Statement from City Council on Gray Moon Public Marketing Development Agreement Amendment

The Newton City Council has amended the development agreement for the Gray Moon Public Market project to support a business incubator that will bring new opportunities to Downtown Newton. This $4.7 million project will foster small businesses and local entrepreneurs, creating a new destination in the heart of our city. Importantly, no general fund taxes will be used-only future Tax Increment Financing (TIF) funds generated by the project itself. With the City investing just under 20% of the project cost, the majority of financial risk is being shouldered by the developer, Jerry Schwaller. This initiative will not only continue the positive momentum in Newton's downtown revitalization but also contribute to long-term economic growth.