City of Somerville, Massachusetts - File #: 193478

• File #: 193478
• Version: 1
• Type: Mayor's Request
• Status: Approved
• File created: 7/10/2012
• In control: City Council
• On agenda: 7/12/2012
• Final action: 8/16/2012
• Enactment date: 8/16/2012
• Enactment #: 193478
• Title: Requesting approval of an Amended Economic Development Proposal for Phase 1 of the I-Cubed funding approved by the Commonwealth.
• Code sections: Miscellaneous -

Date	Ver.	Action By	Action	Result
8/21/2012	6	BOA	Mayoral Approval
8/16/2012	5	City Council	Approved
8/13/2012	4	Finance	Approved
7/12/2012	3	City Council	Referred for recommendation

  Agenda Text

title

Requesting approval of an Amended Economic Development Proposal for Phase 1 of the I-Cubed funding approved by the Commonwealth.

body

Official Text

To the Honorable Board:

I respectfully request your approval for a revised I-Cubed Economic Development Proposal (EDP) prepared by Federal Realty Investment Trust and submitted with this letter.  Following the City's approval, the amended EDP will be submitted to the Commonwealth for its approval and permanent issuance of $10 million in I-Cubed bonds.  A revised Phase 1 of the I-Cubed project consisting of five commercial components, including Development Blocks 1, 2, 3, 4, and 10 at Assembly Row, is expected to support the

permanent bond issuance.

I will be requesting your approval of the EDP at the next meeting of the Board of Aldermen following the July 12th meeting.  The Developer will be available to the Finance Committee and the full Board to describe the revised EDP and to answer questions.  The staff of OSPCD is also available to respond to any questions and concerns you may have.

Thank you for your consideration.

Joseph A. Curtatone,

Mayor