THE EVERETT ADVOCATE – Friday, November 17, 2017

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Vol. 26, No. 46

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FIXED RATE

MORTGAGES NO POINTS

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RATE

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APR*

RATE

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Mortgage Department 617.381.3615 or 617.381.3616 419 Broadway • Everett 771 Salem Street • Lynnfield

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Friday, November 17, 2017

Mayor, City Council to apply $12.5 million Wynn payment to reduce tax rate By Brendan Clogston

30 YEAR

3. 4. 584% % 3. 4. 500%

617-387-2200

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he City Council unanimously approved a proposal by Mayor Carlo DeMaria on Monday night to apply the entirety of Wynn Boston Harbor’s $12.5 million payment to the city towards reducing next year’s tax rate. However, the vote is only an initial authorization; the matter will have to be discussed in greater depth when the council discusses setting the tax rate at their next meeting. The mayor made a similar move last year, when he successfully applied the entirety of a $5 million payment from Wynn towards the tax rate. “As you know, the city of Everett is undergoing a transformational period of growth and redevelopment,� wrote the mayor in a communication to the council. “We are experiencing tremendous jumps in property values, at a percentage rate amongst the highest in the state. In particular, I am so pleased that our homeowners are seeing this type of increase in value – for many of us, our home is our primary investment. At the same time, I am sensitive to the corresponding increase in property tax that comes with an in-

crease in home value. I particularly recognize the need to mitigate the tax burden on homeowners now so that the people of this city, many of whom have lived here for decades and raised families here, can stay in their homes and continue their investment in our neighborhoods and civic life.� Councillors praised the mayor’s move, calling it a sign of things to come in the city. “This is such great news for our community,� said Councillor-at-Large Wayne Matewsky. “Development is paying off for the taxpayers, the homeowners and the business community. Now we have quality businesses coming here. It’s a new future for our community. The payment was a part of Wynn’s Host Community Agreement with the city. Under that compact, Wynn is expected to give another $12.5 million to the city in 2018. When the casino opens in 2019, $32 million in Payment In Lieu of Taxes will begin coming to the city, a rate which will increase by 2 percent annually. “Let me be clear: these next two fiscal years represent a

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