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BOSTON-Legislation that would allow communities to use “tax increment financing” to fund capital improvements using bond financing has passed both the House and the Senate and is currently in committee.

David Begelfer, executive director of the local chapter of the National Association of Industrial and Office Properties, tells GlobeSt.com that the bill is part of a municipal relief package and it is supposed to come out of committee any day now. NAIOP has lobbied aggressively to get the bill passed.

The measure would enable municipalities across the state to use bonds to pay for infrastructure improvements to attract development and increase their tax base. The bonds would be financed by the real estate tax increases generated by the projects. Begelfer points out that even large scale project–such as the Pritzker’s stalled $1.2 billion Fan Pier project planned for South Boston’s waterfront–could benefit from the legislation. “It’s up to the city to use the [tax increment financing] in any way they want for projects with public infrastructure,” notes Begelfer.

Begelfer is confident that the bill will pass the legislature. “We’ve been working on this for six years. It has a good chance to pass.”

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