Fiscal 2023 DIF Account

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Dave Z Comments

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 The revenues are not coming up short. The former Cove site and the Table Talk development is also part of the DIF that is generating revenue for the ballpark.


*   Editor's note:   Neither the Cove nor Table Talk will contribute a net positive real estate payment to the City of Worcester for years.    Remember it is net new that go towards the DIF.    Both of these properties were paying taxes at a commercial rate.


Speaking of tax revenue, what’s the rumor mill saying about the Amazon warehouse at the former Greendale Mall? Amazon recently announced a brand new warehouse in suburban Buffalo would not open. Is the new Worcester warehouse going to have the same fate and never open?


*   Editor's note:   Amazon will be opening in Worcester, but not going to use the entire space to start.    BTW, who really cares, they pay taxes on their real estate at a commercial rate, whether they use the warehouse or not.   Even if they never opened, they would still be paying real estate taxes.   More than we can say for Polar Park..........  




Comments

David Z. said…
https://radioworcester.net/worcester-city-manager-eric-batista-talks-about-the-development-around-polar-park-and-explains-how-the-city-is-paying-for-the-project/
January 30, 2023 at 9:24 AM
Anonymous said…
How I understand it, the ADDITIONAL (increased) revenues from the new development which are above the tax revenues which were being paid is what goes to pay the payments on the bonds. Both the Table Talk and the Cove sites have had their buildings demolished and are just land so it seems logical that both are paying less taxes than what was being paid by the previous owners. Also the development across the street is way behind schedule and I have not heard of anything coming soon there as well. Lastly, I have been told that the parking revenues are less than projected. I don't understand how the City can say this is paying for itself, they need to put pen to paper and show us.
January 30, 2023 at 3:59 PM
Anonymous said…
Your post makes a great point that I did not think about. The old properties were paying taxes at the higher commercial rate so the new residential development has to have more than double the value just to pay the same amount previously paid.
January 30, 2023 at 4:05 PM
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