Archive | Mayor Bettencourt RSS feed for this section

Happy Holidays! Your property taxes are increasing for 14th straight year

22 Nov

Community development shows no vision, homeowners take the hit

By Bob Croce, EOP Publisher

Used to be, back when our phones weren’t smart and our current mayor was still draining 3s for Peabody High’s basketball team, annual property tax increases were about as frequent as snow storms in July. They just didn’t happen, and “la, la, la, la, la, laaaaa” all was well in the land ruled by Peter Torigian.

taxIt’s only too bad that, while we were enjoying the rule of a man dubbed the Emperor by a former favorite ink-stained columnist, everyone forgot to glance at those dark clouds on the horizon.

But it’s time to pay for all of that now, Peabody.

In case you missed it, Mayor Ted Bettencourt came before the City Council on Thursday night to get another annual property tax increase. For those of you keeping track, combined between the Bettencourt and Mike Bonfanti administrations, that’s now 14 straight years of increases.

This time, the average homeowner will, they say, pay just $164 more a year. Doesn’t seem like a lot on its own, but let’s add this all up, shall we?

With the average increase the past 14 years being roughly 4% annually, that means our property taxes have increased a whopping 56% since 2001.

Blame it on those dark clouds, if you want. After all, the Torigian years were all about keeping taxes low in the 1980s and 1990s, with no one really thinking about the future when it came to building schools, and re-building infrastructure.

But while Democrats in Congress continue to say “it’s Bush’s fault,” it’s time for Peabodyites everywhere to stop blaming Torigian.

The late, great Emperor walked away at the end of 2001, and there were people who voted in the past election who are too young to even remember him as Mayor.

It’s also shortsighted to keep blaming this on a big bill from the North Shore Mega-Voke, which our City Council unwisely voted for four years ago.

And … trying to sugar coat it by saying the tax increase is kinda a good thing since our property valuations have risen? That’s, as you say, so much cow fertilizer! Unless you’re selling your home to get out or Peabody, who cares?

The true reason for these ceaseless annual increases is that the two mayors since Torigian have offered little vision for dramatically increasing Peabody’s revenues, while taking  that burden off residents.

Peabody still has no long-term plan for expanding its commercial tax base by bringing more quality-of-life-improving businesses to town. We have no REAL plan for the revitalization of our downtown, and the Centennial Industrial Park remains an out-of-date relic of the way business was done back in the 1970s.

Instead of having a long-term strategic plan for growth, we continue along with community development department leaders who couldn’t spell innovation without a dictionary, and think that jamming more tiny apartments into the downtown is the answer.

Look. I like Ted Bettencourt. I think he’s a great guy with lots of passion and enthusiasm for the job of Mayor, and have supported him personally with my votes and my checkbook. But he needs to lead here. He needs to clean house in community development, and bring in people who can help him develop a real plan for expanding our tax base without putting more of the burden on homeowners.

He needs to find out how they are doing it in Salem and Beverley and other North Shore communities, who have actual vibrant downtowns. Hey Ted, let’s go to other communities, where they’ve done it right, and try and steal away those strategic thinkers to help Peabody. It’s time to stop with the “well, Peabody still has the lowest tax rate on the North Shore” BS, and realize that it’s only going to get worse if we don’t start executing on a real community development plan.

After all, unless you call billboards and jamming more low income apartments into downtown “community development,” there really is no vision right now.

I truly am getting tired of writing this each year at this time.

But here we go again …

Happy Holidays, Peabody homeowners. You’re taxes are going up.

Just wondering why so many Peabody elected officials snubbed an American hero

5 Aug

By Bob Croce, EOP Publisher

When a person of American historical significance visits Peabody for any event, it’s the obligation of our elected officials to do what they can to make an appearance, and represent our community.

