SECTION 1.  Notwithstanding the requirements of sections 1 through 72 of chapter 44 of the General Laws, sections 1 through 94 of chapter 59 of the general laws, or any other general or special law to the contrary, the City of Melrose, with the approval of its board of assessors, is hereby authorized and empowered to enter into, and execute, a tax deferment agreement, in substantially the same form as attached hereto, with Stone Place Limited Partnership, a Massachusetts limited liability company with a usual place of business at 398 Columbus Avenue, Suite 293, Boston, Massachusetts 02116.

Said agreement shall provide, substantially, as follows:

Stone Place Limited Partnership is about to undertake the restoration and conversion of an old mill complex – wherein Phase 1 of this project will consist of 212 rental apartment units – on a portion of the former Boston Rubber Shoe Factory site located off of Washington Street and Pleasant Street within the City of Melrose, and with addresses of 72 and 78 Stone Place, and 99R and 101 Washington Street.  Phase 1 of the project will also consist of three new buildings including a club house, with a number of amenities therein for the benefit of the project’s residents.