CUMBERLAND – A tax stabilization agreement now under consideration by the Town Council would gradually phase in taxes paid on the redevelopment of the Ann & Hope Mill off Broad Street.

The Town Council on Aug. 20 referred the proposed agreement between the town and Hartford Holdings to its ordinance subcommittee.

Under terms of the proposal, taxes would be set at $67,500 for years six to 10 of the agreement, then go to 30 percent of the current full-value base assessment in year 11, gradually increasing to 95 percent in year 20.

TSAs are typically used to help developers close financing gaps and enhance profitability of projects by not assessing taxes based on the full value of improvements at any given time.

According to the proposed TSA, the property owner shall provide annual report

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