01940 Winter 2018_V3

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BY THOMAS GRILLO Five years after the opening of the MarketStreet outdoor shopping district, the development has brought in more than $17 million in tax revenue, almost double what was projected. During the same time period, the average single-family tax bill has swelled by 14 percent to $8,639 this year, up from $7,593 in 2013. Located off Route 128/I-95 spanning exits 42 and 43, MarketStreet Lynnfield is anchored by Whole Foods Market, Legal C Bar, and King's Bowling. It offers more than 100 shops and restaurants. In addition, the mixed-use project is also home to 180 luxury apartments at Arborpoint, 48,000 square feet of senior condominiums, and 18,000 square feet of office space, including the new Lahey Health Hub. The vision for MarketStreet began in 2006, when PHF ND Colonial LLC, a division of National Development, purchased the 120-acre Colonial Golf Course and the nearby 280-room Sheraton Colonial Hotel in Wakefield for $29 million, according to the Southern Essex District Registry of Deeds. The following year, Town Meeting approved an 80-acre smart-growth zoning district for the mall and housing. The project included 395,000 square feet of retail, 80,000 square feet of office space, and 180 luxury apartments, 25 percent of them affordable, on the former golf course. Under the terms of the deal, the developers donated seven acres for a nonprofit to build four dozen homes for seniors, and the 3,500-square-foot PHOTO: SPENSER HASAK 06 | 01940
Al Merritt Media and Cultural Center was built. In addition, the Newton company agreed to donate 100 acres for a nine-hole municipal golf course and conservation land. Construction began in 2012. At the time, Town Administrator William J. Gustus said when fully built, the complex would generate $1.75 million in annual tax revenues for Lynnfield. But that projection was low. The property generates nearly double that annually and there's more to come. Ted Tye, managing partner of National Development, said the development team has approval for another 60,000 square feet at MarketStreet. There are plans for a 40,000-square-foot theater with eight screens if Town Meeting approves next year. Tye said he knew the complex would do well, "but it has exceeded expectations," he said. With all that new revenue added to the town's coffers, some are asking why it's so expensive to live in town. While some residents are likely not happy about increased taxes, especially considering the success of MarketStreet, town leaders have an explanation. Robert McKendrick, who was on the Board of Selectmen when the project was in its infancy, said no promises were made to voters to lower taxes. He said the new revenues would allow the town to do things it needs without seeking overrides. He acknowledged voters were told the developer could build 900 housing units under Chapter 40B, the state's affordable housing zoning law that allows builders to override local zoning if 10 percent of a town's housing is not affordable. "If that had happened, it would have meant hundreds of school children with no place to put them," McKendrick said. "It was hardly shoved down anybody's throat. We had the biggest Town Meeting in history and 80 percent of voters approved it. That's a mandate." The vote was 1,592 in favor and 391 opposed. "Residents want all the niceties, but they're not free," he added. Arthur Bourque, town moderator and another former selectman who served when MarketStreet was proposed, said the threat of 40B was real. "We made a deal with the developer to build primarily onebedrooms, eliminating the chance for schoolchildren," he said. "Because of the apartments, we're fully compliant with 40B and are no longer subject to it." Bourque insists there's a misconception that officials promised taxes would shrink if MarketStreet was built. "I can say unequivocally we never said it would lower taxes," he said. "We knew the increase in tax revenues would allow us to complete some of the infrastructure projects that had been neglected." From 1992 - 98, Bourque said, the Board of Selectmen's goal was to stabilize the tax rate and limit any increases to one percent. "We did that for six consecutive years," he said. "As a result, we stopped repairing our roads and schools. In the early 2000s our school buildings were falling apart because we hadn't maintained them." Taxes have risen, he said, because residents chose to spend money on new playing fields, a new addition to the high school, and initial approval for a new library. "It's always intriguing to me that the people who complain about their taxes going up are the ones who are benefiting the most," said Bourque. He noted the new Lynnfield residents MARKETSTREET FACTS >100 shops and restaurants $29 million purchase price in 2006 VS. $265 million assessed value in 2018 $1.75 million target annual tax revenue VS. $3.4 million 2018 tax revenue 1,592 to 391 Town Meeting vote to approve are two-wage earners with an annual income of as much as $300,000. "They don't care if they have to pay an extra $300 in taxes a year, it's a dinner, it's a night out for them, they will spend more at Davio's," he said. "What they want though is good schools and good fields for their kids." Earlier this year, Selectman Phil Crawford penned an op-ed piece about how the town has used the MarketStreet revenues. Lynnfield has spent $11 million on new playing fields for the high school and middle school, as well as major improvements to parks; $2.5 million in road reconstruction projects; more than $6 million in capital spending to provide public safety and Department of Public Works equipment; nearly $1 million to hire three new police officers, three new firefighters and several new teachers; and a free, full-day kindergarten. "If MarketStreet had not been built, we would have had multiple overrides, and layoffs," Crawford said. "We never had to cut back on town services. MarketStreet revenues have kept the town running while neighboring communities struggled." WINTER 2018 | 07
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01940 Winter 2018_V3

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