BOSTON- Public subsidy is now being considered to fund the long-awaited anchor hotel in South Boston.
An executive of Starwood Hotels & Resorts Worldwide, which faces a Nov. 26 deadline for moving the project forward, said his team wants a tax break from the city to help make the planned 1,120-room hotel more attractive to financiers.
Steve Goldman and his firms local partner, Richard Friedman of Carpenter & Co., raised that possibility recently in a meeting with Edward J. Collins Jr., the citys CFO. Their goal was to decrease Starwoods property tax obligation under Chapter 121A of state law.
The statute, enacted to encourage development in rundown areas, permits the owner to pay reduced taxes on a schedule that eliminates the uncertainty of future tax levies. (10/30/00)
The Boston Globe