I read with interest comments focusing on MarketStreet as a source of additional revenue for Lynnfield.
The estimated impact of a cineplex, as stated by the developer’s consultant, was $324,000, which some believe was overstated. This amount would only be one half of 1 percent of the town’s $57 million budget.
The Finance Committee, as part of the MarketStreet Advisory Committee report, concluded that the inclusion of a Cineplex was not worth the risk. The reliance on just MarketStreet for additional revenue prompts several questions and concerns:
- Why — when National Development’s Cineplex proposal has been rejected at least five times in the past — do town officials continue to believe that it is the only additional source of revenue?
- MarketStreet originally was to contribute only a net of one million dollars, but now contributes over $4 million. How much more do they expect?
- The additional $324,000 is really only $218,000 if you include the abatement National Development received.
- There have been several other proposals that would have produced more revenue for the town, but the focus seems always to be on MarketStreet. Why?
The town needs to be creative as it looks at other revenue sources to meet future needs, rather than just rely on current sources.