLE RAISED BRICK J PINE �' WHARF R JJJ.JJJ / /MONUMENT TIES PLANTER 18" \ 4"PINE 1. Topography and existing conditions per actual field survey BRICK HIGH a - 1 / I ' performed by PLDE, May 1996, using a total station survey -- instrument and data collector. SMH SMH J(._ O d BRICK POSTS w >S> , 6„PINE / 2. Benchmark for vertical control (not shown on this plan): ° ” RELOCATED GRANITE BLocK A U.S.C.& G.S. standard tidal bench mark disk set / / A LP / RETAINING WALL oT" HYDRANT ( B"Locusr / WOOD RAILING Iw- i FRONT DOOR SMH GRASS vertically in wall of the southwest corner of the U.S. F o CHASE HousE RIM=ID.B < ® Custom House on Derby Street near Derby Wharf. ' DECK WITH OR w - �3 Cy SEWER V \ 4PIGH BRICK �I -BRICK STEPS Elev.=13.69 (N.G.V.D.). CANO/ TEL OUTDOOR j U MI, PLANTER ° NT SIGN UTILITY JUNC^/N SC SEATINC COCj J�/- 12"MAPLE ✓ e� , BO% ' ) • DECK LINED tip eA'/C /\\�;;y� W' WITH WOODEN UT d _ W PLANTER LP \ L� PLANTERS - MH V AA�4`''// 09Q RIM-9 ® TRANS 'm 9 81 LP IM=10.79 � 12'LOCUST PLANTER _ 7� 2 } TZOZI' BeNC PLANTER 'AD O / PLANTER WOOD SIGN "GENTOO" _ i SCREENED V o 0� a N PLANTER PLA ITER / LP � N PLANTER 3"TREE RUMP ,'0 7 T BY LOW 1� LP - PICKET .� PLANTER I,G o - MW 40> WG / ROOFED 3 I ENTRANCE J — 7 LP a o' BRICK AC UNITS SCREENED R "� BY LOW PICKET FENCE �� :-may' > LOADING - DECK WITH `�-/�-p �� Lt,r OUTDOOR Vg ZONE SEATING qp BS BRICK ro AC UNITS SCREENED 1 C �CONCRETE7 TV 40• STEPS bm \ BY HIGH PICKET FENCE eFNCH PAD 10 WOODEN RAMP 8"TREE ?8> ' R DECK LINED FOR RESTAURANT ti PARTITION WITH WOODEN 00,V LOADING - PLANTERS > ip "GRAND TURK" LPA rN&�/�kf \�SI GAS METERS SCREENED PRELIMINARY SITE PLAN GE's q/W v� 29, o BY HIGH PICKET FENCE E _ _._LOADING BAY - a 4 RS R LOADING GG n �,7 �y>I ( 1 7 0 PARKING SPACES) - FOR RESTAURAN- GARBAGE- ZONE • AC UNITS SCREENED GRAND TURN N - LP DUMPSTER BY HIGH PICKET FENCE m 6.T=' _cTERs SHED iGc LGc LP Of ��0 0 41 ° CV L South River RIM- 4 DECK WITH _ v CANOPY FOR o- - t � � OUTDOOR �' \� ENTRANCE TO TEL o MARINA DOCKS WG• • SCDECK LINED n1 SEATING m CHAIN LINK GRANITE / WG PLA WOODEN 770n L STEPS _ _ j PLAN TERs 9.B,. Salem, MA FENCE Ce EAST INDIA �9� _ TRANS in LP CRUISE CO o SINE SHED ��NCN _ cv 3.26' WOOD SIGN Date: July 9, 1996 Scale: 1"=20' South River a°TREE RAMP PLDE 96-37 Sheet 1 of 1 a� eFNCh /KO \ o LP 0 F- WG HGC ROOFED 3 M CONCRETE eF FOR