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Here's the answer to a question I'm asked all the time

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Newton voters rejected Mayor Ruthanne Fuller’s request to raise property taxes by $9.2 million for operating costs and supported two debt exclusion overrides to rebuild a pair of elementary schools.
 
The outcome Tuesday aligned with the chamber’s position. 
 
However, our recommendation did not align with the No Newton Override ballot committee which argued (without adhering to campaign finance rules) that the city didn’t need the money.
 
Quite the contrary. We recognized that the city’s need for revenue was genuine. 
 
We opposed the operating override because of the financially devastating impact a tax increase could have on many of our businesses -- particularly small businesses -- and commercial property owners.
 
 
Rampant inflation, labor shortages, soaring wages, rising utility costs from the war in Ukraine, supply chain shortages, high borrowing costs, depleted savings, some of the nation’s highest child care costs, the possibility of a recession, and a softened demand for office space, drove our decision. 
 
Next time, we hope conditions are such that we can, once again, endorse a tax increase, just as we did in 2013. But this time, we felt City Hall needed to hold a line on its spending, just as so many of our employers have. 
 
And unlike the No Newton Override campaign, we took no joy in Tuesday’s outcome. The financial pressures on many of our business -- and the city -- in 2023 are real.
 
We’re committed to working collaboratively with the mayor and other city leaders on solutions that support of the city’s schools, services and economy. Just as we always have.
 
Here's the answer to a question I'm asked all the time
Needham location Childrens
Several times a week someone asks:
 
“Say Greg, what's that they're building next door to Tripadvisor?”
 
That would be Boston’s Children’s Hospital's new outpatient surgery center.
 
In 2020 Needham Town Meeting approved rezoning to allow Children’s to eventually construct up to three buildings in the office park, as well as an expansion of the adjacent parking garage.
 
But the project was delayed due to a lengthy Department of Public Health approval process and just recently received its building permit.
 
The now under construction five story Boston Children’s Needham will offer pediatric specialty services including surgery, radiology, audiology, gastroenterology, ophthalmology, otolaryngology and orthopedic surgery/sports medicine.
 
Children’s hopes to welcome its first patients to the first building in late 2025.
 
In addition to care for young patients (and what parent wouldn't like to avoid traveling to Longwood Medical area, if they can help it) the facility should be a boon to our hotels, restaurants and retailers.
 
Still making your St. Patrick's Day plans?
 
Yelp recently updated its list of the best Irish pub in every state. Their choice for the best in Massachusetts? The James in Needham.
 
And the Globe has selected Dunn-Gaherins Food and Spirits as one 10 Irish pubs to eat at this St. Patrick’s Day.
 
Our full directory of area restaurants is here. 
 
Advice for those leading municipal meetings
 
Remember the item in last Friday’s newsletter about a Supreme Judicial Court ruling that the Southborough Select Board violated a woman’s free speech rights by shutting her down after she referred to a member as a “Hitler?
 
The ACLU has prepared a letter laying out ways “local governmental bodies can still enforce rules of decorum — as long as it’s done in a content-neutral manner.”
 
Dan Kennedy at Media Nation has more.
 
...and some free advice for municipal leaders
 
Don’t enter into a sister city agreement with the Hindu nation of the United States of Kailasa.
 
 
Other need to knows
 
  • I mentioned this Tuesday, but it’s worth repeating: Deposits at many of our local community banks provide insurance above the FDIC limits through the Depositors Insurance Fund (DIF). With a DIF member bank, the FDIC insures up to $250,000, while the DIF covers all deposits above the FDIC insurance amount. Here's a list of DIF banks. Here's a list of chamber member banks and credit unions.
 
 
  • Dedham Savings and South Shore Bank, have agreed to a merger deal that would combine the two mutual banks, while keeping their names and much of their systems separate, the Globe’s Jon Chesto reported this week.
 
 
  • Newton History Museum hosts a program about Margaret Stedman Chaloff, a legendary piano teacher in Newton who taught many of the great jazz pianists of the mid-20th century, including Herbie Hancock and Keith Jarrett, as well as the late Newton resident George Wein, founder of the Newport Jazz Festival. March 30, 7 p.m. Register
 
  • Take the Watertown Transportation Management Association's survey to be represented in transportation-related developments within Watertown. And attend our virtual Watertown Business Community Town Hall next Weds. (March 22) at 9 a.m. to discuss the city's economic development future.
 
 
Former Army land to provide housing, services for adults with disabilities 
 
The Charles River Center has closed on the purchase of a 3.5 acre property directly across from its main campus in Needham which will be used to add low income housing and services for adults with disabilities.
 
Formerly owned by the U. S. Army Corps of Engineers, the parcel currently has 12 single-story homes, constructed in 1958, that have been unoccupied for five years. Prior to that, employees at the Army’s Natick Research and Development Laboratories were housed at the site.
 
“Charles River currently touches the lives of more than 900 individuals, but we know that many more would benefit from our programs and services,” said Alice Taylor, Chair of the Charles River Center's board of directors. “This land purchase will allow us to help even more members of our community.” 
 
They prepared for the worst, be glad we didn't need it
 
The fallout and challenges for businesses and banks following last week’s Silicon Valley Bank collapse will be with us for years.
 
But there’s no doubt that we – especially in Massachusetts, including in our chamber communities -- dodged a very big bullet.
 
How big?
 
The Globe’s Shirley Leung has a must-read account about how our state, congressional and other local leaders worked through the weekend to prepare for a potential financial disaster.
 
“I would argue that our economy in Massachusetts is the most susceptible to SVB,” said Rep. Jake Auchincloss told Leung. “It’s not just our biotechs and our techs, it’s also our affordable housing developers and our nonprofits. It’s like this unique cross-section of all of the elements that make Massachusetts vital.”
 
 
ļ»æ
 
That’s your need to knows for today, unless you need to know how much your SVB swag might be worth, or will cost you, on eBay or Etsy.
 
Spring starts Monday! Hope your brackets make it at least until then.
 
Greg Reibman (he, him)
President
617.244.1688
 
P.S. This newsletter, our programing and our advocacy is only possible because of the financial support from our members and sponsors. If you find our communications helpful or interesting, please join today.

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