Politics & Government
Beverly May Offer Subsidies To Restaurant Developer
The city has owned the waterfront property and not collected tax revenue in 20 years, according to Mayor Mike Cahill.
BEVERLY, MA -- Beverly may offer tax breaks in an attempt to fill a McDonald's restaurant that has been empty since it closed since 2006. The city currently owns the property at 1 Water Street and released a request for proposals last week seeking a developer that will be enticed by the terms, including five years of property tax breaks, including no property taxes for the first two years after the restaurant opens.
"The city has owned the property for over 20 years and not derived any property revenues from it," Beverly Mayor Mike Cahill told the Salem News, which first reported this story.
For more on this story, see the Salem News. Subscribe to Beverly Patch for more local news and real-time alerts.
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