The New Bedford Finance Committee meeting on September 18, 2025, focused on the city's delayed implementation of Tax Increment Financing (TIF) policies, raising concerns about economic competitiveness with neighboring communities.

During the meeting, several council members expressed frustration over the slow progress in developing TIF agreements, which are crucial for attracting and retaining businesses. One councilor highlighted that while other municipalities in Massachusetts have already adopted TIF policies, New Bedford remains at a disadvantage, potentially losing businesses to nearby cities like Fall River, which is poised for significant commercial development.

Councilor Lopes emphasized the urgency of the situation, noting that the city has been without a TIF policy for an extended period, which could hinder economic growth. He pointed out that discussions about TIF had begun as early as February, yet the city is still months away from finalizing a program. This delay has led to dissatisfaction among local business owners who are eager to engage with the city for expansion opportunities but are hindered by the lack of a clear policy.

The committee also discussed the need for a more efficient and transparent TIF process, with an acknowledgment that while New Bedford is working to improve its approach, it is essential to learn from the experiences of other municipalities. Councilor Oliver questioned whether the city is leveraging existing models from other areas to expedite its own TIF development.

The meeting underscored the critical need for New Bedford to establish a TIF policy promptly to enhance its economic landscape and prevent further loss of businesses to neighboring regions. The committee plans to continue addressing these concerns in upcoming sessions, aiming to finalize the TIF program within the next couple of months.