At Tuesday’s Select Board meeting, Town Manager Norman Khumalo presented the board with a draft of a tax increment financing agreement intended to encourage Altaeros Energies to relocate its headquarters to South Street.
The board voted unanimously to move the TIF forward. It eventually will require support from Town Meeting voters.
Khumalo explained that the proposed TIF is a three-way agreement between the town, Altaeros and the property owner, Atlantic Oliver 80 South Street, LLC.
Altaeros, which designs and builds aerostats, has proposed renovating an existing building to create a 105,000-square foot space that can accommodate the company’s research and development, manufacturing and corporate headquarters. Altaeros would invest $23.9 million, which would include $5.1 million in renovations and $18.8 million in personal property.
The proposal calls for 181 new, net, permanent, full-time jobs over a six-year period with those positions maintained over the term of the agreement.
In return, the town would grant real estate tax exemptions for 14 years and personal property exemptions for seven years. The exemptions would take effect after all the renovations are completed, Khumalo said.
“I’m very happy that it’s come forward and we’ve come to this point,” Select Board member Mary Jo LaFreniere told Altaeros representatives who attended the meeting. “I was very happy to see how they worked out the personal property. I would want to welcome you. I support this 100 percent right now.”
Friends of Hopkinton honors Click
Friends of Hopkinton appeared before the Select Board on Tuesday to update the board on its upcoming plans, recap the Family Day event and pay tribute to outgoing president Ann Click.
Family Day was held Sept. 17 at the fields behind Hopkinton Middle School and drew an impressive crowd.
“This year was probably our most successful ever,” said co-organizer Pat O’Brien. “It started off with a great day from Mother Nature. And we had thousands of residents of Hopkinton enjoying the day. We couldn’t have done it without, of course, the support of all town boards, the Select Board, the town manager, the Police Department, the Fire Department, the DPW — everybody chipped in and helped make this a successful day.”
The group also started a spring event, Family Fling, which it plans to again host March 25 on the Town Common.
O’Brien started the tribute to Click, explaining that she started the organization after helping with the town’s 300th celebration.
“Through her inspiration and her leadership, she carried us on to be successful with these events,” he said. “Without Ann’s constant work and inspiration we would not be so successful.”
Khumalo called Click a “treasure,” saying, “You have created an institution that I feel strongly will continue to be part of this community.”
Added Select Board member Muriel Kramer: “I don’t think there’s a way for this town to thank you enough for the way that you have invested your whole heart and soul and wonderful energy into making something really beautiful happen for the town.”
Colette Cronin, who is taking over as president, encouraged residents to check friendsofhopkinton.org if they are interested in volunteering, saying, “New members are always welcome.”
The board accepted the resignations of Kevin McCaffrey from the Historical Commission, Kelly Karp from the Youth Commission and Nasiba Mannan from the Hopkinton Cultural Council. …
Bruce Palmer was introduced as a new van driver for the Senior Center.