by David Dahlbacka in All Ages, Assembly Square, Beat Reporter, City Finances, Development and Zoning, Environment and Open Space, Events, Orange Line
Posted on December 1, 2010 at 12:28 pm
| December 2, 2010 | ||
| 7:00 pm | to | 9:00 pm |
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Special Board of Aldermen Meeting on Assembly Square DIF
Thurs. Dec. 2 7:00 – 9:00 PM
Somerville City Hall
Aldermanic Chamber
93 Highland Ave.
Somerville MA (map)
Paper agenda only: Assembly Square DIF
This special meeting of the Board of Aldermen has been called to discuss and vote on the proposed Assembly Square DIF, authorized at the BOA Finance Committee Tuesday night, November 30. This DIF is intended to cover a shortfall in infrastructure funding caused by the fact that the Federal appropriation for the T-Stop did not pass Congress, and the IKEA has delayed construction.
If implemented as planned, this DIF will very likely result in developments that only cover debt service on the DIF bonds themselves. The rest of Somerville will pay for the city services required by those developments.
Please attend this meeting. For more information, see:
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The Special Meeting of the Board of Aldermen was held as announced Thursday, Dec. 2, 2010. The result after some debate was to vote to approve the Assembly Square DIF application and to vote a resolution, proposed by Ald. White, outlining the Board’s assumptions in doing so.
Ald. Gewirtz asked when Somerville could expect to see a positive cash flow from Assembly Square. Mayor Curtatone said he understood that the city won’t make money from the DIF buildings. Don Briggs (FRIT) said A.S. won’t be successful unless they can get significant commercial use. Larger tenants wouldn’t start until 2013-2014. Smaller tenants need speed to market (18 month lead).
A complete set of minutes, including Ald. White’s resolution and a video of the proceedings, are at the Special Meeting web site.
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