Worcester Designates Tax Increment Financing Zone for GreenTech Park
What happened
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
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
Who's involved
- Economic Development CommitteeThe Economic Development Committee recommended the zone designation.
- city councilThe City Council approved the zone designation.
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The entities involved
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Economic Development Committee
organization
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city council
legislative body that governs a city, municipality or local government area
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