Tuesday, September 14, 2010

DIF Meeting

Proposed DIF boundaries: These areas were selected because they have been identified as having potential for new development opportunity, but require significant infrastructure investment in order to realize that potential.

On Wednesday September 15, 2010 at 6:30 pm at the Argenziano School, 290 Washington Street, the City of Somerville will hold a Public Hearing on a proposed District Improvement Financing “DIF” Plan that includes sections of Wards 1, 2, 3 and 5. Letters were sent to approximately 1,000 property owners just over 2 weeks ago and flyers have been posted in various parts of the city.

What is a DIF?...



DIF is a financing tool that will enable the City to use new tax growth generated within the proposed DIF development district to acquire, construct, reconstruct, improve, preserve, alter, extend, operate, maintain and promote development within the development district, in order improve the quality of life, physical facilities and structures, and quality of pedestrian and vehicular traffic control and transportation, as well as increase and/or improve both affordable and market rate housing within the DIF development district.


The draft DIF plan is now available for review on the City’s website at the link below. You can also get to the page through “City Departments”, “Economic Development”, and then in the right hand column is “District Improvement Financing Program (DIF).


http://www.somervillema.gov/Section.cfm?org=OSPCD&page=1606


The purpose of the Public Hearing is to seek public comment on the proposed boundaries, development plan, financing methods, and governance.

1 comment:

  1. Does the Board of Aldermen have to approve the DIF district? When are they expected to take it up? Will public comments be accepted in writing after the public hearing? Finally, I have read many of the materials and I am a little unclear on how using these funds is any different from borrowing against the City's regular bond cap. Thanks for any answers you can provide!

    ReplyDelete

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