City pays off Franklin Square TIF balance
Tue, 28 Aug 2012 02:51:15 GMT —
On Monday night, the Quincy city council got a large payment off its books much earlier than originally expected.
When the new Franklin Square apartments were built, the city entered into a TIF agreement to pay the developer back for additional improvements.
Those improvements included sidewalks and more street lights around the complex.
Originally, the city planned to pay the more than 131 thousand dollars off over time. But on Monday night the council decided to pay off that balance in one lump sum.
City Planner Chuck Bevelheimer says that's a good move for the city's bottom line.
He says, "It was an obligation. And when you have an obligation that means that you can't plan for future projects because you're gonna have to pay that obligation. So this takes care of that obligation and allows us to go forward and plan for new projects."
By paying off the balance in one lump sum, the council avoided paying about 5 thousand dollars a year in interest and other fees.
The City also approved an ordinance that forbids parking on Maine from 30th to 36th Street at all times.