Agenda Text
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Requesting approval to create an Assembly Row DIF Development District and an Assembly Row 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 an Assembly Row District Improvement Financing (DIF) Development District and Development Program and an Assembly Row Invested Revenue District and Invested Revenue District Development Program.
A DIF District in Assembly Row will provide Somerville with an important tool to support infrastructure improvements needed to make the Assembly Row project a success. In recent months, circumstances have changed such that investment by the City of Somerville is needed. Action by the Board of Aldermen on the Assembly Row DIF will also facilitate additional funding by the Commonwealth.
Assembly Row is the premier development site on the East Coast and, not only will an outstanding mixed use development arise out of an underutilized section of the city, the project will generate new local jobs and increase the amount of open space available to the community. By acting on the DIF Proposal, the BOA will help ensure the project is a success.
OSPCD staff will be available to respond to any questions you may have.
Respectfully,
Amended
See "Assembly Row DIF Amendments, 12-2-10," attached.