Project Description
Working with MassDevelopment and the City of New Bedford, Karl F. Seidman Consulting Services, in collaboration with Karp Strategies, analyzed the feasibility of establishing a DIF District in downtown New Bedford to use tax increment financing to finance development projects and other improvements. The study included identifying a development pipeline of over 20 properties, determining new uses for each property, and estimating future assessed values and tax revenue.
Client:
MassDevelopment and the City of New Bedford
Project Partner:
Karp Strategies, a New York City economic development and planning firm
Results:
The study concluded that a DIF district was not feasible but should be reconsidered in several years if market conditions improve and the development pipeline accelerates. In addition to helping New Bedford determine that DIF was not an effective tool to advance downtown revitalization, the study helped formalize a future development pipeline and clarify its likely fiscal impact.
Downtown New Bedford
ABOUT
Karl F. Seidman Consulting Services advises clients on the planning, implementation, and evaluation of economic development strategies, policies and programs and on the analysis, planning and financing of real estate development projects.