Agenda Text
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Requesting approval to create the Small Business Assistance Stabilization Fund and accept a payment to the Fund of $150,000 from Wynn MA LLC to develop initiatives so local businesses can take advantage of the opportunities provided by the Encore Casino.
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Official Text
To the Honorable City Council:
I respectfully request that your Honorable City Council vote to create the Small Business Assistance Stabilization Fund and accept $150,000 for the Fund from Wynn MA., LLC , under the provisions of MGL 40, Section 5B. This Fund will be used for the purpose of developing initiatives to prepare local businesses to take advantage of the opportunities provided by the Encore Casino Project.
The payment is being made to the City of Somerville as part of the "Surrounding Community Agreement By and Between the City of Somerville and Wynn MA, LLC." The $150,000 payment is an annual payment. Subsequent yearly payments will flow to the Small Business Assistance Stabilization Fund in accordance with MGL Chapter 40, Section 5B.
My staff will be available to answer any questions you may have. Thank you for your consideration of this matter.
Respectfully Submitted,
Joseph A. Curtatone, Mayor