Mayor Ted Bettencourt welcomes retired Gen. Stanley McCrystal (right) to Peabody yesterday. Democratic Congressional candidate Seth Moulton (left)

Mayor Ted Bettencourt welcomes Gen. Stanley McChrystal (right) to Peabody yesterday. Democratic Congressional candidate Seth Moulton (left)

Mayor Ted Bettencourt got this yesterday. So too did Ward 6 Councilor Barry Sinewitz, and Ward 3 Councilor Demo Moutsoulas.

Retired Gen. Stanley McChrystal, the Norman Schwarzkopf or even the Dwight Eisenhower of his generation of American military leadership, yesterday spoke to veterans at the Peabody Elks, and it was definitely noticeable how many Peabody politicos were missing in action.

After all, Peabody politicians have a reputation for being invasive creatures, who would show up at yard sale, if they knew there would be lots of potential voters to preen before.

So, why was it that the Mayor and just two city councilors were in attendance for McChrystal, whose last assignment was as commander of US forces in Afghanistan?

Well, for some of our elected officials it might have been a conflict, such as work or a summer vacation.

But I also wonder if political cowardice had anything to do with it.

After all, McChrystal, an American war hero, who could someday be presidential timber, was not only there to speak with veterans about his experiences.

He was at the Elks to endorse a fellow American hero and former Marine, Democratic Congressional candidate Seth Moulton.

Gen. Stanley McCrystal (left) with Ann Mitsopoulos, chair of the Peabody Ward 6 Democratic Committee, and Ward 6 Councilor Barry Sinewitz

Gen. Stanley McChrystal (left) with Ann Mitsopoulos, Chair of the Peabody Ward 6 Democratic City Committee, and Ward 6 Councilor Barry Sinewitz

Moulton is boldly launching a credible challenge to long-time Congressman John Tierney in the Sept. 9th primary, and the last thing the “fearless”  men and woman who serve us in Peabody want to do is tick off the powerful sitting MOC.

Mayor Bettencourt had no such problem. Ted’s not endorsing  Moulton, but he recognized that it was proper, as Peabody’s chief executive, to greet McChrystal,  the man who led the truly brave American men and women keeping us safe by fighting the War on Terror.

Moutsoulous, who is running for State Rep, was there as a candidate, and that was smart, considering how many Peabody veterans were in the room. But he also gets credit for representing as a Peabody City Councilor.

Sinewitz, meanwhile, showed the most political courage. He not only introduced Moulton to the crowd yesterday, but he is also endorsing the candidate, who would represent a new, independent generation of pragmatic Democrats should he upset the famously, far left, highly partisan Tierney in five weeks.

But politics aside, Bettencourt, Moutsoulas, and Sinewitz all did the right thing yesterday. They represented the City of Peabody when a man of American historical significance came to town.

I wonder where the rest of Peabody’s politicos were hiding out.  Maybe they were out bar-tending, or eating some ice cream?

Or, perhaps … they just went fishing?

Peabody needs ‘signs’ of economic development in the form of a master plan

15 Jul

By Bob Croce, EOP Publisher

This might surprise followers of this space, but I actually think that the digital billboard approved by the Peabody City Council last week on city-owned land off Route 128 near Fishery Products International is good for the taxpayers.

Square

We continue to wonder when we’ll have an overall strategic plan for re-developing Peabody’s downtown

The company erecting the 60-foot sign will pay Peabody an initial $500,000, an initial permitting fee of $25,000, and $250,000 a year. It’s significant revenue for the city, and from what I can see, it’s not a huge threat to quality of life in surrounding neighborhoods.

But with me, that’s where the love ends for Mayor Ted Bettencourt’s strategy of looking for much-needed revenue by playing a continuous game of billboard roulette.

We get it, Ted. We all realize that the city needs the money, and that we can’t continue to raise taxes on resident payers, something that has happened for the past 13 straight years.

But dude, where’s the plan for sustainable revenue?

This strategy of blockin’ out the scenery, breakin’ our mind, is not a plan at all.  In most cases, it’s a blight on our landscape, and simply quick-hit, unsustainable revenue. Not only that, but I think I might have heard somewhere that there is so-called “moratorium” against more billboards?

