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Economic Development Committee

Economic Development Committee. Public Forum April 2, 2012. Overview. EDC Background and Mission Did you know? Process We Followed Challenges Upcoming Town Meeting Articles Bolton Village Overlay Kane Property Re-zoning Conclusion Q & A. EDC Background & Mission.

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Economic Development Committee

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  1. Economic Development Committee Public Forum April 2, 2012

  2. Overview • EDC Background and Mission • Did you know? • Process We Followed • Challenges • Upcoming Town Meeting Articles • Bolton Village Overlay • Kane Property Re-zoning • Conclusion • Q & A

  3. EDC Background & Mission • The Committee was formed in Jan 2010 • As part of the ETA (Economic Target Area) application, to address rising commercial space vacancy, analyze economic issues and make recommendations • Mission • “To help attract, retain and grow business and jobs in Bolton, to improve the economic environment, business climate and quality of life for residents AND meet the long term needs and fiscal requirements of the community.”

  4. Did you know? • Commercial vacancy rate is at 49% compared to 15% for surrounding towns • This year our average tax bill will be $9021 putting us in the top 5% of 351 towns • Residential taxes make up ~91% of the base (up from 87% in 2000) • Bolton has the 4th highest tax rate in Massachusetts • Our debt burden is ~97% of our current budget at $19M

  5. Bolton Expense/Revenue 10 Year Trend Residential property taxes are keeping pace with increasing expenses

  6. Bolton ranks # 1 among comparable towns;

  7. Part of the Planning Process… • Surveyed town residents • Analyzed the Town Operating Budget and tax revenues • Analyzed the impact of Bolton’s rising commercial vacancy rate • Gathered information on 10 comparable towns • Comparison based on population, infrastructure, median income, geographic location • Created www.DestinationBoltonMa.com web site to increase visibility of town and available office/industrial locations

  8. Bolton Village Overlay • District includes commercially zoned property just east and west of 495 and the Salt Box • Allows multiple buildings per lot, 10% lot coverage, provides reduced set-back and parking ratios – overall allows for better design • Still has to go through Special Permit, Site Plan review and meet Design Guidelines

  9. Bolton Village Overlay • EDC has endorsed the current Article with 2 dissenting comments: • Bolton commercial lot coverage is still very low, EDC recommends 12% in this limited 495 district to provide more service/revenue • Additional fast-food definition is overly restrictive and could limit food options (Coffee Shops, Deli’s, Chinese food, etc)

  10. Kane Property Re-Zoning • Current zoning would allows up to 46-47K SF • Rezoning would allow up to 88,831 SF under current zoning • Proposal has been modified several times to increase residential buffer and reduce impact on residents of Hudson Road (Rt 85)

  11. In Conclusion • EDC unanimously voted YES on Village Overlay District as a good first step toward better designed projects fitting in with the context of the town • EDC is still to vote on Kane Property Re-Zoning • Article amended based on prior meeting inputs • The re-zoning request is to take advantage of 495 location and potential services and revenue

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