ADAMS, Mass. — The Selectmen on Wednesday approved a 10-year special tax agreement with Adams Theater LLC.

 

The vote was 3-1, with Selectwoman Ann Bartlett voting nay over the length of the STA and Selectman Joseph Nowak recusing himself over concerns about conflicts as a volunteer and donor.

 

The STA is structured around $1.5 million to be invested to complete the Park Street theater for year-round use by 2026.

 

The exemption the first year would be 100 percent, followed by two years each of 75 percent, 50 and 25, and then 10 and 5 percent for the final years. 

 

The total estimated value of the agreement, based on the recent valuation of the theater by the town assessor and projected increases, is $204,000. The theater will be required to report its progress annually to the state during the term of the STA.

 

"We want to apply a maximum tax relief while the theater is being built up and undergoing these renovations ... so once it kind of reaches full capacity, the town's able to capitalize on some of those property taxes as the yearly exemptions go down," said Colby Tarjick, program manager in the Community Development Office.

 

Tarjick said the situation is a bit different for this special tax assessment because arts institutions are typically tax-exempt organizations. The Adams Theater, however, is remaining on the tax roll so it seeking some relief as it completes the renovation.