Agenda Text
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Requesting approval to create the Open Space Acquisition and Improvements Stabilization Fund for the purpose of acquiring and/or developing open space.
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Official Text
To the Honorable Board:
I respectfully request that your Honorable Board hereby create and establish a special revenue fund to be known as the Open Space Acquisition and Improvements Stabilization Fund. Said fund shall be dedicated to the acquisition and/or development of open space benefiting the City of Somerville.
In addition to such sums as may be appropriated by the Mayor and Board of Aldermen for deposit into said Open Space Acquisition and Improvements Stabilization Fund, the City is authorized to and shall deposit all monies received by it, as monetary resources for the acquisition and preservation of open space, including fees, monetary gifts, developer contributions and mitigation payments, grants, loans, unless otherwise restricted, into said Open Space Acquisition and Improvements Stabilization Fund.
In addition, fees to the City collected in lieu of a requirement to provide Open Space pursuant to any relevant provisions of the Somerville Zoning Ordinance may also be deposited into said Open Space Acquisition and Improvements Stabilization Fund.
Expenditures from the fund shall be made exclusively for the appraisal, acquisition, preservation, improvement, and rehabilitation costs relating to land or easements, interests or rights therein, which have been or will be acquired or held by the City for open space . Expenditures shall include debt service incurred on loans required for acquisition.
My staff will be available to answer any questions you may have. Thank you for your consideration of this matter.
Respectfully,
Joseph A. Curtatone, Mayor