The Town of Warren of Warren will subsidize a portion of Tourister Mill developers’ property taxes over the next three years, under a 2015 agreement designed to reimburse the developers for costs …
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The Town of Warren of Warren will subsidize a portion of Tourister Mill developers’ property taxes over the next three years, under a 2015 agreement designed to reimburse the developers for costs they paid to update Warren’s wastewater infrastructure in North Warren.
Over the 2018, 2019 and 2020 tax seasons, Warren will cover a cumulative $350,000 of the developers’ property taxes; the subsidies for those three years, respectively, are $61,890, $106,870 and $181,330. Starting in 2021, the town will cease its contributions.
The subsides are called for under a Waste Water System Improvement and Cost Sharing Agreement signed by the town and Tourister Mill, LLC, three years ago this Friday.
Under the agreement, the town agreed to take on subsides in return for paying many of the costs of replacing the town’s north pump station and extending an 8” sewer force main from Davis Street to the waste water treatment facility on south Water Street.
According to the agreement, the cost-sharing agreement and tax relief are beneficial to the town as:
* The improvements “will provide a benefit to the town while also accommodating new demand” from the apartment complex.
* The agreement “is in the public interest as it requires the developer, a commercial concern, to construct a public improvement to the existing waste water system in the town … thereby providing a benefit to the town.”
* The cost arrangements are “fair and equitable and acceptable to the town and to the developer.”
Over the next three years, Tourister Mill LLC’s portion of tax payments will $79,000, $175,000 and $254,429, for a total of $508,429 through 2020. In 2021, when the town no longer subsidizes the payments, Tourister Mill LLC will owe the town $435,739 in tax payments.