The stark reality of our economic situation in Peabody is that, these days, there seems to be no plan, no strategy for creating real, long-lasting, sustainable revenue. Oh sure, we have some “piecemeal” little victories here and there, a promise of a hotel in downtown, a few new restaurants, and an urban redevelopment consultancy is helping us analyze why Peabody Square is a ghost town on a Saturday night.

But there’s no strategic master plan, so  it’s either blight the roadsides with billboards, or keep shifting more of the burden on us … young families struggling to pay their mortgages, and seniors fearful that higher property taxes are going to eventually force them to sell their life-long homes.

Worse than not having a plan for increasing city revenues, is that there’s no one currently in the employ of the city with the skills and knowledge to even help us come up with that strategy.

I think the Mayor is an intelligent guy, but right now he needs to do what all smart, successful chief executives do, and surround himself with advisers who understand, inside and out, the keys to successful economic and community development. Clearly, based on the poor results, and based on us not having an overall strategic plan, those competencies don’t exist within the current Community Development Department.

Instead of adding new unnecessary positions, and assistants to the assistant here and there while paying off some old political debts, the Mayor needs to put together a plan to hire a person or persons who have helped other communities remarkably expand their commercial tax bases while improving quality of life.

He needs to look around, maybe even steal some of the best and the brightest talent from communities such as Salem and Newburyport, Melrose, and even Beverly.

How did these communities turn their blighted downtowns into full-speed-ahead economic engines, while making themselves destination communities for those who enjoy dining out and shopping? That’s something we need to find, and we need to model. Now, not later.

In these places, more responsible, quality business has resulted in more commercial tax revenue into these cities’ coffers. And, unlike billboard revenue, it’s sustainable, and of benefit to quality of life.

So, while we’re counting the big bucks from this latest billboard, let’s stop this game of billboard roulette, and realize, once and for all, that our community’s vibrancy and survival requires that we enlist the best and the brightest, and FINALLY, come up with a strategic plan that will make Peabody a destination rather than a pass through.

The by-product of that will be less of a tax burden on residents, and an overall boost to everyone’s quality of life.

Until company addresses environmental concerns, Mayor needs to request cease and desist order

11 Jul

By Bob Croce, EOP Publisher

At this point, if I were conservation agent Lucia DelNegro, whose job it is to protect Peabody’s environment from intrusive and excessive development, I’d be marching up to Mayor Ted Bettencourt’s office to ask him to explain again what my role with the city is supposed to be.

Time for Mayor Bettencourt to step in here

Time for Mayor Bettencourt to step in here

After all, obviously most city officials don’t seem to care about what she continues to, over and over again, say about a property known as 190 Rear Newbury Street. The small work yard, behind the Latitude Sports Club, is where a company called All Pro Landscaping stores equipment and other materials associated with its business.

But there’s an environmental issue, and Ms. DelNegro has been pointing this out for several months, her words falling mostly on deaf ears at City Hall. All she’s just trying to do is the job that we the taxpayers are paying her for.

First off, there are questions over All Pro not having all the proper permits to operate on the site it leases from an oftentimes slipshod, but politically connected developer.

But as Ms. DelNegro continues to point out, there are also concerns over the company potentially infringing upon the wetlands adjacent to the property, something that could pose a danger to Peabody’s drinking water supply, and something over which she has  issued an Enforcement Order (EO)

A few weeks ago, after her EO continued to be pretty much ignored, Ms. DelNegro presented her evidence before the Conservation Commission. Here’s some of what this city official — whose job it is to look out for Peabody’s environmental well-being — said on the record:

