Somerville DIF Program Reply

Somerville District Improvement Financing (DIF) plan for financing improvements on Somerville Avenue and around Union Square and Boynton Yards/Inner Belt. City borrows against projected new tax revenues generated by activities within the DIF district.

Time Frame

  • 30 years

Status

  • Active.

Monitor

  • Use of funds.
  • Tax base created by proposed developments.

Risks

  • If inadequate tax base created, City is on hook to pay back money for improvements.
  • Overselling program.

Mitigation

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

Background

History

  • Finance Committee Public Hearing (10/6/10)
  • Public hearing (9/15/10)
  • Application drafted (9/10/10)

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