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.
- 30 years
- (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.
- 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.
- 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.
- Track proposed projects and make sure they provide adequate tax base.
- Staff Report: W-ZHA Fiscal Impact Report (PDF)
- W-ZHA- Report: Fiscal Impacts of Phase I of Assembly Row (PDF)
- DIF Tri-Party Agreement (PDF)
- Staff Report: DIF Bond Authorization (PDF)
- Governing board agenda with proposed rules.
- Finance Committee Should Postpone BOA Vote on Assembly Square
- DIF Notice of Public Hearing, Assembly Square DIF (PDF)
- Assembly Row DIF Application (PDF)
- (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