  • “I was just out there a couple weeks ago with Bill Manuell the wetland scientist. None of the punch list items on my Enforcement Order (EO), except for the fact that they filed an RDA, pretty much nothing has been done.”
  • “The asphalt is still in the wetlands. The guardrails are still broken and they are still in the wetlands. This is on both lots back and front. The front is the guardrails. There is still asphalt and all sorts of debris everywhere. It looks like the piles just keep getting bigger and closer to the wetlands.”
  • “I do not believe this is meeting stormwater standards. I also think there is debris buried under the parking lot. Looking at the edge where the pavement meets the earth you can see objects (car parts) protruding out. “
  • “I have a really big issue with what is possibly under the asphalt. I really hope I am wrong. I do not think it is meeting stormwater standards. They really have not been cleaning up nor doing anything with regards to the EO. There is one part that really bothers me on the front lot; the asphalt piles that were pushed into the wetlands. It looks like the asphalt that was used for this back parking lot.
  • “I am assuming what happened was in the winter the plows came and pushed it into the wetlands. Now that they never got the asphalt bits out it is going to be a Pandora’s Box. We have growth coming out of it. If you try to scoop all that up you are going to have an unstable bank. It is a pretty big mess.”

If nothing is done under the Enforcement Order, the Conservation Commission discussed fining All Pro at the next meeting on July 23 “

And we REALLY mean it this time,” should have been the next line in the public record.

The site leased by the landscaping company in question

Google Earth image of the site leased by the landscaping company in question

If we really meant it, Mayor Bettencourt right this second (or maybe months ago) would be asking the building department for a cease and desist order, just like he once did with a notorious developer further along Route 1 near Winona Street.

All I know is that the owner of All Pro is the son of a guy who worked night and day on the campaign of the current freshman Ward 5 Councilor. Remember the hundreds of blue campaign signs on the properties along Route 1 during the last election? How do you think they all got there?

The family of the owner of All Pro was also a huge supporter of the former Ward 5 Councilor. The owner of the property All Pro pays its rent to is also a very active supporter of the last two ward councilors.

You think nothing being done here might be related to Peabody’s good ole boy political network, where there’s a “wink, wink,” and developers are allowed to run amok? Per usual, many of our elected officials could care less about your quality of life.

I’ll leave you to draw your own conclusions in the comments section.

 

Peabody tax and water bills on rise as city tries to pay for new voke school boondoggle

19 Jun

Mayor calls for $5.4M budget increase; $3M assessed to pay for new voke school

By Bob Croce, EOP Publisher

If you supported those wasteful, big-spending elected officials – especially State Rep Ted Speliotis — who pushed for Peabody to join in the taxpayer screw job called the new North Shore Technical school, then please, bend over right now and scream out “thank you, sir! May I have another?!”

Call this horror show The MEGA VOKE that ate the Peabody Taxpayers!

Artists rendering of MEGA VOKE!

Artist rendering of MEGA VOKE!

Because of this opulent and overly ostentatious new voke school in Danvers – which will only serve around 150 of Peabody’s roughly 6,000 students – not only are your property taxes going up in 2015, but get ready for an increase in water and sewer rates too.

 

Mayor Ted Bettencourt submitted his FY2015 city budget to the City Council, and it’s calling for a $5.4 million increase, of which roughly $3 million will go to offset our share of next year’s piece of the North Shore Voke pork pie.

The mayor, in a letter to the city council obtained by The Eye, says that roughly means an average tax increase of $189 per homeowner, and a likely, yet to be determined increase in Peabody’s traditionally reasonable water and sewer rates. For those keeping score, that’s 13 straight years of property tax increases in Peabody.

And … this is just Year 1 of this Disaster in Danvers. This state of the art, $133 million school in Speliotis’ hometown, is the “gift” that will keep on giving for Peabody taxpayers now and forever.

Speliotis, who faces an election year challenge from Peabody Republican Tom Lyons, not only got this Taj Mahal of a school for his hometown of Danvers, but I’m sure he made big labor happy with the building’s bloated construction costs, which are already over budget.

Then there’s the hacks-at-the-trough process they’re using in hiring administrators. The new school’s superintendent, a guy named Daniel O’Connell, will make $197,000/year. That’s about $50K more a year than what we thought was a big contract for Peabody Schools Super Joe Mastrocola. Looks now  like Joe was a huge bargain when you consider that he manages a system with roughly 5,550 more students than will attend O’Connell’s school.

