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.
- 30 years
- Use of funds.
- Tax base created by proposed developments.
- If inadequate tax base created, City is on hook to pay back money for improvements.
- Overselling program.
- Track proposed projects and make sure they provide adequate tax base.
- City Transcript of DIF Public Hearing (PDF)
- 9/15/10 Somerville District Improvement Financing Program Public Hearing
- Testimony on Somerville DIF
- District Improvement Financing Program (DIF)
- Finance Committee Public Hearing (10/6/10)
- Public hearing (9/15/10)
- Application drafted (9/10/10)