Agenda Text
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Requesting approval to create a District Improvement Financing (DIF) Development District and a DIF Development Program pursuant to M.G.L C. 40Q and 402 CMR 3.00 Et Seq.
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Official Text
To the Honorable Board:
I am pleased to submit to you for your review and approval an order creating a Somerville District Improvement Financing (DIF) Development District and Development Program and Somerville Invested Revenue District and Invested Revenue District Development Program.
DIF provides Somerville with an important tool to ensure that the infrastructure improvements are made and catalyst sites are developed. By adopting a DIF boundary and a financing plan, the City is committing to reinvest the growth in property tax generated by the DIF District within the district over the next 30 years. Not only can this commitment leverage other public dollars, such as grant funds, but as seen in cities across the U.S., it can stimulate the private sector to also invest in the area.
The arrival of the Green Line provides a once in a life time chance for Somerville to improve the quality of life for current and future residents and end the unsustainable dependence on residential property taxes to fund the general operations of government. With other federal and state funds drying up, the City of Somerville cannot afford to sit still and waste this opportunity. It must define its own future and leverage its resources, in the form of incremental growth, to fund the much needed infrastructure and open space improvements that will make Somerville a great place to live, work, and play.
I trust you will find the attached draft application comprehensive, balanced, and forward-thinking as it attempts to address and balance the needs of our community. OSPCD staff will be available to respond to any questions you may have.
Respectfully,
Joseph A. Curtatone
Mayor