And, it gets ever worse. Not only will Peabody need to pony up millions more to send a handful of students to this new school, but because we’re transferring students from our system to this regional voke system, Peabody is set to lose $504K additional when it comes to state aid.

Next time you complain about the conditions in Peabody’s public schools, think about this: It’s only going to get worse while we as a city figure out a way to pay for a school that will service less than 3% of Peabody’s total student population. And we haven’t even talked about the costs associated with our own much-needed new Higgins Middle School, where huge construction bills are in the mail.

At this point, I should add a disclaimer for those screaming that I’m anti-vocational education. This space supports vocational education as much as the next blog, but we’re just not seeing the practicality or fairness of bilking the taxpayers in this particular situation.

Here are the facts, ladies and gentlemen: An estimated 200 Peabody kids, who we could have given a valuable vocational education had we only – for a lot less cost – re-vamped our on Peabody Vocational High School – are now going to watch helplessly as 150 of their classmates hit the lottery and are allowed to attend this educational palace on the hill in Danvers.

So, please bend over today, and thank Ted Speliotis, and those Peabody City Councilors who voted for this disastrous “gift” that will keep on giving for us the taxpayers.

A victory for company that flouted the rules: City admits that it cut deal to remove Lowell Street billboard

9 Jun

By Bob Croce, EOP Publisher

Cutting deals. I know, that’s what lawyers do, and these days — as my co-host Dick Jarvis often likes to say on our “You Make The Call” television show — Peabody is indeed being run by lawyers.

billboardBut maybe our city councilors should tone it down a bit when it comes to celebrating what they’re calling a victory over the giant billboard on Lowell Street.

As was reported in this space way back at the end of March, and FINALLY reported today by  Salem News, Total Outdoor Corp is removing this monstrosity. Like we told you back before Easter, though, there’s a stipulation.

Back in the early spring, our city attorneys cut a deal with Total Outdoor Corp. The company, which obnoxiously put the billboard in the wrong place to begin with would agree to drop its court challenge here and remove the misplaced sign if the city would agree to, wait for it …

Give them another location to erect another ugly billboard.

That’s right, the city council agreed to the in a backroom session several months ago to give Total Outdoor another location if it dropped it’s court challenge and removed the sign on Lowell Street.

In other words, and even though Total Outdoor had blatantly violated the terms of its original permit, our city lawyers and our city councilors folded.  They essentially rewarded Total Outdoor for its bad behavior. Peabody was clearly in the right on this one, and while some lawsuits are just worth fighting, our path instead was to back down and allow this company to simply move the problem further down Route 1.

Hey, wait. I thought we had a so-called “moratorium” on erecting anymore billboards?

Don’t be fooled, folks. this is not victory for quality of life in Peabody, especially for those people who live in the neighborhoods along Route 1, where developers come first, and elected officials could care less about the property rights of residents.

Billboard being removed, but only after city cuts a deal

30 Mar

By Bob Croce, EOP Publisher

After several months of hand-wringing, end runs, and double reverses, the Peabody City Council, Mayor Ted Bettencourt, and the city’s legal eagles have found a way to have that now infamous 92-foot tall monstrosity of a billboard removed from the corner of Lowell Street and Route 1.

Pole dance: The city has cut a deal to have this monstrosity removed

City has cut a deal to have this monstrosity removed

The Eye has learned that the giant sign, which was wrongly placed near Lowell Street next to the Subway sub shop (instead of well behind the shop as dictated by special permit), will soon come down. But before you chalk this up as a victory for our city’s leaders, understand that the enormous pole is only coming down because the city is playing let’s make a deal with Total Outdoor Corp.

That’s right, we’re hearing through the grapevine that – instead of holding its ground and fighting it out in court – the city council has promised to approve another Total Outdoor Corp billboard at another location in exchange for the Lowell Street monstrosity being removed.

