Bottom Line Up Front• Problem:

• Data reveals sharp decline in business tax base growth in last 5 years

• Catalyst for commercial growth Harbor Place underway• Spawning new commercial opportunities downtown

• New consultants in economic development office off and running• Addressing new leads in downtown & industrial parks

• Major gap: catalyst for long term industrial growth • Innovation economy transforming manufacturing quickly

• Hypotheses: Need niche & research/training center in advanced manufacturing• Example research and training centers identified

• Why Haverhill needs leap in business tax base• Recommendation

Haverhill Commercial, Industrial & Personal Property (CIP) Growth 2016

*Tax Increment Financing (TIF)

IncentiveDelays Tax Benefit

of Recent Development

Commercial & Industrial

Tax Base Growth Small in 2016

Source: City Assessor

Haverhill Commercial, Industrial & Personal Property (CIP) Growth 2007 -

2016

20072008

20092010

20112012

20132014

20152016

$0

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

CIP TotalPersonal PropertyCommercial and In-dustrial

Commercial & Industrial

Tax Base Growth Declined Sharply in Last Six Years

Source: City Assessor

*Tax Increment Financing (TIF)

IncentiveDelays Tax Benefit

of Recent Development

Haverhill CIP Growth vs. Similar Cities

Haverhill

Malden

Methuen

Peabody

Lawrence

Chicopee

Lowell

Taunton

Waltham

0

1000000

2000000

3000000

4000000

5000000

6000000

2012 2013 2014 2015 2016

Commercial & In-dustrial

Tax Base Growth Declined in Last 5 Years vs.

Similar Cities

Source: City Assessor

*Tax Increment Financing (TIF)

IncentiveDelays Tax Benefit

of Recent Development

Harbor Place Commercial Growth Catalyst in Downtown

Domino Effect Started

Downtown

InvestorsSource: Harbor Place Source: Eagle Tribune

New Economic Development Resources 2014• William Pillsbury, Director

2016• William Pillsbury, Director• Noah Koretz, Planner• Nate Robertson, Economic Dev.• Allison Campbell, Marketing

Investors

Identifying & Addressing New

Leads in Downtown &

Industrial Parks

Source: Eagle Tribune

• Hypotheses: Need niche & research/training center in advanced manufacturing• Examples:

• The Massachusetts Green High Performance Computing Center (MGHPCC) in Holyoke• Factory 2050 at UK’s Sheffield University• Georgia Tech Internet of Things Research Center• Advanced manufacturing workforce development training center, in

conjunction with NECC, HHS, Whittier Vo-Tech, UMASS/Lowell & industry (concept)

Gap: Catalyst for Long Term Industrial Growth

Why Haverhill Needs Leap in Business Tax Base• Meet its long term financial needs • Provide good jobs at every level to reflect our diversity• Turn around our challenging neighborhoods and improve our quality

of life • Provide support and funding needed to

continue improving public education

Fantini Bakery $3M Expansion in Mount Washington NeighborhoodFamily owned since 1902Sources: Fantini Bakery & MB

Recommendation• Request that Economic Development Director/Team:• Perform market research to establish niche in advanced manufacturing• Address value and feasibility of a research/training center in advanced

manufacturing

Thank You