Comment

Biggest TIF Ever

 

Any time a developer comes to the City of Worcester, except Amazon, they ask for a TIF and the City Council argues about it but always passes it.  

Now comes along $175,000,000 (our prediction) Polar Park and the tenant is not required to pay property taxes in their lease.     Even based on a $100,000, 000 valuation and a tax rate of 36.20 per thousand that equates to an annual tax bill of $3,620,000!!     

WooSox will pay nothing in taxes....     Never saw that argued at City Council since it was contained in the lease executed by the WRA.

 

 

This is where we get confused.    

  1. Since the underlying tenant is a for profit business, it is our understanding that  you need to pay taxes on the stadium.
  2. Does this the mean the WRA, the owner of Polar Park, will have to pay the tax bill???
  3. If they do, they have no money!!!
  4. So the City of Worcester (the taxpayers) will have to lend monies to the WRA to pay their tax bill
  5. But the WRA is insolvent and has no chance of paying the taxpayers back!!!


We will try to get some clarity on this going forward...




 

 

Comments

Anonymous said…
The rich continue to get richer!
Anonymous said…
What is worse is that the giant apartment complex overwhelming the neighborhood on the Mt Carmel property will get a giant TIF.

The developer admitted it at the planning board hearing. They won’t build unless they get all 371 units, place the parking garage as what the rest of the city will see (only residents get the nice view of the inward looking development) and unless they get a huge TIF.

The planning board gave them what they want.

The Cirty has been trying to keep the pub,if from learning about any of this. There were allegations at the hearing that abutters did not get nicotine.

Now a huge TIF that should not be needed will get swept under the rug and whisper approved at city council. Watch.

Others bid on this property and did not ask for a TIF. Why is this specter developer being given this sort of treatment. It is clearly not necessary to have a TIF to develop this highly visible and valuable property.
Anonymous said…
Both Polar Park and now the Mt Carmel site have the city giving away tax free TIFs to overburden the neighborhoods surrounding them that pay full taxes (with the businesses competing against them paying the over twice as high commercial rate).

Why is this? What is in it for the indicpvidual city officials making these decisions? Are they looking for landing spots after their city careers? I have absolutely no evidence of any of that but I wonder why these select companies are allowed to free ride on the backs of surrounding taxpayers whose rates increase every year?

How are the other businesses that pay full taxes supposed to compete with a favored special few that don’t pay taxes but overburden the parking needed by all? These special few have completely inward, enclosed developments that intentionally exclude residents that are not paying to get in at the expense of those on the outside looking in.
Anonymous said…
Couple this with the WooSox reportedly paying no taxes. In a brand new $160 million facility constructed by the City.
Anonymous said…
The effected businesses should collectively attend a City Council meeting, if they can take time away from operating their business, and describe their plight first hand. They have invested in the City and pat taxes and should be heard.