Haverhill city councilors last week approved allowing the mayor to negotiate what was described as a modest property tax break to the developer of the former Haverhill TV and Appliance building in downtown Haverhill.
Economic Development and Planning Director William Pillsbury, addressing the Council remotely, said the property tax relief under the state’s Tax Increment Financing program is smaller than most that have been granted. He explained the city must give developer Theodore P. Ammon a break of $10,000-$12,000 over five years in order for him to qualify for larger state incentives.
“It’s basically a minimalist TIF in terms of being able to qualify the project for the state tax credits,” Pillsbury said,
Ammon won approval of a special permit several weeks ago to convert the top three floors of the building at 21-27 Washington St, into nine residential apartments while maintaining two commercial units on the ground floor.