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June 4: DDA plans work session about Federal Screw Works site, Clocktower Complex

On Thursday, June 4 at 7:30 a.m., the Chelsea Downtown Development Authority plans a work session with two items on the agenda.

The first is a discussion of a May 15 letter from Rene Papo, developer of the Federal Screw Works site at 500 South Main St., and the second is a discussion of the Clocktower Complex.

Papo sent the DDA a letter regarding potential interest in the city’s use of the existing buildings on the property along Congdon Street.

“I would like to confirm that Magellan (Properties) is interested in pursing a public-private collaboration with the Chelsea DDA on this project.”

The letter states that if mutually agreeable terms can be reached, Magellan Properties would be willing to consider the donation of two buildings along Congdon Street and about an acre of land. In exchange, the developer would like the DDA to install “the site infrastructure so that the project is ready for vertical construction on the remaining three building sites.”

The letter says, “The site provides the unique situation for the DDA to provide a permanent public space in a historic structure while energizing the redevelopment of a major site along Main Street that will result in generating TIF revenues back to the DDA.”

Papo plans a “mixed use cluster of retail, office and commercial use buildings supported by onsite parking.”

Also planned is a discussion of the leased and available space in the Clocktower Complex brought forth by new DDA Board Member Ron Weiser.

As a reminder, no formal votes are taken at work sessions.

The DDA meets in the City Council Chambers in the new Municipal Building.

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