[CPEO-BIF] Worcester group supports Massachusetts brownfields tax credit (

[Lenny Siegel <lsiegel@cpeo.org>]

Brownfields tax credits work

Opinion by Craig L. Blais
Worcester Telegram (MA)
July 9, 2013

The Worcester Business Development Corporation (WBDC) strongly  
supports the extension of the Massachusetts brownfields tax credit  
(BTC). Brownfields tax credits leverage private investment, jobs, and  
taxes in our economically distressed Gateway Cities. They encourage  
smart growth, protect the environment, and reduce the commonwealth's  
long-term demands on infrastructure. Brownfields tax credits support  
the work of CDC's and other organizations like the WBDC.

The WBDC was established as a private, non-profit business  
organization by a special act of the Massachusetts Legislature in  
1965. The WBDC has served as an innovative and leading force in the  
economic development of Worcester County since that time. The WBDC's  
efforts have resulted in the creation of over 7,000 jobs and nearly  
$5 million in annual property tax revenue.

Since the late 1990's, brownfields redevelopment has been a key focus  
of the WBDC's mission and success.

The Gateway Cities industrial history dramatically increases  
redevelopment costs, while reducing the market rental rates that  
offset those costs. The commonwealth's proud history of leading the  
American Industrial Revolution is now causing it to be less cost  
competitive with its regional and national competition. The  
brownfields tax credit has been a key factor in closing the financial  
gap that occurs predominantly in Gateway Cities when properties are  
redeveloped.

...

For the entire article, see
http://www.telegram.com/article/20130709/NEWS/307099984/1020

--

Lenny Siegel
Executive Director, Center for Public Environmental Oversight
a project of the Pacific Studies Center
278-A Hope St., Mountain View, CA 94041
Voice: 650/961-8918 or 650/969-1545
Fax: 650/961-8918
<lsiegel@cpeo.org>
http://www.cpeo.org

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