Tax Break Request For Framingham Loft Project Withdrawn: Report

FRAMINGHAM, MA — A developer has withdrawn a request for a tax break from Framingham citing rancor between the City Council and mayor's office, according to the MetroWest Daily News. Developer Washington Square Ventures was seeking a $1.6 million tax-increment financing agreement for the renovation of the Bancroft Building along Fountain Street.

The withdrawal comes after a contentious meeting in October where several City Council members grilled Washington Square Ventures developers about the timing of the TIF request. If it had been granted, the developers would have paid reduced property taxes over a seven-year period.

The developers approached Mayor Yvonne Spicer in early 2019 with the TIF request after encountering higher-than-expected renovation and environmental cleanup costs. But Councilors accused the developers of seeking a "bailout."

"Everybody who's contacted me feels this is a giveaway to you because you didn't do your due diligence ... I hear what you're saying, but it doesn't pass the smell test," District 1 Councilor Charlie Sisitsky said at an Oct. 10 finance committee meeting.

The Councilors also raised issues, like an accident at the construction site in September where a worker fell 20 feet.

WSV principal Justin Krebs did not immediately return request for comment on Monday night. He told the Daily News that Framingham's political climate "borders on the absurd" at the moment. In recent weeks, the mayor's office and Council have feuded over how city employees are treated by Councilors.

The Needham-based developer plans to spend about $82 million to redevelop the Bancroft Building site. The main Bancroft Building will have 160 loft-style apartments, and there will be a new 98-unit building on the site.