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Council hears annual TIF report and state EDIP changes; committee asks solicitor how city will manage local TIF approvals
Summary
The finance committee received the New Bedford annual report on Tax Increment Financing activity, learned the state is separating local TIF processing from EDIP oversight, and directed the solicitor's office to provide guidance on handling municipal TIF approvals and recordkeeping.
The New Bedford Committee on Finance received the annual report on Tax Increment Financing (TIF), Special Tax Assessments (STA) and tax increment exemptions (TIE), heard updates on project reporting, and discussed recent state changes that move certain approvals and recordkeeping responsibilities to the municipality.
Derek Santos, executive director of the New Bedford Economic Development Council, and Ramon Silva (city economic development staff) briefed the committee on the annual TIF/EDIP report and on recent changes from the state Economic Assistance Coordinating Council (EACC) and the Mass. Office of Business Development (MOBD). Silva said the state’s recent statutory and administrative adjustments separate local TIF approvals from the state EDIP (Economic Development…
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