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Council presses solicitor and economic development for local TIF/SDA policy; item tabled for 30 days
Summary
City economic development staff and the solicitor told the Committee on Finance they are drafting local procedures to replace state oversight of TIF and STA programs; councilors pressed for a finished policy and tabled the matter for 30 days.
The Committee on Finance pressed city counsel and Economic Development staff to complete a locally administered policy and standard operating procedure (SOP) for tax-increment financing (TIF) and special tax assessments (STAs) following changes at the state level that removed centralized state approval and reporting.
Councilors heard from Ramon Silva of the Economic Development Council and Attorney Winters (solicitor's office). Ramon said the state has stopped approving local TIFs and SDAs and that the city must develop a local process, application materials, contract templates, and a way to track local agreements because the state database will no longer report on local-only TIF/SDA products. Ramon said an updated report of certified projects (as of May) shows current local participants had submitted annual reports through calendar year 2024 and that he would provide the committee a copy of the report.
Attorney Winters said the solicitor's office has drafted policies in consultation with assessors and the CFO and is close to finishing the application and contract language. He advised the committee he expects to have the work substantially ready within a month or two but acknowledged the office must develop the program 'from soup to nuts.
Councilors, led by Councilor Lopes, expressed frustration about the timeline. Lopes and others said the city has delayed creating a local process since March and that neighboring communities already have local TIF frameworks in place, putting New Bedford at a competitive disadvantage for attracting projects and jobs. Councilor Lopes warned the delay could push implementation out a year and noted a prior industrial project that provided a $17 million investment as the kind of project the city risks losing.
Committee Chair Linda Morad directed counsel to return with a policy for the October meeting. The committee voted to table the item for 30 days; Councilors Lopes and Oliver made and seconded the motion. The committee scheduled the item to return on Oct. 16 for an update and requested a policy draft to review.
