Somerville council committee clears updated TIF agreement for 299 Broadway; park easements revised

The Somerville Finance Committee on Tuesday recommended approval of a final Urban Center Housing Tax Increment Financing (UCHIF) agreement for the 299 Broadway redevelopment, and discussed associated public‑space easements and a landscape management plan for Sewell Park and an adjacent pocket park.

The committee voted to recommend approval of the UCHIF agreement after city staff and the developer told members the updated pro forma shows the project still needs the full tax increment exemption to achieve a feasible return. Senior planner Ben Demers said the redevelopment would replace a long‑vacant Star Market site and create 319 units, 136 of which will be deed‑restricted affordable, along with retail space and two public civic spaces. Demers said the developer expects financial closing in September and that the city will record the agreement with the Middlesex South registry of deeds.

The UCHIF program — administered by the state’s Housing and Livable…