Agenda Text
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Requesting the creation of the Assembly Square District Improvement Financing Stabilization Fund.
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Official Text
To the Honorable Board:
I respectfully request authorization to create the Assembly Square District Improvement Financing Stabilization Fund under the provisions of M.G.L.Chapter 40, Section 5B.
M.G.L. Chapter 40Q authorizes cities and towns that create District Improvement Financing districts to segregate the property taxes levied against new property developed in such districts since they were created ("tax increments").
The Assembly Square District Improvement Financing Stabilization Fund will be the accounting entity that receives the tax increments for the designated Development District and funds any necessary project costs within the District.
Respectfully,
Joseph A. Curtatone
Mayor