Future tax revenue will finance downtown improvements

Is a Purchase Model the new TIF?

Quincy is using a new financial strategy to redevelop their downtown improvements called a purchase model.  Rather than fund $227 million dollars upfront, these costs will initially be paid by a private developer and later paid back by using new tax revenues generated by the project.  The overall cost of the redevelopment is $1.3 billion and will include a historic and cultural center adjacent to a four-acre park.

Are private TIFs the new financial strategy for redevelopment amid municipal spending cuts and reduced federal and state funding for redevelopment projects?  Maybe, as municipalities and private developers face hardships in this great recession to keep development projects moving forward.  Unfortunately, these projects seem to put more cash in the hands of developers and can further strap the municipality financially if the project doesn't get the returns it anticipates.  Additionally, the increased value of the area in the form of increased tax revenues and such aren't going back into the municipal "pot" for things like schools and other infrastructure and services for the city.  Although I don't know the details of the redevelopment plan and design, I support the municipality's risk of using a creative financial strategy for the funding to redevelopment a city with a lot of potential, Quincy Massachusetts.