Agenda Summary
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Requesting approval of the Urban Center Housing Tax Increment Financing (UCH-TIF) Zone, Plan, and Form of Agreement for Winter Hill.
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Official Text
To the Honorable City Council:
The Mayor respectfully requests that this Council hold a public hearing regarding the proposed Urban Center Housing (UCH-TIF) Zone, Plan, and form of Agreement for the area contiguous with the Winter Hill Urban Renewal Plan at the intersection of Broadway and Temple Street. The Mayor additionally requests that this Council approve and establish the UCH-TIF Zone and Plan and authorize the Mayor to forward said UCH-TIF Zone, Plan, and form of Agreement for certification to the Department of Housing and Community Development (DHCD) for its approval and endorsement. The Mayor additionally requests the Council to authorize the Mayor to execute an UCH-TIF Agreement between the City of Somerville and Mark Development LLC with a tax exemption of 100% of the tax increment on Lot 1 and Lot 2 of parcels 70-D-5 and 70-D-27 as they are to be subdivided per the Comprehensive Permit application for the project known as 299 Broadway for a term of 20 years subject to additional terms and conditions.
Appropriate staff will be available to answer any questions you may have. Thank you for your consideration of this matter.
Respectfully,
Katjana Ballantyne, Mayor