Waterfront potential abounds but only if made worthwhile

February 2, 2010
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Events are moving rapidly on the Lynn waterfront east of the Lynnway where, one day, the city is hoping for the kind of development that will utilize the waterfront.

With the power line issue all but solved, the coming months will find an area nearly fully prepared for development proposals.

What should go there and how it will come to pass are difficult questions which need to be answered.

In this instance, the city needs to make this site attractive to developers during a down economic time.

Easier said than done, some will say.

Despite the down economy, the city can act in such a way to create economic incentive for a new development that has the potential to change the Lynn waterfront.

Without a tax incentive of some kind or without the city providing some type of bonding, there will be no development on the waterfront.

The only motivation investors have at this point is the type of incentive that causes them to get involved.

So the powers that be at city hall need to begin scheming about the type of incentive necessary to draw investment here.

Short of this, there is no reason for investors to take an interest in getting involved here as the return won’t be sufficient to justify the investment.

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