By Meredith McCulloch
Voters will be asked to act on a Tax Increment Financing (TIF) Agreement for Aspen Technology which would allow Aspen Technology to renovate the interiors of 20, 22 and 28 Crosby Drive, totaling 148,000 square feet. The agreement would permit reduction of additional property tax that would be assessed as a result of the improvements.
This is a new law authorized by M.G.L. c.40Q which Bedford has not previously used, though other communities have. The tax reduction will not be permanent, but for a minimum of five years as determined in the agreement developed by Aspen and the Board of Assessors.
TIF is a good way for municipalities to encourage improvements to properties that may be run-down or dated. According to the Commonwealth’s Smart Growth website, “These areas often see a decrease in assessed property values with a corresponding decrease in municipal revenue. At the same time, they pose a drain upon municipal services. Often, it is difficult to attract private investment to these areas.” The Selectmen reviewed the article at their meeting on February 17, but have not approved the article yet; they will make their recommendation at Annual Town Meeting on March 24.
For more information see: https://www.mass.gov/envir/smart_growth_toolkit/pages/mod-diftif.html
Editor’s Note: Aspen Technology is a leading supplier of software that optimizes process manufacturing.