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City Council Approves $8M District Improvement Financing for Springfield Crossing
Summary
The Springfield City Council voted June 2 to establish a district improvement financing (DIF) district for the Springfield Crossing redevelopment, approving a plan that dedicates a share of new tax revenue to repay bonds covering demolition, environmental abatement and site preparation.
The Springfield City Council voted June 2 to establish a district improvement financing (DIF) district for the Springfield Crossing project on the former Eastfield Mall site, approving a structure that dedicates a portion of new property tax revenue to pay bonds that will fund public site improvements.
Tim Sheehan, chief development officer for the city’s Department of Planning and Economic Development, said the DIF would be used under Mass. Gen. Laws c. 40Q to cover “demolition and abatement, site prep, earthwork, and paving.” He added, “The total cost of the proposed public subsidy is $8,000,000.”
The DIF creates a defined financing district covering 34 acres of the site. Under the plan presented to the council, the incremental property taxes generated by new development above the site’s current tax base would be split roughly 50–50 between the city and the development entity; the developer and third‑party bondholders would front the construction cost, and repayments to those bondholders…
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