Title
Resolved: That the City petition the Executive Office of Housing & Economic Development to revoke certification of the project located at 243 Medford St.
Body
Whereas: In June of 2007, the City of Malden entered into a Tax Increment Financing agreement with Paradigm Precision Holdings, LLC (the Company), having a principal place of business at 243 Medford St. in Malden and STAG III Malden, LLC, having principal place of business at 99 Chauncy Street, Boston, MA (the owner); and
Whereas: Under the terms of said agreement, the Company represented that it would create 60 new, permanent full-time jobs, with preference given to local residents in return for certain tax incentives from the City of Malden; and
Whereas: The Company has failed to meet its obligations under the agreement; and
Whereas: Current employment figures for the Company show a reduction in the workforce from 160 jobs in June of 2007 to 142 jobs in June of 2014; and
Whereas: The Company has rebuffed repeated attempts by the City to discuss the company's failure to meet obligations under the agreement;
Now, therefore, be it:
Resolved: That the City of Malden petition that the Executive Office of Housing and Economic Development to take immediate steps to revoke certification of the project and the accompanying Tax Increment Financing Plan, due to the material variance from the agreed upon terms; and be it further
Resolved: That copies of this resolution be immediately forwarded to the Economic Development Incentive Program Director.