Politics & Government
YOUR TURN: Should The Mayor Have Vetoed Downtown Tax Break?
The Tax Increment Financing district was designed to increase the residential density of a downtown to encourage more retail stores by offering residential development a 70 percent tax break.
The mayor has vetoed a tax break for residential development on Rantoul Street, the Salem News reports.
Beverly City Council voted unanimously last week to pass a Tax Increment Financing District for the street. Mayor Bill Scanlon vetoed the move this week.
The tax break, as proposed by Beverly Main Streets, is designed to increase the residential density of downtown to encourage more retail stores to locate there.
Find out what's happening in Beverlyfor free with the latest updates from Patch.
City Council voted to set the discount at a fixed 70 percent for the first five years and 30 percent for the next five years. Scanlon said he supports the general idea of a tax break, but that the council would be relinquishing the right to negotiate, which would be "a disservice" to the city, the outlet reported.
Do you agree with Mayor Scanlon or the Beverly City Council? Let us know in the comments.
Find out what's happening in Beverlyfor free with the latest updates from Patch.
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.
