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Tax Increment
Financing (TIF)
The City of Quincy, working with the Commonwealth of Massachusetts
Economic Assistance Coordinating Council (EACC), has developed
a local program of Tax Increment Financing (TIF) to encourage
the redevelopment of industrial and commercial properties. TIF
involves a negotiated agreement between a business and the City
relating to the property tax on the increased value of the project
property due to new construction or significant improvements.
Boston Scientific was the first company to negotiate a TIF with
the city.
Recently the City negotiated a TIF with Fallon
Ambulance the primary 9-1-1 provider for Quincy and surrounding
towns.
Fallon has invested four million dollars to refurbish a former
industrial building in West Quincy to create a new 43,000 s/f
operations facility. While this program enabled Fallon to expand
to three times the size of its previous headquarters, it brought
new jobs to the City, refurbished an old industrial building,
and represents significant revenues in property and excise tax
as Fallon owns more than 100 vehicles. The South/West Business
Partnership will also benefit since Fallon will donate $1000
a year for the next five years as part of the TIF agreement
for improvements to the Brewers Corner business area.
For more information on TIF Financing and the Quincy Center
Master TIF click here. To review
a sample TIF agrement click
here.
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District Improvement Financing
Quincy was the first city in the state to receive District Improvement
Financing (DIF). This innovative state financing program allows
the city to create a district improvement financing zone in
Quincy Center and use “new” tax growth generated
within the defined area to fund new public work projects such
as roads, parking, green space and the long awaited final phase
of the Quincy Center concourse. For more details click
here.
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Quincy 2000 Business Assistance Programs
Whether it is starting a new business, expanding, or relocating
to Quincy, you have a partner in Quincy 2000. We can help you
create a business plan, prepare a loan application or guide
you through the complexities of zoning, licensing and permitting
requirements.
For more information click here.
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State Business Assistance Programs:
Several state-wide agencies provide a variety of services and
resources to help businesses expand or re-locate within Massachusetts.
MassDevelopment (www.massdevelopment.com)
provides an array of financing programs and real estate development
expertise to stimulate economic development within the Commonwealth.
The Massachusetts Business Resource Team (www.mass.gov/bizteam)
is a consortium of state agencies created to provide a coordinated
business development approach in helping companies expand or
re-locate. A new state website (www.massmeansbusiness.com)
is available to further streamline the information and site
selection process within the Commonwealth. Massachusetts Alliance
for Economic Development (www.massecon.com),
a private, non-profit partnership between businesses and the
public sector, can help businesses match their site selection
needs and requirements with the best possible location and resource
options.
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