CONTINUATION RAISED ENTRANCE 3 PAD, 18"-24" Nch rn INSERT HIGH w P SEE INSERT AT LEFT ATROWICZ INSERT aFN s�, m LAND DEVELOPMENT ENGINEERING SCALE: 1°=20' O R1 LO AIDING v, ouT000 H li HGC ZONE /ONGRETE SEATING LP I 65 Eastern Avenue, Essex, MA 01929 /F LC PAD 3 W J Q 2 -ENTRANCE SIGN AND FLAGS (DESIGNED BY OTHERS) '" GRAPHIC SCALE 0. EXISTING STREETLIGHT - e 70 REMAINNEW VGC TO CLOSE 20 ° 10 zO 40 so LOAM AND SEED ROADPAVEMENT Co C TIBC BOX t -EXQ ISTING CURB CUT \ � ' B' RE PEDIGIALI tl, - _ _ EXISTING , TOP COURSE , NG To BE af/I �OHCRE OMIT-OF y�,,�� STREETUG14T �� ( IN FEET ) e BINDER COURSE or STREET TREE SLOCATION SHOWN RAMP - p BRI CFiq `� - "�`�K TO BE At EXISTING R - - - m� �I cO L ON PLAN) 2.5 To 3- CAIIPER(TYP) CK S/OEW TO + _RELOCATED `'" 12"LINDEN J� ��/ 1 inch = 20 1t GRAS WinterTREE " REMAIN (PVB�/(,'„(( ,•\ ROAD BASE St ,S�p y.T 4` Island BUCK REINFORCED SMALL / RELOCATED VARIAB 1 ee /'/��/ ° Po•.erecaaRUBBER HOSE RET.WALL MULCHED- SCE ` STREETLIGHT EIl(;,y OR `E ADT . 1 U ' C._ CEMENT CONIC. ~ t4• WL Two s RAHDS a re re- PLANTING �_ Ff NA H v A R NCE PER uENTq� 3000 PSI (TYP.) EssE ' STEEL TWTsrm ® BED ' END VOC PIANNINSALEM _ / STEEL WIFE ® 4HIGH ORNAMENTAL BEGIN SCE EjO kG SPECil7 BOARD EXIST NG 10" TREE COMPAo1FD e' uAX EssEx o 5 Q0A Y . 2- SPRUCE POST —MULCHED PENCE PER SALEM VGC �� REMq//K BILK)( S7p TO BE REMOVED Y LIRA N RMA $ CD P� UNPAINTED 8 HIGH 00 P G PLANNING BOARD _ REN+ EWA - I THREE REQUIRED PER TREE R-� BED SPECIFICATIONS NR A$ RE CK Tp ` 1. ER AL GRANITE CURB TYPE VA-4 1e- DEPTH x e- THICKNESS. g TREE WRAP TO � INSTALL NEW BRICK WIRED QA4/T NEW VGC TO CLOSE 2. BIT. CCII IS NOT TO BE USED AS A SUBSTITUTE FOR CEMENT P� FIRST BRANCH a W EXISTING CURB CUT CONCRETE. Q '^ •` �' PLANT _ _ �K `� RK 3 MORTAR A08115 BE,WEEN NDIMQUAL CURB STONES SITE ®ITO MATCH SIDEWALK " " P �� \ ` 4. PER MDPW STANDARDS 108.3.0. N r / W ONE INCH CROWN (OR W/INAS E� it O U1 _ _ Wharf ONE INCH BELOW MAX.) D _ _ _ :Ie Lr __ il! � - - - � IYR vc�. VERTICAL GRANITE CURB DETAIL � � LEANn 5� Derby Salem 2' CEDAR BARK wuLGH EEG _ Harbor w �a NEW PARKING i '�•'�' W m A SLOPE ro FORM as To m n T UGHTPOLE O } 1 } ftCK SC ALE GRAPHIC j CONTAIN WATER 4 C7 w i F a Iy COMO f 5� / O x°DO UNTIE AND ROLL BACK BURLAP Q rnz �® 11 Y I RETAIL/RESTAURANT sea w Tp BE CE LOCUS ^ FROM TOP 1/3 OF ROOT BALL ] Xyl 2 J Z CH TE O w Ui © Q BRICK ANGED vc RIPE BOr MOUND AROUND EDGE OF PIT I EXISTING - 3 I MULCHED O SIDEWALK Tp PEDISTAL SCALE: 1"=2000 12"LOCUST ® PLANTING SWISH GRADE (SEE PLAN FOR T - m REMOVED x I TREE TO BE 0Q a BED - - SERFAGE TREATMENT) Vll LOAM AND SEED � EXISTING CONCRETE /."