Councilors Tuesday are also scheduled to vote to sell $100,000 in bonds to secure and clean up the building at 415 Lisbon St. Work on that building is scheduled to begin on June 4. Oxford Networks plans to put an antenna on top of that building by June 10.

The city would establish a 100 percent credit enhancement TIF district on all real estate taxes paid by Oxford Networks, Northeast Bank and the third office building. That would refund all real estate property taxes those businesses pay for the next 20 years. It doesn’t include real property taxes, however. According to the agreement, those businesses will continue to pay property taxes on their business and office equipment.

“I am creating a report for the council that shows how much money that represents in other businesses around the city,” Bennett said. “Even with the TIF district, these groups will be paying a significant amount of taxes to the city.”

Property lines

Franklin Property Trust owns most of the land and buildings involved in the deal, but Bennett said councilors will be voting later on to include some remaining pieces of land in the deal. That includes property at the corner of Maple and Lisbon streets, and along Canal Street.

Bennett said the city has not approached those property owners.

“One of the reasons we haven’t is that we don’t know until Tuesday if this deal is actually going to go through,” Bennett said. “Councilors haven’t voted on it yet, so we don’t know anything for sure. But the other reason is that we are going through legal process here, and that determines when we can talk to property owners. Unfortunately, this forces us to act in ways we wouldn’t always prefer to act.”

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