News
ALPHABET SOUP
April 9, 2010
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| DIF, EDIP, BRAC, RZF (not be confused with RZED, of course) were just a few acronyms flying around NAIOP's conference on local resources available to fund development. More than a mind numbing alphabet soup, panelist Hal Davis of New England Economic Development Corp explained how programs like District Improvement Financing can, and have, helped. Kathleen McCabe, another consultant on the panel, discussed grants, loan guarantees, and tax credits/deductions available to subsidize the cost of building streetscapes, roads, and extensions of water/sewer lines. |
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| We snapped NAIOP CEO David Begelfer with the development side of the panel, Urban Strategy America Fund?s Kirk Sykes and Berkeley Investments Barbara Smith-Bacon. Although Kirk?s ?head was spinning? from the acronyms, he stressed how important they've been in pulling together financing for his projects like Olmsted Green and One Brigham Circle. His warning: To design in subsidies and gap financing from the start, ?you'll need a bundle? to get things done. Barbara says Berkley hadn?t used public monies until it invested in City Square in Worcester, where they were essential for funding infrastructure work. It takes time, money, and political capital to win them. But she says they ?can be pretty attractive and we're pleased with the results.? |
