A little bit about that $23 million

Posted by Jeremy Shulkin

We’re waiting to hear back from the City Manager’s office for a more comprehensive breakdown of how the city will spend the $23 million that CSX will give for their rail yard expansion, but while we wait here are some vague figures:

-Neighborhood Improvement Fund : $5 mil
-Community Fund: $4.4 mil ($1 fee per container for a twenty year period, beginning when approvals and permits are obtained)
-Road/Traffic Enhancements to Lower Grafton St. (at I-290): $1.5 mil
-Road/Traffic Signal Improvements at Plantation St./Brown Sq./Franklin St: $1.5 mil
-Streetscape and Beautification – Grafton St./Brown Square/Plantation St./Franklin St.: $10.6 mil

While walking the mean streets earlier today, we bumped into a city councilor  who mentioned something about money from the neighborhood improvement fund going towards building two new pools, with Holmes Field as one of the locations specifically mentioned. If that’s the case, they said, construction could potentially start this year. The money wouldn’t be subject to budgetary constraints because it’s counted as additional revenue for the city, not a pre-determined line item in the city’s finances.

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4 Comments

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4 responses to “A little bit about that $23 million

  1. t-traveler

    hope CSX gets to deduct these costs/donations from the real estate tax each year

  2. Sandy

    Hey T-Trav.
    That’s a joke right?
    If it isn’t your comment shows the lack of knowledge folks have about tax assessments.

    Cashflow doesn’t play a role in tax assessments, they are based on relative property vales.

    Thank you.

  3. t-traveler

    the value of commercial property is assessed based on cash flows. And I am serious. We will come to regret these payments.

  4. what is the definition of “relative property values”..I own a few properties that are commercial and I have always based their value on the cash flow and this is how I have valued a potential purchase..just curious to this term I have not heard before in valueing commercial property

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