There have been lots of questions regarding how this development would compare to some of the other developments around Andover and in other towns.
Here is the tax breakdown for Hamilton Green apartments on 133 from town documents for 2017. You can also see this information by clicking here.
This is not Slate, but the Hamilton Green portion of that property.
Note that the assessed value is $46 million and it is taxed at the residential rate of $15.18
The Slate portion of the property has an assessed value of $36 million. Click here for details.
Keith Saxon has put together a comparison of this project vs. Market Street in Lynnfield.
Click here to download this comparison
Note that the tax rates for Lynnfield are: $10.03 for residential and $11.35 for commercial vs $15.18 and $26.46 for Andover.
Points to Consider:
Note how the project has changed over the previous years. This is normal as a project comes into focus based on a number of factors including community involvement, financing, approvals, etc. However residential was added well after the original project was conceived, and then expanded.
Questions:
Why wasn’t the project going to be successful without the residential? The developer indicates that the retail customers