Frustrated by $528 million in stalled projects along the East Boston waterfront, Mayor Thomas M. Menino today is set to unveil a major plan to jumpstart development in the neighborhood that continues his focus on maximizing property use along the harbor.
The mayor will unveil a plan at a Greater Boston Chamber of Commerce breakfast today that calls for the city to use “district improvement financing” in East Boston — a mechanism that will help fund infrastructure, “reduce barriers to development” and, it is hoped, restart several dormant projects.
“There are a number of projects in that area that have stalled that we hope can come to the table along with these new tools so we can help get them done,” Menino spokeswoman Dot Joyce said last night.
The mayor also is planning to invest $1 million a year into improving the city’s water transit system to make it easier for tourists and commuters to travel across the harbor. The funding, which will come from a new cruise passenger fee, will help fund more water taxis and other marine transportation, Joyce said.
The initiatives are intended to build on the success of the Seaport District, which has become the city’s hottest neighborhood, partly because of Menino’s focus on rebuilding the long under-used South Boston waterfront.
The mayor also was slated to make other major development announcements this morning connected to waterfront development and Boston Harbor, Joyce said.