� -'� / a- I TO BE CHANGED TO O 4 j P NTL- i BRICK SIDEWALK 2. HOTEL/RETAIL RELOCATED, / BIT. CONIC //./�• i I 14 SALVAGED a e' aAMETER HOLE LOU NEW VGC TO CLOSE I i� SCE AROUND vGC �" O I F _ FOR ROOT BALL AND EXISTING CURB CUT EACH ISLAND w X223-231 DERBY ST• TO MATCH GC I / BINDER ll COURSE 0 - BIT. CONIC. 8' MAXYC I PROPER T BALL N I TYP. � � � EXISTING 12" I TOP caurssf CONCRETE' �+ O 12'IK BACKFILL Mix I OUTDOOR ���111 _ a m o Q J WIDE VGC ----- ! g0 RM � _ 15• MIN` 550%L OAM2 MIXTURE s D + � I SEATING - I r FIVE STORIES z� WIDTH VARIES - 254 PEAT MOSS. MANURE R I Q FOOTPRINT = 14,323±SF Q "CHOWDER HOUSE' ,U° COMPACT Q I ..� w O BEHIND VERMICULITE I — d3 GFA = 69,666±SF(PER ARCHITECT) / 0 � GRANITE COEXISTING i_ Y ~ >- 0 4 TREE PLANTING DETAIL TAMPED BACKFILL MIXTURE 12"LINDENI 7 NEW PARKING I J Q PICKERING • • 5T0WE TREE TO LOT LIGHTPOLE I 3 3IfMNCR EXISTING TALL CEDARS - _ =1I NCRErE O i I_ EW Qq REMAIN -' � -- �0 I �ui Z - TO REMAIN II ANTE 4 � •' y NO CURBING AT ENTRANCE EliK '/ _ W /AN PETE `)&BASE O GIRAI `O II I SLOPED SIDEWALK PER ADA CODE I p MarFA R A�RERn I �� \may. UP - �� I / �� 0 �Y' - lT END VGC U I ELECTRICAL/ - V o A R BEGIN SGE END VGC MECHANICAL GN I FIM- III—III— 3 w 1=1 11=1 �-III— -III=I 11=1 I�' 2• CEDAR BARK MULCH BEGIN SGE I EMPLOYE 0: SLOPE ro FORM DTs+ yy �- LOUNGE �in p� EXISTING % p 4 UGHTPOLE l :A P� NOTES: _ V REGISTRATION U ".1 TO REMAIN ANTERE 1. GRANITE EDLESTONES PER MDPW Mil TYPE SB MOUND AROUND EDGE OF Z y NNN GRANITE z' AID 4- MN. THCKNESS, 18- MIN. MDTH OF FACE F1NI4R GRADE (SEE PLAN FOR O -U ONE WAY Z / BE F SURFACE TREATMENT) PIT TO CONTAIN WATER ;a SIDEWALK COBBLESTONE I -- w Z�I / z THE SLOPED AMA LGF.EE�LLTHHROUGHOUT�LE ENTIRE LAID AT L_ � �� � SOCIETY" I � i RKY) BRICK PAVERS COVERED III LOBBY I FLE P ��- a:� i rr EXISTING TALL CEDARS / -- _-_,_ G I / MULCHED DROP-OFF I I LAUNDRY R, TO REMAIN / LP SLOPED GRANITE EDGING (CURBING) UNTIE Aro ROLL BACK BURLAP EXISTING R � PLANTING O I ELL TOR LOADING UUf / FROM TDP 1/3 OF ROOT BALL 12"LINDEN e(a9 BED I III _ - : AREA > :� TREE TO BE 39 >� REMOVED _ y' _ - BACKFILL MIXTURE EXISTING Biii'•A — _-- _ / W BOLLARDi 1 ' \ TAMPED BACKFILL MIXTURE TO REMAIN STREETLIGHT A -- L� m DEPENDING SODIUM. ANTIQUE LOOKING CONGRESS ' PANTRY EXISTING 250 WATT NIGH DOWNWARD WNW/RD 24 MIN. DRIVE THRU I z LIGHTPOLE PUB p= TO REMAIN % I O < SELECTION DUIRL�LEcnornNLE rnaN Ll} MENs BREAKFAST y W � ¢ � BY OTHERS SHRUB PLANTING DETAIL n AREA sc > U) ONE STORY / 13 w I r aTo some EXISTING FOOTPRINT=2,262 SF - Y BAR - - I 12"UNDEN - TREE TO "" "0T-'.INCU1DRIVE-THRU).,,,,'. G Q �3 • WOMEN' z I REMAIN - S�HEDULE OF LANDSCAPE MATERIALS <� SOUT EATING Lcr I la TANCOOK I I SYMBOL QUANTITY SPECIES NAME cN L O CRESCENT' 12 OUERCUS RUBRA - RED OAK Y j I - RELOCATED, MOUNTING PER 0< O SALVAGED MANUFACTURER 4-t SQUARE LIGHT POLE �; _9 �! ® a WHERRY oem,S FOR E O Z ® POOL / 12"WIDE VGC too MPH Mra 0 - in TO MATCH '� I LIGHT BASE COVER �� 101 EUONYMUS ALATUS - BURNING BUSH (RED SHRUB IN AUTUMN) II z2F -"_ W I RETAIL/RESTAURANT 3 EXISTING 12• I RDW rEloa7v� (PER MANUFACTURER) i2 z I O I O ' / NIDE VGC O p�ANtER 1- CHAMFER ®®8 133 AZALEA DEL V. WHITE w o i ;a / > I I � z _ R W \-SURFACE TREATMENT BRICK SIDEWALK TO MATCH EXISTING SIDEWALK BRICK KI I; I VGC _ - >" (SEE PLAN) MULCHED �- - - / PVC CDED GLADE 31 NEW BRICK PAVERS (FINAL SELECTION BY OTHERS) I ® PLANTING _ ����� BUSHNc PVC COfOU1T (2' MIN.) SIDEWALK $'% R /j/ 8-TREE'/ ( ) w BED PAINTED 1e J r & 3/4- DAM GALV. r - NEW PARKING LOT BIT. CONCRETE (SEE NOTE 3 THIS SHEET) FI Z BRICK PAVERS VGC , 8% R CROSSWALK EXITING 13 NIDE WALKWAY ,G%� /. STEEL ANCHOR SOL (4) L - J TO THE LIMIT OF WORK UNE 51 Z I aj\ ---- Y. EMBEDDED A MINIMUM OF �I f 4'HIGH ORNAMENTAL VGC �. __ R TO REMAIN 30- INTO CONC. FOOTING c FENCE PER SALEM Q ,-�,;: VGC _ e'MAPLE �T�, 6 ° COMPACTED GRAVEL ki NOTES I PLANNING BOARD 3 G/ EXISTING 6"TREE 3'MAPLE L SURROUNDING FOOTING 1. I ANDSCAPING: PLANT MATERIAL TO CONFORM TO THE GUIDELINES ESTABLISHED BY THE I SPECIFICATIONS 70 BE REMOVED EXISTING �' CONCRETE FOOTING (PRECAST OR AM. STANDARD FOR NURSERY STOCK, PUBLISHED BY THE AM. ASSOC. OF NURSEYMEN, INC. I _ O a O TWO EXISTING—. � ' VGC ALL PLANTS TO BE FULLY REPRESENTATIVE OF THEIR NORMAL SPECIES. AL PLANTS SHALL I M Z LIGHTPOLE �TO REMAIN i>/•�� / 12-x12- SQUARE ONE CONTINUOUS POUR) (4500 psi) O MAPLES TO BE \ EXISTING TO BE / FIRM STABLE - OD BE HEALTHY, WELL-FORMED, FREE