01:27The board’s approval for the Globe Street Mill project, led by Mascan Capital, is contingent upon the company acquiring the property. This adaptive reuse initiative aims to transform the historic mill into residential units, with a strategic 10-year TIF agreement structured to provide an 80% tax exemption for the first five years and a 20% exemption for the remaining period. The project intends to utilize sustainable technologies, including potential geothermal heating solutions, making it a forward-thinking investment in Fall River’s residential landscape. The board unanimously supported this agreement, recognizing the project’s potential to revitalize the area and restore an important historical site.

11:44Conversely, a TIF request for a new ground-up construction project called the Overlook at Cook Pond was rejected. The development proposed by the Ha family involved creating 22 three-bedroom townhouse units on a long-vacant site. This project also sought a 10-year TIF agreement with similar tax exemption terms. Despite arguments about the high costs associated with the site’s development due to challenging geotechnical conditions, the board failed to secure unanimous agreement, with one member opposing the motion. The lack of consensus resulted in the proposal’s failure, highlighting the board’s cautious approach toward granting incentives for non-historic, new constructions without affordable housing components.