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Last week, the Worcester City Council approved tax increment financing (TIF) agreements for a developer who wants to build two hotels in the city, including one within the downtown CitySquare development. The developer foresees the creation of 120 jobs at the two hotels in a planned $38-million project, and said it would only move forward with construction if the TIFs were approved, allowing it to save about $400,000 a year in taxes over several years. While TIFs are seen as an important tool for business and job growth, some see potential drawbacks, including favoritism toward certain developers or a bias to a certain neighborhood or geographic area. This week's Flash Poll question asks:
How do you view tax-increment financing (TIF) agreements as a tool for business and job growth?
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