WESTFIELD – City officials are assessing a Gateway Cities program which would aid older industrial cities with redevelopment and new economic investment.
The program, Transformation Redevelopment, a strategic state policy for Gateway City growth and renewal, is being developed through the Gateway Cities Innovation Institute as a vehicle to stimulate public-private investment and overcome the lack of investment enthusiasm in the current financial climate.
City Advancement Officer Jeff Daley said this morning that Westfield is seeking the opportunity to compete for the Gateway Cities funding, which has yet to make its way through the legislative process.
“Westfield has been designated as a Gateway City, so if the program is approved by the state Legislature, we would compete against other Gateway communities for the available economic and housing funding,” Daley said.
The program would provide public financial assistance to leverage private investment through tax credits and loan guarantees, as well as an additional $20 million a year in direct assistance to cities through the MassWorks Grant program.
Daley said that the Airport Industrial Road project now underway in the city, which includes development of a new aviation-focused industrial park, could not have been possible without more than $2 million in state grants, money invested in infrastructure to leverage private development as the park is developed.
“The MassWorks program, a combined infrastructure program, helped because it is so hard to do those kinds of projects without a private investment,” Daley said. “There are also some redevelopment funds, loan guarantees to facilitate that private investment, and tax credits for upgrading substandard housing.”
“This proposal is important to Gateway Cities because they are typically old mill cities that can’t compete with the larger cities,” Daley said. The program would also aid Gateway Cities in identifying market opportunities and evaluating redevelopment progress, provide targeted incentives for home buyers, as the demand for walkable and vibrant urban neighborhoods returns, to significantly increase the catalytic neighborhood revitalization effect of transformative redevelopment.
The program proponents are seeking legislative approval by arguing that Gateway Cities will provide substantial benefit to the Commonwealth by increasing the state’s housing stocks and by providing lower-cost locations where business can grow and expand.
