Assembly Row DIF Reply

District Improvement Financing (DIF) plan for financing roads and other infrastructure in Assembly Square. City borrows against projected new tax revenues generated by activities within the district.

Time Frame

  • 30 years

Status

  • (4/30/12) Official groundbreaking for Assembly Row.
  • (10/20/11) Block 3 passed Planning Board.
  • (10/5/11) Blocks 1 and 4 passed Planning Board.

Monitor

  • Progress on application.
  • Tax base created by proposed developments.
  • Commitment by Federal Realty to develop R&D/office in Assembly Square, not just housing and retail.

Risks

  • If inadequate tax base created, City is on hook to pay back money for improvements.
  • If inadequate tax base created, rest of Somerville has to pay for city services consumed by DIF developments.

Mitigation

  • Track proposed projects and make sure they provide adequate tax base.

Background

History

  • (9/29/11) Blocks 1, 3, 4 in A.S. DIF area in front of Design Review Committee.
  • (5/2/11) Final discussion and vote on DIF bond issue.
  • (4/13/11) Second public hearing on DIF bond issue.
  • (4/6/11) Finance Committee Meeting
  • (3/31/11) Hearing on DIF bond issue for $25M.
  • (2/10/11) First meeting of governing board.
  • (11/30/10) BOA Finance Committee Authorization
  • (11/22/10) Finance Committee Public Hearing

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