The proposed Adams Court development in East Milton Square will bring a significant increase in property tax payments to the Town of Milton over its current use, according to plans presented to community officials.
According to information provided by the Falconi Companies, the current property taxes on the East Milton Square land which houses their offices, some commercial office space and several residences, is $66,000. The Assessors’ office estimates that the new property tax income from the property will rise from $66,000 to $203,417, an increase of $140,671.
This represents an increase of 300% in the property taxes which would be paid to the Town of Milton.
Representatives of Falconi Companies met this week with community officials again seeking direction on whether the town plans to pursue a 40R overlay district which, if they did, would potentially yield additional revenues to the community.
Should the Town of Milton adopt the 40R Zoning Overlay District, there is potential for the community to receive a zoning incentive payment between $10,000 and $600,000, in addition to bonus payments of $3,000 per unit when developments receive building permits.
Bob Falconi, a principal in the family business, said, “We believe that Adams Court will bring a much –needed retail, residential and commercial upgrade to the property and will be of tremendous value to the town.”
He added, “Much of the feedback thus far for our proposal has come from East Milton Square; while much of it has been positive, we have made (and continue to make) every effort to hear the concerns and recommendations of the neighborhood. However, we also want to make certain that the rest of the community has the chance to hear about our plans and weigh in on them. We believe that what we propose benefits the entire community, through the additional revenues, building permit fees, additional parking and traffic mitigation, as well as fees and payments if Milton adopts 40R.”
About Falconi Companies
The Falconi family has been involved in the construction industry, and with the Town of Milton, since 1950 when Joe Falconi, the father of the present second-generation owners, started the family business. The company builds and manages residential and commercial properties throughout the South Shore of Boston.
Today, the business is owned and operated by four of Joe Falconi’s children: Bob Falconi, Jeanne Falconi Schmidt, Debra Falconi Aylward, and Dianne Falconi Ratti. The family is proud of a differentiator in their business; namely, every aspect of every project is personally handled by a member of the Falconi family, from initial plot purchase through architectural layout to interior design. A number of the firm’s employees have been with the company for more than 25 years. The company maintains memberships in several organizations including the National Association of Home Builders, the Builders Association of Greater Boston, and the Milton Chamber of Commerce. The company has been active in many local and charitable organizations and supports many community causes. Companies has its headquarters at 4 Franklin Street, Milton, MA 02186. For additional information, please call (617)696-6090, or visit http://falconicompanies.com. To reach the company via email, falconicompanies@gmail.com.
