Committee on Finance Regular Meeting – December 30, 2025
Committee on Finance Regular Meeting – December 30, 2025
The Committee on Finance met on Tuesday, December 30, 2025 at 5:53 PM. Present were Chairman (presiding), Vice Chairman Taylor, Councilman Sanchez, and Councilman Oscar Vaugus (joined later). Councilwoman Grace was absent. The committee considered three items: a repeal of a tax stabilization agreement (TSA) for E2 Realty LLC, a continuation of a repeal for a property at 321 Next Street, and a scheduling of a public hearing for a new TSA for 70 Railroad Drive.
Discussion Items
Item 1 – Repeal of TSA for E2 Realty LLC (41 Walkman Avenue)
The committee reviewed an ordinance to repeal a TSA approved on December 13, 2019 for E2 Realty LLC. The Chief testified that the owner requested the repeal because they could not secure financing and did not benefit from the TSA (no building constructed, no tax credits received). The administration supported the repeal. Councilman Inlaw asked if the owner had been paying regular taxes on the vacant property and whether they could reapply in the future. The Chief confirmed they had paid full taxes and, with the Solicitor’s opinion, that a new application could be submitted later if criteria were met. Councilman Sanchez inquired about the normal TSA process and the timeline for the project. The Chief explained the typical TSA application process, including public hearings and fiscal notes. The committee voted to recommend repeal. Motion by Councilman Inlaw, seconded by Councilman Sanchez, all in favor.
Item 2 – Repeal of TSA for 321 Next Street
The committee considered an ordinance to repeal a TSA that was active and had been transferred to a new owner (Swap). The Chief advised that the new owner was considering different directions, and a repeal at this point might be premature. He recommended continuing the matter to allow further discussion with the new owner to ensure they understand the implications. Councilman Sanchez confirmed that the new owner was currently using the TSA and paying the associated taxes. The committee agreed to continue the matter. Motion by Councilman Inlaw, seconded by Councilman Sanchez, all in favor.
Item 3 – New TSA for 70 Railroad Drive (Generation Yield LLC)
The committee reviewed an ordinance to establish a TSA for Generation Yield LLC, a 43-year-old auto body repair business in the city’s north end. The property, formerly a Triple A location in Silver Spring Industrial Park, was acquired in 2023 for $6.5 million. The proposed TSA covers a total investment of $3.57 million (including $2.57 million in new investment). The company plans to expand its workforce from 40 to 50 employees and partner with trade schools to train workers in state-of-the-art automobile repair. The TSA is for five years, with savings to the applicant of $152,202 over the term. Base year taxes are $99,320, graduating to $177,?? over four years. The TSA includes a parks and recreation fee of $10,654 (7% of savings) and a monitoring fee of $12,850 (0.01% of project cost). Councilman Sanchez expressed support for the training aspect, noting the need for certified mechanics for electric vehicles. The Chief mentioned that the local councilman had asked the developer to present at a community meeting. The committee voted to schedule a public hearing. Motion by Councilman Inlaw, seconded by Councilman Sanchez, all in favor. The public hearing was tentatively set for January 27, 2026, pending confirmation with all parties.
Key Outcomes
- Item 1: Motion to recommend repeal of the TSA for E2 Realty LLC passed unanimously.
- Item 2: Motion to continue the repeal matter for further discussion with the new owner passed unanimously.
- Item 3: Motion to schedule a public hearing for the TSA at 70 Railroad Drive passed unanimously; public hearing date targeted for January 27, 2026.
Meeting Transcript
Good evening, everyone. Welcome to the committee on finance regular meeting. It is Tuesday, December 30, 2025 at 53 p.m. Madam Kurt, would you kind of lead on the room? Present. Vice Chairman Taylor is a safe counselor and the bar. Present. Councilwoman Grace is absent. Counselor Sanchez. We have three present and two absolutely out of bottom. But the record reflect that we are joined this evening by Councilman Oscar Vaugus. Thank you for joining us. Larry Nancy. And uh staffed by our famous city solicitor that is fancy who's dressed very fancy. Yeah, I'm free. I was free to get like that. It's a good look. That's a more okay. Um Madam Clerk, kind of read item one into the record, please. An ordinance for healing ordinance chapter number two thousand nineteen dash fifty-five number fifty-four approved December thirteenth, two thousand nineteen as a negative twenty-few dash seventy-two number four twenty-nine adding taking a fact by December twenty-first, two thousand twenty-two, entitled an ordinance establishing a tax stabilization agreement for E two thousand reality lc located on Assessors Play 13 class 232, 233, 234, and 235 by 41 Walkman Avenue. Okay, who do we have here tonight? Chief, will you testify on this matter? Can you please send your name and then put the record? Well, I was saying she's buying to also sit above it. Thank you. Thank you very much, Chief. So the matter before us tonight is to repeal a TSA that was given by this body on that as the clerk finally uh read December 13, 2019. Um it's my understanding that the uh the owner has requested that this matter be repealed. They do not want the TSA, and as I understand it, they have not benefited from the TSA. They haven't built the building, they um earned no tax credit or abatement or any tax advantage. Could you please um tell us about that? Some out of it. It was uh intended to be a uh part of that included combination of commercial and residential properties. The owner was unable to secure adequate financing, and tried on multiple occasions, and then uh finally uh had to uh give way of no time during any time to that intervening years of adoption of tool of the tax legalization and the cardiac that they receive a tax bill lower than all the amount of taxes would have been as a result of those changes. So it's fairness working with the assessors office perhaps spoken to uh uh assistances was a shop. We thought that uh there was no benefit, therefore we expect that uh there will be no reason to interfere with the TSA orders for its entire uh in its totality. Okay, so uh so administration is a support, I read the administration of work of the administration. I briefly administration, I've worked with the administration as I said I've talked about the assessment in this particular matter. Um we see no reason why we would uh we would stand with the opposition. Okay. Uh committee members, any questions? No, so we're gonna end the block. Um just a quick question. So have they been paying taxes on it as a vacant piece of property? Like they've been paying. It's just so no tax benefits, they were making their payments. Yeah. Well, thank you. Uh Chief, so they've been paying the regular taxes as that's being uh can I note yes, please. Are they able to let's say in the future they can they reapply again?
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