FROM DISEASE AND DEFECTS, AND TAGGED WITH THEIR ! EXISTING REMOVED �0 8-MAPLE REMOVED SUBBASE LIGHTCENTERED (IF4REoLnRm BY PROPER NAMES. PREPARE ALL BEDS AND LANDSCAPED AREAS. BEDS SHALL BE GRADED R 12-UNDEN EXISTING x TRANSFORMER TREE TO g - TREE TO LIGHTP TO EXISTING REMAIN s + ELECTRICIAN) Q SO AS NOT TO ALLOW RUNOFF (FROM THE PLANTING BED) TO FREELY WASH INTO THE - - / SIGH ~`• ` NOTE: rn PARKING LOT, SIDEWALK OR ROADWAY. FINE GRADE THESE AREAS PRIOR TO LAYING LOAM '' REM IN O BE REL TED -�-� VGC 14'OAK 1; 1a = ' TREE TO 5"MA LE 1. USE CHASE PRECAST CORP. PRODUCT NO. LPD-12 OR - - % APPROVED EQUAL PHONE: 1-800-242-7314 (0 (CLEAR AND GRUB AS REQUIRED). REMOVE ALL STONES, STICKS. PROTRUDING ROOTS, - - B'-MAPLE LL UNSUITABLE SOIL. PAVEMENT AND OTHER DEI3RIS BEFORE PLANTING PLANTS. EACH PLANT VGL / R REM_AIN� R G - _ _ 2. LIGHTING ro BE APPROVED BY MUNICIPAL LIGHT DEPT/DPW. R PAINTED n SHRUB HEDGE ' 7// B"MAPLE C o SHALL BE 'WATERED-IN" TO REMOVE AIR POCKETS DURING PLANTING. ALL PLANTING BEDS 10" NIDE III/ - sHRua HEDGE / C) SHALL RECEIVE 4" MIN. SCREENED LOAM. Ail SHRUB AND CROUNDCOVER BEDS SHALL \ WALKWAY BRICK PAVER P _ h _ CROSSW -° „ LP LIGHTPOLE DETAIL ro RECEIVE AN ADDITIONAL 2" MIN. CEDAR BARK MULCH. THE LANDSCAPE CONTRACTORIp id, WIDE WALKWAY R -UNIT OF ' K ._-- o SHALL NOT PLANT ANY DAMAGED PLANTS AND SHALL GUARANTEE PLANT SURVIVAL FOR / TWO YEARS (AND REPLACE THOSE DEAD PLANTS N1TH A PLANT OF SIMILAR SIZE AND �'EXISTING CURBING Lp TO REMAIN ;� / SPECIES). EXISTING "11 ---CONCRETE RAMP LIGHTPOLE r "4'" ' o'MAPLE I SITE PLAN ,° 2. CURBIN : THE CURBING WITHIN THE PARK NG LOT SHALL BE SLOPED GRANITE EDGING E % ARBELLA' / ,� J (SGE) OR VERTICAL GRANITE CURBING (VGC) AS SPECIFIED ON THIS SHEET. EXISTING 12� I' TO BE REMOVED, TO BE P _ - rs - INSTALL BRICK REMOVED - r REMOVE EXISTING i O I WIDE VGC (LOCATED IN BACK OF THE "RUSSIAN-AID SOCIETY- AND "TANCOOK CRESCENT' �� �� SIDEWALK _ —EXISTING CEDAR, PINES AND I LANDSCAPING & MATERIALS SHRUBS d' BUILDING) SHALL BE SALVAGED AND REUSED AS SHOWN IN FRONT OF THE RETAIL BUILDING. O ff_ ! I UGHTPOLES j �� d EXISTING CURB CUTS TO BE CLOSED SHALL USE VGC (A TYPE AND DIMENSION SIMILAR TO NEW' VGC TO CLOSE TO BE ------ -- � i� for a portion Of THE EXISTING VGC IN THE ROADWAY). EXIS7ING_CURB CUT �.