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 development districts.

Tom Gallegani, executive director of the Office of Strategic Planning and Community Development, told the committee the balance before the council reflects receipts from about six large development projects and that the contributions are intended for "social infrastructure" such as job training, affordable housing and social services. "We're just talking about one of the buckets of money," he said, explaining that individual covenants use slightly different language but generally enable community-benefit spending in those topic areas.

Several councilors pressed for a clearer accounting of where the money originated and whether moving receipts would deplete the Union Square stabilization account. Councilor Scott said he was concerned that reclassification could leave the Union Square fund effectively empty until new project payments arrive and asked the administration to provide the native spreadsheet with interest and receipt details. Inacio agreed to provide a revised spreadsheet to the Committee and to the clerk for the record.

Because the committee did not yet have the fully vetted spreadsheet in hand, Chair Wilson moved to discharge item 25-1560 without recommendation so the City Council could consider it at the Thursday meeting; the committee voted unanimously to discharge the item without recommendation.

Next steps: the administration will submit the revised spreadsheet and documentation of the receipts and interest calculations to IGA and the clerk; the City Council will consider the new fund and the acceptance of the $3,946,742.98 payment at its next meeting.

Provenance: Topic introduced by agenda item ID 25-1560 and discussed in committee (presentation and Q&A).