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.
The City negotiated a TIF with Fallon Ambulance the primary 9-1-1 provider for Quincy and surrounding towns. Fallon 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.
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.
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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 provides an array of financing programs and real estate development expertise to stimulate economic development within the Commonwealth. The Massachusetts Business Resource Team 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, 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.