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BRA Board Meeting Actions

Sep 26, 2013

BRA Board Approves Red Sox Agreement for Yawkey Way The BRA Board unanimously approved an agreement with the Boston Red Sox that allows the continued use of property rights on Yawkey Way, and air rights above Lansdowne Street for the Green Monster seats.  The current agreement with the BRA, initiated in 2003, was set to expire at the end of the baseball season.   BRA Board Approves Millennium Tower and Burnham Building Agreement The BRA Board unanimously approved a tax incentive for the development of the Millennium Tower and Burnham Building in Downtown Crossing. The agreement will assist in the attraction of significant private investment in the retail and office components of the project by providing lower and predictable occupancy costs. The incentive agreement with Millennium Partners, authorized under Chapter 121B of the Massachusetts General Laws, has a 13 year term and is valued at $7.8 million in present value. It is applicable only to the retail and office portions of the project, which will still be required to pay $13.8 million in taxes under the 121B agreement during the incentive term. The tax agreement is structured so that it provides relief in the early years of the agreement and then ramps up in a predictable manner to the full tax level during the remaining term. The project’s residential tower component, which is not the subject of the 121B agreement, will yield another $45.8 million in taxes, for a total of $59.6 million in tax payments to the City during the same period. The tax agreement is critical to ensuring the attraction of a mix of high quality office and retail tenants so that the project will have a significant, transformative impact on the Downtown Crossing area. A project with such a tenant mix would not happen without the tax agreement.  

Related Tags

Fenway Park Landsdowne Street Millennium Tower and Burnham Building Red Sox Yawkey Way 

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