We’re not sure where that new location is, but so much for standing our ground. I mean, it’s pretty clear that Total Outdoor Corp disregarded the terms of its special permit by planting that thing in the wrong place. Right?

So, now the question is … why are we appeasing Total Outdoor Corp just to get them to remove their mistake?

Instead of having our city run these days by the people we elected, are we instead being run by lawyers?

Developers continue to pretty much get their way on everything. The beat goes on out on Route 1, and makes us wonder what other hush, hush deals are being struck while the quality of life of residents is infringed upon.

This wild west mentality continues, and developers simply have no worries that our city council will do anything to stop them.

And why should they? After all, if these developers screw up, they can always simply bargain with the city’s legal team.

Your taxes are going up again: Merry Christmas, Peabody homeowners

13 Dec

By Bob Croce, EOP Publisher

taxesThe line is becoming cliché. Each year for the past 12 years, Peabody homeowners have seen it there in print the morning after each annual tax classification hearing before the Peabody City Council:

“Our residents still pay among the lowest annual tax bills in Essex County.”

Quick … someone cue Mary Poppins, since my message today to Mayor Ted Bettencourt and the city councilors is this: The sugar’s starting to become a little bitter when it comes to helping the tax medicine go down.

Last night, the city council agreed to yet another increase on homeowners. This one was pretty similar to the last one, and they tell us the average residential tax bill will increase by “just” $94. But let’s be honest: Most of us will end up paying more.

What that means is, since 2001 annual tax bills have risen by more than 30%.

What’s most-disturbing about the latest residential tax increase is that it’s hard to justify why we need any increase at all right now. We hear how we need to pay for a lot of expensive things, including a much-needed new middle school, and the disastrous decision to help fund a Taj Mahal-like new regional vocational school in Danvers. But don’t be fooled by that: As a city, we have $13 million in free cash right now, some of which will be earmarked to help offset the cost of those projects. This latest increase will not be used to fund major projects.

This latest tax increase is coming your way because, to borrow the words of Ronald Reagan, “we don’t have a revenue problem, we have a spending problem.”

And it’s only going to get worse once we start chipping in at least $3 million annually so fewer than 160 of the more than 6,000 Peabody students can attend the new, ostentatious regional vocational school.

Starting next year, we’ll be not only funding a city budget and a Peabody school budget, but also a regional vocational budget, which will continue to increase each year. Clearly, it would have been a lot less expensive (and more Peabody kids would have benefited) had we revamped and funded our own voke program. We also would have retained control, rather than participating in what is quickly becoming an out-of-control hack-of-rama. That large sucking sound you hear is coming from Danvers, and it’s called MEGAVOKE! Can’t blame Bettencourt for this one, though, since he did vote against joining the voke district when he was a city councilor.

But I digress …

City spending increased $5.4M in 2013, but none of that increase was spent on major projects, such as the middle school or flood mitigation. A lot of it went to salaries, and new city jobs. In these times of financial insecurity, shouldn’t we be thinking austerity instead?

Clearly, there are things we need to pay for, and clearly this mayor inherited a lot of things within the city’s infrastructure that need to be fixed. But at this point, we also don’t see a plan for finding more revenue without putting an onerous burden on the backs of Peabody’s middle class taxpayers.

Where’s the plan to expand our commercial tax base?

Anyhow, here are all of the gory details in today’s Peabody Patch. The bottom-line is this: Your taxes are increasing again. Merry Christmas to all, and to all a good night.

Time to finally get serious about the vision for downtown revitalization

10 Dec

By Bob Croce, EOP Publisher

SquareSo far, we’ve seen baby steps and a piece meal approach to the revitalization of downtown Peabody. But we remain without a master plan for development, and without true visionaries to lead when it comes to getting us to a place where Peabody Square is no longer a ghost town at 8 p.m. on a Saturday night.

