The developer proposing a market-rate housing redevelopment of the former Mission Chapel in Worcester is slated to receive a 40% tax exemption over eight years.
According to documents from City Manager Edward Augustus’ office, Traggorth Cos. will pay $124,876 over the eight-year agreement with $83,250 in savings, per an agreement designating the project as Housing Development Certified Project.
The deal will go before the City Council on Tuesday night for approval.Â
The calculation is based on a projected assessment after the project of about $1.3 million.Â
The Boston firm purchased the site in May for $338,000 and plans to invest $4.1 million into the site.Â
Of the seven apartment units, four will be one bedroom, two will be two bedrooms and one large three-bedroom apartment will be constructed in the main chapel area.Â
Construction will not begin until fall 2020 as the developer is seeking historic tax credits. Anticipated completion is summer 2021.Â
The chapel, built in 1854, has been largely vacant since the early 1990s. The property was taken via eminent domain by the Worcester Redevelopment Authority in 1993 to make way for the Medical City project at Saint Vincent Hospital.Â
The WRA has essentially signed off on the project by amending a list of deed restrictions associated with any redevelopment of the property.Â
If approved the council, the plan will go to the Massachusetts Department of Housing and Community Development for final approval.Â
