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Fulcrum Global Investors (“FGI”) have once again appeared before the Everett City Council to request approval of a proposed Tax Increment Financing (“TIF”) for their 21-story mixed-use tower located at 380 Second Street. Through negotiations with the Administration and, presently, with the City Council, the TIF Agreement contains provisions including construction of the project with 100% Union-Labor, a $2 Million payment to be made to Everett’s Affordable Housing Trust Fund, job fairs and training will be conducted in conjunction with the Everett School Department, a $3+ Million investment toward cleaning up a heavily contaminated site, collaboration between FGI and Everett business-owners to incorporate a local business into the ground-floor retail, and many other benefits.
The proposal has been divisive among both residents and Councilors. One Councilor, Stephanie Smith, has stated that she’s met multiple times with FGI to help craft the TIF. Smith, who has a professional background in finance, tends to be the dominant voice on financial matters before the Council. To that end, Smith expressed concern at a Special Meeting of the City Council held on May 19th on whether a reduction in taxes would result in other residential taxpayers being negatively impacted. Smith stated, “If we get the answer and it’s the right answer, it will absolutely change my vote because we’re getting all the benefits, and the residents aren’t picking up the brunt of it. So that will absolutely change my vote.” After receiving verbal confirmation at the May 19th meeting as well as written correspondence by the City Assessors Office confirming that a reduction in taxes will result in a reduction in assessed value and, therefore, no residential taxpayer would be negatively impacted through a TIF, Smith yet again shifted the goalposts, positioning herself on the opposing side this past Tuesday evening.
In the same meeting, Smith admits that construction of the Sofia with a TIF is better for the City of Everett in the long-term, but voiced concern that the request is coming at a difficult time. Reading between the lines, it appears that Smith really means that, while supporting the TIF is, unquestionably, a sound investment into Everett’s financial, environmental, and aesthetic future, doing so might hurt her reelection chances.
At the end of the day, elected officials should really take a look in the mirror and reflect on their duty. Is their goal to advocate for the long-term interests of the City’s residents? Or does that come second to appeasing the loudest voices in the room? Day after day, it has become evident that a solid handful of Councilors think that their only job duty is to win reelection rather than make meaningful change in their City that they supposedly love. Don’t believe me? This Council has now been in session for 17 months. Can you think of three pieces of legislation they’ve crafted? How about two examples of platforms that they advocated for during their incoherent biweekly meetings that actually resulted in something tangible?