The problem we face in moving this forward was again on full display this past week when a developer came before the city council with a plan to jam 10 apartments into an old office building at 98 Main Street. During the debate, there was talk about a lack of parking, which is a major concern overall as we try to bring people back to the square. But there was also talk about what the vision should be for all future downtown development.

Many councilors argued against creating more apartments (these ones with future Section 8 housing potential), and for the need to think in terms of mixed-use development (e.g., residential on the top floors, commercial space on the bottom). Thankfully, the bid for a special permit at 98 Main went down to defeat with a 5-5 vote.

The issue at 98 Main is simply one symptom of a much larger problem.

We have no overall strategic plan/vision for development, but even if we did … we have no one to lead it. Community Development’s push and praise for the developer’s plan at 98 Main certainly shows that no one there has the skills, experience, or juice to lead the mammoth undertaking of bringing economic life back to the downtown.

Although I believe and support Mayor Ted Bettencourt when he tells us that revitalization of downtown continues to be a focal point of his legacy, I also think the Mayor needs to do what many of us have been urging since he was first sworn in almost two years ago:

He needs to enlist more skilled movers and shakers to help us with this. We need an experienced redevelopment “czar” with unprecedented power to get things done, including overseeing a comprehensive, step-by-step vision. But first, we need that plan, which right now is beyond the current competencies of those who lead our Community Development efforts.

It’s time to look at what other communities have done here, and see which models we can adopt.

But we’re not getting there by allowing developers to jam 10 tiny apartments into a space that might be better for retail space, and the types of businesses that make Peabody Square a destination rather than a pass through.

Those who think that bringing more people to live downtown is a key to our future success here are wrong and misguided. We already have thousands of people living within a half-mile radius of Peabody Square, and what has that gotten us? More barber shops, nail salons, and liquor stores.

Meanwhile, Salem is becoming the restaurant capital of the North Shore, and a destination for people looking for a night out or a day of boutique shopping. By now, we should all be a little tired of the claim that Salem can do this and we can’t because Salem has the built in advantages such as the waterfront. Most of the new shops and restaurants in Salem are down along Washington Street, which isn’t on the water.

Salem has been able to revitalize its downtown because, thanks to its civic leaders, it came up with a comprehensive vision designed to encourage the right kind of businesses downtown, and Mayor Kim Driscoll is using her power to ensure that it gets done right.

Mayor Bettencourt has the opportunity to now do the same.

Mr. Mayor, I support you, but it’s time to bring in some more talent when it comes to your Community Development department.  Let’s find out who those redevelopment visionaries are, and let’s hire them to help us with something that would become your major legacy piece as mayor.

Peabody’s general obligation municipal purpose loan nets very low 2.042% interest rate

10 Apr

The following press release was sent to The Eye by Mayor Ted Bettencourt’s office.

From the Mayor’s Office

Mayor Edward A. Bettencourt, Jr., is pleased to announce that the City of Peabody received competitive bids from bond underwriters on Wednesday, April 3, 2013, for $10,533,000 General Obligation Bonds.

Bank of America Merrill Lynch was the winning bidder on the Bonds with an average interest rate of 2.042%.  Bond proceeds will be used to finance Library Building Improvements, Water Treatment Plant Upgrades, Flood Mitigation, as well as to refinance bonds of the City dated February 1, 2005.  The refinancing will generate total savings of $327,327.

Prior to the sale, Moody’s Investors Service, a municipal credit rating agency, affirmed the City’s “Aa1” long-term debt rating. The agency cited the City’s sizable and diverse tax base, unused levy capacity, and stable financial position as positive credit factors.

“We’re obviously very pleased with the results of this bond sale,” said Mayor Bettencourt.  “Peabody’s strong ‘Aa1’ credit rating and the continuing low interest rate market enable us to make critical infrastructure upgrades while saving taxpayers tens of thousands of dollars in interest charges.”

The bids for the bonds were accepted at the office of the City’s financial advisor, First Southwest Company, at 54 Canal Street in Boston, Massachusetts.

Follow

Get every new post delivered to your Inbox.

Join 45 other followers