Finance Committee Continues DIF Discussion-Updated

Finance Committee

Committee Meeting

Second Floor Committee Room of City Hall

4/21/2011 7:00 PM

The Mayor presented the plans for Assembly Square to the Board of Alderman on March 1st. This presentation was videotaped and is available at the end of this post.~Courtney O'Keefe

· 190977: Recommend Conveying the Assembly Row DIF Consultant Analysis on municipal service impacts.

· 190978: Recommend Conveying the Assembly Row DIF Tri-Party Public Funding Agreement.

· 190988: Recommend Requesting an appropriation of $25,750,000 and authorization to borrow $25,750,000 in a bond for the cost of implementing the Assembly Row DIF District and Development Program.

See corresponding documents to the above items.

The Office of Strategic Planning and Community Development defines DIF as, "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.

Here is the Mayor's presentation on Assembly to the Board of Alderman:

Somerville Mayor's Economic Development Presentation On Assembly Sq. March 1, 2011 from SomervilleCityTV on Vimeo.