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Somerville finance committee clears way for City Council to accept nearly $3.95 million into new Community Benefit Stabilization Fund
Summary
The Finance Committee discharged without recommendation a request to create a citywide Community Benefit Stabilization Fund and accept $3,946,742.98 in developer community-benefit payments; committee members asked for a detailed spreadsheet to show which projects contributed and how much remains in project-specific accounts.
Chair Jake Wilson told the Somerville City Finance Committee on Nov. 10 that the administration seeks to create a citywide Community Benefit Stabilization Fund and accept $3,946,742.98 gathered from developer community-benefit covenants.
Finance Director Alan Inacio said the change is primarily housekeeping: the city has been collecting payments in a mixture of accounts, including an existing Union Square Community Benefits account, and the consolidated fund would follow the city—s community benefits ordinance to allow broader uses across master-planned…
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