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Council approves TIF agreements and LDA to move Hamilton Canal Innovation District project forward
Summary
After extended debate, the Lowell City Council approved a package of tax-incentive agreements, an LDA and related votes aimed at advancing redevelopment in the Hamilton Canal Innovation District, with two councilors voting no on the main TIF/LDA measures.
The Lowell City Council voted on a package of tax-incentive agreements and a development agreement on March 25, approving TIF/TIE measures for parcels in the Hamilton Canal Innovation District and authorizing a land development agreement (LDA) with Boyd Companies LLC to allow a multi-phased housing and commercial project to proceed.
Councilors approved a series of related motions after lengthy public and council debate about the scale and subsidy level of the proposed project. City Manager Golden and his staff described the package as necessary to attract a large-scale developer and to start construction on parcels that have been vacant or stalled for decades in the HCID. Manager Golden said the financial analysis shows a large subsidy over the TIF term but argued the alternative was continued vacancy: “Without them,…
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