Agenda Text
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Requesting approval of an appropriation of $47,500 from the Capital Stabilization Fund to retain an economic planning/real estate consultant to assist in developing a District Improvement Financing application.
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Official Text
To the Honorable Board:
I respectfully request that your Honorable Board appropriate $47,500 from the Capital Stabilization Fund to retain an economic consultant/ real estate consulting firm to assist the City in preparing a District Improvement Financing (DIF) Application for submittal to the Executive Office of Administration and Finance for areas known as Union Square and Boynton Yards. The City has selected RKG Associates, Inc. as the preferred vendor. RKG Associates is the author of the recent Green Line Extension (GLX) Valuation Study. RKG Associates is a vendor listed on the Massachusetts Statewide Contract.
The consultant will be prepared to analyze market and economic conditions over the long-term as a basis for identifying and measuring potential incremental assessed value and property taxes emanating from the development of Union Square and Boynton Yards. The consultant will develop a number of DIF boundary options with attendant revenue options for consideration in the development of a DIF application. The projections of the “captured increment” as defined in the DIF regulations will be for a thirty-year period.
The consultant will be prepared to take the lead in the preparation of the application process with assistance from the Office of Strategic Planning and Community Development and the Assessor’s Office and will be prepared to make presentations before various stakeholders.
My staff will be available to answer any questions you may have. Thank you for your consideration of this matter.
Respectfully,
Joseph A. Curtatone, Mayor