Braintree has exceeded its permit revenue target for fiscal year 2011, a feat Braintree officials say is a sign of the strength of the town's economy.
“It shows that there is steady economic development in Braintree despite the challenges of business and homeowners getting financing,” said Chief of Operations and Staff, Peter Morin. “We’re solid in our permit fees. It shows there is continued growth in our economy.”
Last year, Braintree didn't quite make projected revenue, coming in just under the $1.7 million projection at $1.664 million.
This year, however, the town succeeding in surpassing its goal, coming in above the $1.5 million projection at $1.569 million.
Although the target was lowered, the fact that total revenue came in above expected is a good sign for the town, Morin said.
It was a number unaided by over $8,000 in building fees Braintree waived so that homeowners could recover from last year’s floods.
Although the town opted out on the $8,000, Braintree did receive over $160,000 from the Dave and Busters construction, slated to begin in the upcoming months.
“We were holding our breath [as to when that money was coming in], but we knew we were getting the revenue, it’s just which column, FY11 or FY12, you put it in,” Morin said.
The high numbers have garnered high expectations for next year, where revenue is projected to come in at $1.6 million.
Although the Dave and Busters project will not help FY12 numbers, numerous other developments and construction is expected to come online in the upcoming weeks.
Between construction at the former Sheraton Tower Hotel on Granite Street, the TD Banknorth building at Five Corners, and some addition construction Morin said would most likely occur in the next year, Braintree is continuing to expand.
In general, building fees for residential owners costs $35 plus $15 per square foot of new value. Commercial owners are required to pay $50 plus $20 per square foot.