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Developer Seeks $8 Million in DIF Funding for Boston Road redevelopment in Springfield City
Summary
Onyx Partners told the Springfield City economic development subcommittee it seeks roughly $8 million in tax‑increment DIF funds to pay demolition, remediation and site work for the first phase of a multi‑phase redevelopment on Boston Road; city staff said the repayment is tied to captured tax growth and does not obligate the city’s general fund.
SPRINGFIELD, Mass. — Onyx Partners is asking Springfield City to use a tax‑increment financing mechanism known in the hearing as a DIF to provide roughly $8 million in up‑front funding for demolition, remediation and site work at the developer’s Boston Road redevelopment, city and developer representatives said at an economic development subcommittee meeting on Oct. 12, 2025.
Paul Conley, asset manager for Onyx Partners, told the subcommittee the project now includes eight buildings under construction or in early phases, with five structures already rising and one 16,000‑square‑foot storefront held for local tenants. “We anticipate having the next phase completed… before the end of the summer,” Conley said, and added that most tenants hope to open before Thanksgiving.
The DIF, as described at the meeting, would capture a portion of the property tax increase — the increment in assessed value created by the private investment — and direct that increment into a restricted account to pay bonds issued to finance the public improvements. City counsel (unnamed) said the proposed bonds would…
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