GREENFIELD — The Abercrombie building on Bank Row, which will soon house the Northwestern District Attorney’s Office — has been awarded a 10-year tax break expected to save the developer more than $14,000.
Town Council unanimously approved a Tax Increment Financing (TIF) agreement for Abercrombie Greenfield LLC during its meeting this week, though two councilors abstained from voting. The historic building located at 56 Bank Row has long been vacant, but is being redeveloped to house the Northwestern District Attorney’s Office of Franklin County and a nonprofit arts organization.
“We believe the repurposing of this city landmark will serve the community and serve as another anchor in the ongoing investment and revitalization of Bank Row and the surrounding area,” Abercrombie Greenfield LLC Partner Jerry Guidera, wrote in a letter Mayor William Martin.
The 10-year TIF will save the developer a total of $14,398. The building is currently valued at $149,700 according to John Lunt, assistant to the mayor for Special Projects. That value is expected to increase to $2.3 million after the renovation is complete.
At-Large Town Councilor Penny Ricketts, who also serves on the town’s TIF Committee, said the District Attorney’s Office, formerly located on Conway Street, will move in 35 employees.
“I’m thrilled to see something happening with that building,” she said. “I really just want that building finished and for them to be there, I think it will help Village Pizza and Hope and Olive and the YMCA.”
The building will also house Conjunction Arts, a nonprofit organization with the mission of incubating and collaborating with other nonprofit organizations. The renovation will create an incubator space for Conjunction Arts to create affordable work space and studios for local artists, according to Abercrombie LLC’s TIF application.
Council Vice President Isaac Mass said he was originally opposed to the tax break, but changed his mind after the council passed a split tax rate, which will result in higher taxes for commercial property owners.
Council President Brickett Allis. who did not cast a vote, was the only dissenting voice during the meeting.
“This is not, in fact, what TIFs were meant to be used for,” Allis said. “The whole purpose of offering TIFs is to bring jobs in, to get an increase in jobs. It’s also for owner-occupied buildings mostly. It’s not for a landlord to get a tax break to be able to lease it to somebody else, that’s not what it was intended for.”
According to Abercrombie LLC’s TIF application, the Northwestern District Attorney’s Office has a 10-year lease in the building and has been an active partner in designing the interior of the first three floors. Conjunction Arts will be located on the fourth floor and will provide two full-time and four part-time jobs.
The District Attorney’s Office is expected to move into the building in December, and Conjunction Arts is expected to take up residency in August 2018.