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Sunday, September 26, 2010

Have Opinions About The City's Proposed District Improvement Financing (DIF) Program?

Overview of DIF Section
The Finance Committee (chaired by Ward 2 Alderman Maryann Heuston) will be hosting a public hearing on the City's proposed District Improvement Financing (DIF) Program on Wednesday October 6, 2010 at 6:00pm in the Aldermanic Chambers of City Hall located at 93 Highland Avenue. Please know that this is (currently) the only item on the agenda for this evening (but could change up to 48 hours before the meeting).

The Office of Strategic Planning and Community Development did hold a mandatory public hearing on September 15th regarding the DIF that included a PowerPoint presentation and opportunity for public comment and questions. An order submitted by Alderman Heuston to the Board of Alderman has brought the program into Committee, where (as she promised at the 9/15/10 meeting) there will be another opportunity for public comment. Residents and business owners in Wards 1, 2, 3 and 5 are encouraged to attend as the DIF is focused on those areas only.

OSPCD has described DIF as: DIF is a financing tool that will enable the City to use new tax growth generated within the proposed DIF development district to acquire, construct, reconstruct, improve, preserve, alter, extend, operate, maintain and promote development within the development district, in order improve the quality of life, physical facilities and structures, and quality of pedestrian and vehicular traffic control and transportation, as well as increase and/or improve both affordable and market rate housing within the DIF development district. 

Helpful Links:
Learn more about the proposed DIF and read PDFs on the Program.
Read a recap of the September 15th Meeting written by Tom Nash of Post Somerville.
Read About DIF/TIF financing; the background, pros, and cons.

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