Project Costs and Tax Revenues Generated

Worcester East Side CDC Property Development & Annual Real Estate Taxes Generated

Updated January 2011
				TOTAL	City	State	Federal	Private	Sale	CDC	ANNUAL
COMPLETED PROJECTS		# OF UNITS		DEVELOP-	Subsidies	Subsidies	Subsidies	Subsidies	Prices	Equity	TAX REVENUE
				MENT						Investment	GENERATED
		RESIDENTIAL	OFFICES	COST

*Bell Hill Home Ownership Phase 1*		14		$ 1,122,100	$ 275,000	$ 262,500		$ 25,000	$ 559,600		$ 17,696

*21-23 Rodney St. (CDC Owned Rental)*		2		$ 116,600	$ 30,000					$ 86,600	$ 2,808

*Bell Hill Home Ownership Phase 2*		9		$ 1,377,332	$ 269,464	$ 409,458		$ 232,410	$ 466,000		$ 12,032

*149 Belmont St. (CDC Owned Rental)*		10		$ 1,385,843	$ 250,000	$ 985,843	$ 150,000				$ 4,674

*Bell Hill Home Ownership Phase 3*		14		$ 3,430,000	$ 630,000	$1,400,000			$ 1,400,000		$ 17,700

*409 Shrewsbury St. (CDC Owned)*			3	$ 375,000						$ 355,000	$ 6,738

*413 Shrewsbury St. (CDC Owned)*			3	$ 350,000						$ 325,000	$ 4,561

*Bell Hill Home Ownership Phase 4*		8		$ 2,110,000	$ 480,000	$ 760,000			$ 870,000		$ 11,744

67 Catharine St.		3		$ 545,000	$ 140,000	$ 180,000			$ 220,000		$ 2,723.00


	Sub Total	60	6	$10,811,875	$ 2,074,464	$3,997,801	$ 150,000	$ 257,410	$3,515,600	$ 766,600	$ 80,676.00





HOME OWNERSHIP PROJECTS IN DEVELOPMENT

5 Forbes St. 12 Forbes St.		2 2									$ 365.00
	Properties
47 Westminster St.	in	2		$ 2,562,275							$ 1,511.00
	pre -
45 Westminster St.	development	2									$ 66.00
	stage
17 Perkins St.		2									$ 682.00

	Sub Total	10		$ 2,562,275							$ 2,624.00

	TOTALS	68	6	$13,864,150							$ 83,300.00

It should be noted that the Worcester East Side CDC pays real estate taxes on every property that it owns or develops in order

to cover its fair share of the cost for the City of Worcester to provide needed services to these communities.

Worcester East Side Community Development Corporation

Community Improvements through Community Efforts