SalemNews.com, Salem, MA

Local News

November 16, 2012

70 percent tax break suggested for developers

(Continued)

“It’s not enough to have a bunch of residential housing built on Rantoul Street,” Houseman said. “It should be the right kind of residential housing. I want to make sure the city really gets what it’s looking for.”

The goal of the tax program is to encourage developers to build housing, most likely apartments, on a 24-acre stretch of Rantoul Street from Edwards Street to Bow Street. The area is considered potentially attractive because of its proximity to the train station and a 500-car MBTA garage that is about to be built.

The tax program requires that 25 percent of the residential units be affordable to people earning 80 percent of the area’s median income. A single person with an income of $45,500 would qualify.

The tax breaks would apply only to improvements that a developer makes to a property. The city would never collect less than the current taxes paid on a property.

The City Council is allowed to set the upper limit of the tax breaks. The mayor is free to negotiate a lower break with each individual developer. The program would have a “sunset clause” that would allow it to be reviewed after five years.

“If we buy into the concept of a TIF, I think it’s important that we pass one that actually works and doesn’t sit on a shelf and not make a lick of difference,” Councilor Jason Silva said.

Staff writer Paul Leighton can be reached at 978-338-2675 or pleighton@salemnews.com.

Text Only | Photo Reprints
Local News

AP Video
Official: Air Algerie Flight 'probably Crashed' TSA Administrator on Politics and Flight Bans Raw: National Guard Helps Battle WA Wildfires Raw: Ukraine's Donetsk Residents Flee Senators Push to End Hamas Threat in Cease-Fire A Young Victim's Premonition, Hug Before MH17 U.N. School in Gaza Hit by Israeli Strike Raw: Deadly Storm Hits Virginia Campground Officials Warn of Avoidable Death in Hot Cars Death Penalty Expert: 'This is a Turning Point' House Committee at Odds Over Obama Lawsuit Raw: MH17 Victim's Bodies Arrive in Netherlands Raw: UN School Used As Shelter Hit by Tank Shell Raw: Gunmen Attack Iraqi Prison Convoy Plane Leaves Ukraine With More Crash Victims The Rock Brings Star Power to Premiere Raw: Families Travel to Taiwan Plane Crash Site Arizona Execution Takes Almost Two Hours Crash Kills Teen Pilot Seeking World Record
Comments Tracker