Economic Strategies & Projects

Investing in Economic Development

The basis for all economic development is investment. When private investment is not enough to move projects forward, public/private partnerships can help facilitate the best and most expedient outcomes. In January 2014, the City established a proactive approach to incentivize private development by creating the Amesbury Economic Incentive Strategy. In this Strategy, the City adopted economic investment priorities (see below) which serve as criteria to help determine the most appropriate and applicable development projects. The incentives include the Tax Increment Financing (TIF) Program, Special Tax Assessments, and Payment In Lieu of Taxes (PILOT) agreements. While these are all important tools for the incentive toolbox, the City primarily focuses on TIFs. The TIF Application Process (PDF) is managed by the Office Community and Economic Development and the Economic Incentives Committee and can be explored in greater detail below.

Economic Investment Priorities

The City of Amesbury has established local guidelines for the Amesbury Economic Incentive Program (AEIP) to address blighted, distressed, underutilized and slow development areas. Due to past development, there are sites throughout the City that contain abandoned or contaminated facilities or require site improvements that are often in excess of financial feasibility. Other areas are characterized by limited infrastructure or commercial operations that are no longer economically viable. These sites can decrease assessed property values, reduce municipal revenue and are a drain on municipal services. To attract private investment into these areas, the City has adopted an Economic Incentives Program, which has been authorized through the Massachusetts legislature. The goals of the Amesbury Economic Incentive Program are to:

• Stimulate private capital investment in commercial and industrial properties resulting in a substantive increase in net taxable property value
• Encourage qualifying existing businesses to expand in the City of Amesbury
• Attract new businesses that are compatible with the City of Amesbury
• Foster redevelopment of vacant or underutilized commercial properties
• Provide private funds to leverage public improvements that are mutually beneficial and necessary for the City and business community
• Diversify the tax base and reduce the burden on residential properties
• Stimulate the creation of jobs paying above the area median income for Amesbury
• Increase the expediency at which redevelopment occurs by changing the financial options to development in a manner that favorably alters the financial feasibility

The Amesbury Tax Increment Financing Process

Amesbury has established a robust Tax Increment Financing (TIF) Application (PDF) to guide developers (aka, Applicant) and the appropriate City stakeholders through the process. These steps associated with the application shall be coordinated with the timing of the Massachusetts Economic Development Incentive Program (EDIP) process to the best ability of the City and the Applicant. Please note: Although the Applicant is responsible for preparing the project applications, the Office of Community and Economic Development (OCED) is available to provide basic coordination, technical assistance and guidance. However, complex projects may require professional analysis and preparation that is beyond basic OCED staff support. Each TIF Incentive Agreement application will be judged on individual merit in the application of the City's investment priorities and during the course of the application process. For more information on this process, please email Angela Cleveland.

TIF Incentives Plan 

The TIF process began early in January 2014 with the TIF incentives plan and guidelines. The plan and guidelines are meant to leverage private/public funds to address site constraints which prevent development. The City Council adopted the plan and guidelines and the TIF projects listed below have resulted.

• January 2014 Presentation (PDF)
• January 2014 TIF Guidelines (PDF)

Recent Projects

This is a listing of partnership-based projects since January 2014. The supporting documentation for these projects are hyperlinked in the column on the right.