NORTH ADAMS — Mayor Richard Alcombright is expected to request a postponement of debate on Tuesday over a special tax agreement for the developers of the Greylock Mill.
The planned five-year tax deal with Greylock Mill developer Latent Productions was set to be heard by the City Council on Tuesday, but Alcombright will ask that it hold off on a vote until the proposal is revised.
Deviating from the original proposal announced last week, Alcombright said the developer will now ask for a longer timeline to fulfill its $18 million investment in the mill. Under the previous draft, Latent gave a five-year work plan — the same length as the tax agreement — to fully invest its planned $18 million in the Greylock Mill.
Salvatore Perry and Karla Rothstein, principals of New York-based developer Latent Productions, purchased the former Cariddi Mill on State Road in 2015 for $749,000 and hope to revitalize it into a multi-use facility with hotel, residential, and food production spaces.
Alcombright said he was willing to extend the work plan as long as Perry and Rothstein meet specific investment goals according to a schedule — they could not, for example, only invest $2 million in the first four years of the agreement — and other guidelines already set forth in the original proposal, including that they make efforts to facilitate the hiring of local employees at its tenant businesses.
"All I'm trying to do is work with [Perry] to come up with a schedule to allow him to continue the work," Alcombright said. "We don't want to put something in place that's destined to possibly fail. We don't want him to fail, we want him to succeed."
The city and Latent are now likely to finalize the agreement in the coming months, but still hope to win state approval and take effect before the next fiscal year. For the agreement to move forward, it must receive a green light from both the City Council and the state Economic Assistance Coordinating Council, which would designate the mill as an Economic Opportunity Area.
Under the revised proposal, Latent would still see a tax break of 100 percent in the first year, 75 percent in the second year, 50 percent in the third year, 25 percent in the fourth year, and no break in the final year.
Latent could not be reached for comment on Monday.