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  1. The Economic Development Committee reviewed a proposal to regulate pricing algorithms.

Worcester Designates Tax Increment Financing Zone for GreenTech Park

1 report, 1 independent Updated Sep 25
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What happened

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Worcester approved the designation of 30 acres of GreenTech Park as a Tax Increment Financing (TIF) zone. The designation was approved by the Worcester City Council on September 22, following a favorable recommendation from the Economic Development Committee. The zone is located in the Greendale neighborhood along Interstate 190.

From wbjournal.com

Why it matters

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The designation allows the City Manager to negotiate future TIF agreements for projects focused on commercial development and advanced manufacturing. These future agreements still require City Council approval and establish project-specific terms regarding property tax exemptions.

The Economic Development Committee had previously been reviewing a proposal concerning the regulation of pricing algorithms.

From wbjournal.com

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