Worcester Business Journal

wbjournal.com | December 11, 2017 | Worcester Business Journal 5 B R I E F S Worcester's bid for Amazon The City of Worcester spent nearly $11,000 on its bid to land Amazon's HQ2, including a $9,800 promotional video. Other U.S. cities spent as much as four times that amount, while others spent nothing. When polled online, WBJ readers overwhelmingly said the $11,000 was the right amount for the city to spend. F L A S H P O L L Worcester increases tax burden on businesses Despite urging from the business community and Worcester Regional Chamber of Commerce, the City Council on Dec. 5 adopted tax rates shifting more of the tax burden to com- mercial properties. The council voted 6-4 to set the rate at $18.91 per $1,000 valuation for resi- dential taxpayers, and $34.03 for com- mercial taxpayers. The current tax rate is $19.22 for residential and $32.93 for commercial. The new rates result in average tax bill increases of $118 for single-family resi- dential payers and $331 for commercial payers. Residential rates increase due to rising assessments. The chamber last month was actively pushing for a tax rate to limit the bur- den on commercial taxpayers: $32.94 for commercial payers and $19.43 for resi- dential payers. "It was unfortunate that a majority of councilors continued to move towards the highest commercial/industrial tax rate," said Stuart Loosemore, general counsel and director of government affairs and public policy for the cham- ber. "This vote undermines the econom- ic development momentum currently underway in the City of Worcester and will have a disproportionate impact on small businesses and their ability to cre- ate jobs." Continued on next page Rely on the experts at Bartholomew & Company to provide the kind of holistic, personalized guidance you want to pursue your future with confidence. Applying our conservative investment philosophy and time-honored investment strategies, we'll work closely with you to craft a plan that incorporates every element of your financial picture. Experience the value of a comprehensive wealth management approach with a partner that's close to home. Call us for a complimentary consultation at 508.753.8807, or visit www.bartandco.com. WEALTH PLANNING WITH ATTENTION TO THE DETAILS PLAN WISELY. INVEST CONSERVATIVELY. LIVE WELL. 370 MAIN STREET, SUITE 1000, WORCESTER, MA 01608 | 508.753.8807 Securities and advisory services offered through Commonwealth Financial Network ® , Member FINRA/SIPC, a Registered Investment Adviser. What should the city have spent on its bid to land Amazon's HQ2? A good amount was spent. It's relatively short money for a city. 62% Nothing. Worcester doesn't have a chance. 26% "I hate to say it, but I don't think Worcester has a chance. There are so many cities/towns submitting bids. It is a long shot to say the least. I think the money could have been used better." COMMENTS: In its revitalization efforts, Worcester has tried to attract more businesses downtown. The city should have spent a bit more. It would be a huge payoff. 12% "Any business will tell you, you need to spend money to make money. You must invest wisely in any business. I think it was money spent wisely. Worcester is going to land HQ2." "Chances are slim for Worcester, but they made a bid for it. The city probably wouldn't have been in a position to do this five years ago. That in itself is progress."

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