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Springfield staff reintroduce District Improvement Financing as option for financing downtown infrastructure
Summary
Economic development staff briefed the Springfield City Economic Development Subcommittee on District Improvement Financing, a Massachusetts program that would capture new tax growth inside a defined district to finance infrastructure.
Economic development staff briefed the Springfield City Economic Development Subcommittee on District Improvement Financing, a Massachusetts financing tool officials said could be used to capture tax revenue from new development within a defined district and direct it toward infrastructure investments.
Brian Connors of the economic development department told the subcommittee, “This is a program that’s existed in Massachusetts for quite some time. We just haven’t used it in Springfield in quite some time.” Staff said the DIF differs from the city’s Tax Increment Financing (TIF) approach because DIF captures the…
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