< REMOVED L,° LP aim EXISTING j • 3. PAVEMENT: THE EXISTING PARKING LOT PAVEMENT SH LL SITE SHALL BE GRINDED USING AN �- J m Ptcke�in Wharf ASPHALT RECYCLER. THE PULVERIZED PAVEMENT SHALL BE LAID DOVM, GRADED AND EXISTING a CONDOMINIUM— _ 3 EXISTING / Q MH COMPACTED. THE CONTRACTOR SHALL DETERMINE IF ADDITIONAL GRAVEL SUBBASE IS EXISTING TOABE TRANSFORMER o LIGHTPOLE PARKING j Q REQUIRED. THE MINIMUM CROSS SECTION FOR THE PARKING LOT AND ACCESS ROADS w MARINA TO REMAIN # ) PAVEMENT SHALL CONSIST OF 1.5 INCHES (AIIN) BITUMINOUS CONCRETE TYPE 1-A WEARING z REMOVED a = COARSE, 2.5 INCHES (MIN) BITUMINOUS CONCRETE TYPE 1-A BINDER COURSE, 12.0 INCHES o PARKING EXISTING LIGHTPOLE w EXISTING EDGE - - ! ~ 2 3— 2 31 Derby Street COMPACTED GRAVEL SUBBASE (WHICH MAY CONSIST OF 4,0 INCHES MAX. PULVERIZED o TO BE REMOVED TO REIt OF MAIN /� I � # 223- 231 I # 23 / and ASPHALT). IF IN-SITU GRAVEL IS USED, TNI: CONTRACTOR SHALL VERIFY ITS SUITABILITY w ESI.x.1,1�G O i - -/ d i PRIG ATEEI 12 3 Congress Street Z AND REMOVE ALL STONES LARGER THAN 3'. GRAVEL SUBBASE SHALL CONFORM TO MHD I] I \1 -\PIN I, / / � - I� �i RELOCATED LIGHTPOLE LU M.1.03.0 TYPE B. at y- a REBUILD EXISTING SEATING AREA, _ _ OF 4. UGHTIN : EXTERIOR UGHT1NG FOR THE PARKING LOT ADJACENT TO CONGRESS ANDS �� C"^' _ an Salem, M`d s s a c h u s e t t S CL. II ADJACENT DSIDEWE TO ALK. REUSE E FLUSH NTH - @ 1i LINDEN . . DERBY STREET ARE LIT BY THE INSTALLATION OF NEW 17 FOOT TALL LIGHT POLES "PERIOD GRANITE COBBLESTONES. i / V� P TROT Lu LIGHTING" ILLUMINATED WITH A DOWNWARD CIRECTION. EXTERIOR UGH TS SHALL BE MOUNTED If BP .a �J CML Prepared f0T Pickering Wharf Realty 1Y'll9t (976) 740-6990 Y ON THE BUILDING TO ILLUMINATE THE FRONT AND REAR OF THE RETAIL BUILDING AND - _ I j --r: _ '�'� U HOTEL BUILDING. FINAL SELECTION, LOCATIOr` AND SPECIFICATION BY A LIGHTING _ _ I I SEATING / NO' S �P 84 Wharf Street, Salem, MA 01970 CONTRACTOR. m FUTURE WALKWgY RI AIK"WNT ►NT ETI ` - EXISTING LIGHTPOLE P a% Fs Date: May 26, 1999 Revised: July 21, 1999 & October 24, 2000 w CAAlTILE RO ERPR VE WALK AREA TO BE RELOCATED `P S'0""` PLDE #99-04 Scale: 1" = 20' Sheet 4 of 19 CONSTRU A 4"CEDAR i> U) Via) i j CTED SIMUL ATN SUAAIT T "ARBELLA" SOUTH� -_ EOUS ICZ WITH HOTEL-__ / s~ I B LAND DEVELOPMENT R ENGINEERING ° RIVER 60 Washington Street, Salem, MA 01970 2 0 T j II LAND UNDER OCEAN \ �� / vcc // - ,�.. - -.f CL \ (978)745-2288 / m J_ 0