Numerous local businesses and two chambers of commerce have gone on record in favor of a June 19th Hanover Special Town Meeting article, that if approved by voters, would grant the Hanover Mall a TIF (Tax Increment Financing) allowing the new owners of the Mall to redevelop and revitalize the 46-year-old shopping center.
PREP (PECO Real Estate Partners), the new owners of the Hanover Mall, and their Hanover-based management team have been meeting with Hanover officials and community members to discuss the TIF proposal, which has been received favorably – so positively, in fact, that several businesses and organizations have gone public in their endorsement of the TIF. The Hanover Selectmen voted unanimously in support of the TIF on May 24 and The Planning Board unanimously voted in support of the TIF at the PB meeting June 6. The TIF is necessary to complete the redevelopment plan PREP has to become Hanover Crossing, the proposed new name for the property once redeveloped.
Both the Hanover and South Shore Chambers of Commerce are endorsing the tax increment incentive and encouraging voters to support it, with Hanover Chamber President Patrick Kelleher excited “about the economic boost the new mall will give to our community.” Peter Forman, president and CEO of the South Shore Chamber said, “we support the proposed tax incentive; Hanover residents will now have the chance to support new growth and see a vibrant mall.”
Endorsements have also come in from area businesses, Chamber members, and Hanover residents with the following in support of the TIF, to date:
- Joshua Katzen of Hanover Washington LP, owner/developer of the Hanover Target Shopping Center
- Dave Rosenberg, owner of Prime Motors
- Brooks Henderson, owner/operator of Moe’s Southwest Grill in the Hanover Mall
- Juvy Hartweg, director of the South Shore Children’s Museum
- Brian Murphy, owner of Unicorn Realty
- Maria Wood, owner of Fashion Focus Program
- Jim Farrell, president of PR First and a member of the Hanover Chamber of Commerce
- Tom Burke, a Hanover resident and member of the Hanover Chamber
- Steve Avitable – owner Avitable Fine Jewelers – a Hanover business owner and resident
- Judith Teetsell – Hanover resident
- Tim Bulman – owner Burger King property
- Sue Setterland – Senior Vice President – Coastal Heritage Bank, Hanover Resident and previous Board of Selectman
Under the terms of the proposed TIF, PREP will commit to investing a minimum of $40 million in redeveloping the mall – which is the town’s single largest taxpayer – while maintaining the level of property tax payments annually based on its purchase price.
PREP has agreed to pay real estate taxes based on its purchase price of $39,500,000 prior to and during this construction period. In recent years, its assessed valuation has declined. The TIF agreement would stop that slide while allowing the owners the time to invest in improvements and attract new tenants.
The redevelopment will provide an estimated 700 full-time, part-time and construction jobs; under the TIF agreement, PREP is required to use best efforts to hire Hanover residents.
Hanover Mall General Manager Ed Callahan expressed appreciation for the support the tax incentive initiative has received, saying, “We look at this article as a ‘win-win,’ since it will move the Hanover Mall revitalization forward, as well as provide the community a stable tax payment over the next 15 years.”
Since 1971, the Hanover Mall has served the shopping needs of Hanover and the region. Hanover Mall supports a number of community activities and causes, and employs hundreds of local residents. Hanover Mall is the Town of Hanover’s largest taxpayer. The mall is located at 1775 Washington Street, Route 53, Hanover, MA. To learn more about the Mall, please visit their Facebook page, https://www.facebook.com/TheHanoverMall/.