Rantoul St TIF

Beverly Offers TIF for Housing Development on Rantoul Street

To apply for the TIF, contact Mayor Mike Cahill at 978.921.6000.

The City of Beverly is pleased to announce that it has created an Urban Center Tax Increment Financing (TIF) district to spur quality residential development on Rantoul Street in downtown Beverly. The TIF offers developers a “by right” reduction of 50% of the tax liability on the incremental value of improved properties in years 1-5 with an additional 20% reduction possible through negotiation with the City’s Chief Executive. In years 6-10, a “by right” reduction of 25% is allowed, with an additional 5% available through negotiation.

Additionally, developers may request increased terms beyond those specified with approval of both the Chief Executive and the City Council.

The Rantoul Street Urban Center Housing and Tax Increment Financing zone is comprised of forty-four (44) parcels of land totaling approximately twenty three (23) acres. The Rantoul Street UCH-TIF is centered on the commercial district that runs along Rantoul Street from Edwards Street to Bow Street and incorporates the new MBTA commuter rail parking garage which is currently under construction.

This area was chosen by the City for the UCH-TIF program because of the unique opportunities inherent in the public infrastructure that presently exists (commuter rail station) along with the investment that the MBTA is making in a new public parking facility. These investments provide an opportunity to not only support commuter rail, but to support other economic development opportunities in the surrounding area.

Because of its strategic location, this area has been the subject of numerous planning studies by the City of Beverly Planning Department and that work culminated in the creation of a 75 foot height overlay district in 2007. Building on that previous work and public process, the UCH-TIF zone is designed to coincide, with slight variations, to the 75’ height district. It is the belief of the City that with the increased height opportunities and with the incentives allowed in the UCH-TIF zone, that additional commercial and housing opportunities will open up in the area.

For more information or to apply for the TIF, contact the mayor at 978.921.6000.