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City Assessor responding to #197431 re: revenue projections.
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Official Text
To Honorable Board of Aldermen,
In response to Board order #197431 from Alderman Ballantyne, please see the attached series of estimated spreadsheets that include a 5 year revenue projection, DIF projected valuation increase at Assembly Square, and Union Square projections.
The first two are the most recent available while the Union Square spreadsheet was developed about two years ago. Updated land values for Union Square indicate that projected tax dollars could provide another $100,000. Note that development of all projections was coordinated with input from OSPCD, Finance, Treasury, Federal Realty and Avalon Bay. Please also note that estimates or projections are very subject to change based upon market conditions or other events.
As additional information becomes available, numbers will be revised.
Respectfully submitted,
Marc A. Levye, RMA, MAA
Chief Assessor - Chairman Somerville Board of Assessors