January 6, 2014
Readers weigh in: TIFs are good for business, new jobs
Last month, the Worcester City Council approved tax increment financing (TIF) agreements for a developer that wants to build two hotels. The developer foresees the creation of 120 jobs, and said it would only move forward if the TIFs were approved, allowing it to save about $400,000 a year in taxes over several years. While TIFs are seen as an important tool for business and job growth, some see potential drawbacks, including favoritism toward certain developers or a geographic area. In our Flash Poll that was posted Dec. 23, nearly two-thirds of voters like TIFs as a way to boost business and job growth.
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