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Town staff outlines timeline for Hartford Ave. DIF, aims for August update and fall town meeting vote
Summary
Town Administrator said staff are refining timelines and debt-service estimates for the Hartford Avenue District Improvement Financing (DIF) plan and aim to present an update on Aug. 24; he recommended lining up materials for the fall town meeting because bond authorization will be required.
Town staff told the Select Board on Aug. 3 that work on the Hartford Ave. District Improvement Financing (DIF) program is advancing and that an informational update is planned for the board on Aug. 24.
The Town Administrator said staff are refining the project timeline, reviewing properties within the proposed district and modeling potential assessment revenues and debt service. He recommended preparing materials for the fall town meeting because, under the DIF rules, the financing component will require a bond authorization from town meeting; he also said the DIF mechanism does not shift existing town debt-service directly to taxpayers but instead captures future incremental property tax generated by redevelopment.
