City of Somerville header
File #: 208854    Version: 1
Type: Mayor's Request Status: Approved
File created: 9/9/2019 In control: City Council
On agenda: 9/12/2019 Final action: 9/26/2019
Enactment date: 9/12/2019 Enactment #: 208854
Title: Requesting an appropriation and authorization to borrow $2,745,543.06 in a bond to fund Union Square Revitalization Plan eminent domain settlements.
Code sections: Bond/BAN -
Attachments: 1. Eminent Domain Settlements Memo, 2. Appropriation Order (Settlement Costs) 9-19-c

  Agenda Text

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Requesting an appropriation and authorization to borrow $2,745,543.06 in a bond to fund Union Square Revitalization Plan eminent domain settlements.

 

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Official Text

To the Honorable City Council:

 

I hereby request, subject to the approval of your Honorable City Council, an appropriation in the amount of $2,745,543.06 for the purpose of funding settlement agreements reached by the parties in the matters of  of  Fahey vs. SRA,  49-51 Allen Street Trust, and Shelzi/Deutsche Bank. To meet said appropriation, the Treasurer will be authorized to borrow $2,745,543.06 as provided by MGL Chapter 44.

 

Calculation of the settlement accounts plus accrued interest total $2,745,543.06.

 

The settlement arises out of an eminent domain taking of property on the D-2 Block on May 29, 2013.

 

I am attaching a memo written by Special Counsel, Eileen McGettigan explaining this settlement previously submitted to your Honorable City Council in January 2019.

 

My staff will be available to address any questions you may have. Thank you for your consideration of this item.

 

Respectfully Submitted,

Joseph A. Curtatone, Mayor