Special Edition - Select Board Newsletter

The Select Board is organizing an important event to take place in October to discuss the Town’s ability to pursue economic redevelopment in the Gateway District and follow through on the Town’s recently assembled Master Plan.  On Wednesday October 9th at 7:00 p.m. (at the Municipal Center), the Board will be sponsoring a presentation (open to all) that will define the opportunity in the Gateway, explain its significance to the future of the Town, and explain a key financial tool for making it happen, a Tax Increment Financing (TIF) district. 

At this time, the Board is preparing to recommend the Town adopt a TIF district and plan at the upcoming Town meeting.  This step is key to preserving options for the Town’s future and adopting a district and plan is a first step. This step does not include seeking bonding authorization to fund improvements in the District.  The tool does make it more likely it will attract redevelopment by private parties in the district and give the Town an option (at a future Town meeting beyond 2020) to decide to participate (such as through authorizing borrowing to introduce critical infrastructure needed to realize the desired uses). 

At its core, the Gateway District’s purpose is to provide many benefits to the Town.  The redevelopment of the Gateway into denser development with more uses will not only increase the tax base, but also provide a number of other benefits: ensure residents have more housing choices, promote upgrades to existing or introduce new amenities, allow for more civic uses and gathering places, and introduce modern development that better cares for the environment.  It is worth noting, a more valuable commercial Gateway district will also help ensure the future costs of the great services and programs discussed below are shared more widely and beyond our residential tax base. 

We encourage all residents to consider attending this important event.