|
|
||
|
||
|
Special districts eyed to allow property owners to spruce up area By Matt Kakley February 14, 2008 … Homeowners and businesses would be able to band together to finance infrastructure improvements in their neighborhoods under a proposed bill sponsored by area legislators. The proposal, sponsored by state Sens. Richard Moore, D-Uxbridge and Scott Brown, D-Wrentham, and state Rep. John Fernandes, D-Milford, among others would allow cities and towns to create development districts, comprised of property owners, to help pay for improvements to roads, parks and other public facilities. "Our state and municipal budgets are under tremendous financial strain," Moore said yesterday in testimony to the Joint Committee on Bonding, Capital Expenditures and State Assets. "It is clear that Massachusetts needs to think creatively about funding options." Under the proposed legislation, such development districts, known as Chapter 40T after the state law would enable them, could purchase bonds for improvement projects. Those bonds would be paid back from assessments placed on property within the district, which act effectively as taxes. The district could have up to 35 years to repay the bonds. Moore sees the proposal as a way to attract developers to areas in the region, such as the Draper mill in Hopedale, which has been closed since the late 1970s. "(Chapter) 40T would lend itself to helping the developer come in and finance the infrastructure costs that the town certainly doesn't have the ability to," he said. Full story available at the Milford Daily News. |
||
 |
||
|
||
