Left In Lowell

Despite the anti-progress wing of the City Council, the city is receiving payments from the state and Trinity on properties to be developed in the Hamilton Canal District.

I keep hearing grumbling from a certain set of commenters about how this is some big real estate giveaway to Trinity and a sweetheart deal.

Looking at the currant usage of those properties (none), and the tax receipts from it over decades (negligible at best) and the risk Trinity is taking on to buy these buildings and rehabbing them with the strict (and expensive) rules set for historic buildings, I can’t help but wonder at that griping. How else are you going to see these properties go back to being on our tax rolls as productive? Is the city supposed to develop these lands itself? How ridiculous would that be?

Looking at the payments given to the city for these properties, and the potential tax revenues in the future, I am optimistic that this was the best way to go. First, Trinity pays for the land and buildings - a price that seems to me more than fair for such dilapidated buildings. Then, they start paying real taxes on it, and as businesses and residents buy from Trinity, they pay taxes. All on land that was, essentially, sitting like a lump on a log until now.

If even half of the vision which arose out of the charette process with Trinity comes to pass, we will be very happy with the results. So will our city’s budget.