Discuss Selling Town Owned Property:

Discuss Selling Town Owned Property:

Another way to increase tax revenue in the town is to sell town owned property. Seven years ago, the town of North Reading sold the town owned Berry site to Pulte Homes of New England for 30 million dollars. After expenses, the town of North Reading received 20 million dollars. The 20 million dollars (although slightly less today) earns interest and can only be used for capital projects or paying down debt.  When the Pulte property is completely developed (now known as Martins Landing) there will be 502 units which will generate millions in tax revenue for the town. We as a town should explore selling town owned property for the purposes of generating additional tax revenue.