Bancroft developer pulls TIF request
Citing a tense political dynamic between the Mayor and the Counsel, Justin Krebs managing partner of Washington Square Ventures is quoted in the MWDN " We have chosen to withdraw our TIF request at this time because of the current political environment which borders on the absurd".
It's pretty clear that the project had already begun and Mr. Krebs was asking the city to help his bottom line out. He is hoping that the new Counsel will be more willing to grant his request. Mr. Krebs might want to review the candidate forums the League put on to hear how the candidates answered the question of granting the TIF. I'm not sure the new Counsel will be any more likely to approve it and they shouldn't imo.
According to the experts, tax breaks are used to encourage developers to come to a City and not used after a project has been approved.
I may be in the minority, but I think that's the worse place for 150 apartments.
posted by Jim Pillsbury @ 8:37 AM
14 Comments
14 Comments:
You are not in the minority as I and others agree with everything you said. TIF's are meant to attract developers, not increase their profit margin. They should not be granted a TIF under any conditions
I don't know if its the worst place to put apartments, but I do know its not a place to give a TIF to at this stage of the project.
How do I view those forums you mentioned and do you know which forums you asked about the TIF program?
Under any conditions is what I meant to say as well.
on the League of women voters face page. All of our forums are there. I seem to remember asking some if not all about the TIF.
https://www.facebook.com/search/top/?q=league%20of%20women%20voters%20of%20framingham&epa=SEARCH_BOX
Is this developer saying he won't build these apartments because of the issue with getting a TIF, or is he saying he will be approaching the city for the TIF again when there are new councilors that might support his request?
What the heck is TIF?
It's a tax break for the developer to the tune of 1.6 million over seven years. The Town has granted them in the past... that huge building on Rte 135 at the old Harley dealer is one that comes to mind. But that was granted to revitalize downtown. It remains to be seen if it will do so.
So how about granting these tax breaks to seniors who have already paid a lot of money to the city. Or to those who are facing forclosures to prevent another abandoned property here in Framingham. Why are we always working to attract developers while we forces those on fixed incomes out?
1.6 million could go a long way to covering property taxes for senior citizens
I agree. We are costing the city the least. Our children are grown with families of their own. You have to be near destitute to qualify for senior tax abatement's. These new apartment developments cost the city way more than we get back in taxes.
But the Mayor and the Economic Development people want to show they to can stuff more apartments into the Ham, in the name of creating more housing... not necessarily affordable housing or work force housing though.
Does Framingham already have their required amount of affordable housing, and if we don't why not?
I believe we do have over the mandated amount of 10%.
Tonight at 7:30 on your Government channel, the Finance Sub Committee will discuss the Fountain Street TIF.
Last night the Finance Sub Committee voted to not give a TIF to the developer.
Didn't the developer already pull his request? Why bother wasting any time on it?
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