Agenda Text
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Requesting approval of the second amendment to the Assembly Row Economic Development Proposal as it pertains to I-Cubed financing for Assembly Row infrastructure.
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Official Text
To the Honorable Board:
I respectfully request that your Honorable Board vote to approve the second amendment to the Economic Development Proposal ("EDP") as it pertains to the use of "I-Cubed" financing for Assembly Row infrastructure improvements.
As part of a multi-party Public Funding Agreement in 2011, the Commonwealth of Massachusetts committed to support $40 million in I-Cubed funding to reimburse public infrastructure costs incurred by the Developer. The first amendment to the EDP accounted for $10 million in reimbursements; the developer now intends to move forward with the revised second bond phase of $30 million. In addition to Assembly Row Blocks 1, 2 , 3 and 4 which are operational or have been substantially completed, these infrastructure improvements will support near term development and construction on Blocks 5 and 6, as well as the Partners Health Care development on Block 11.
My staff will be available to answer any questions you may have.
Respectfully submitted,
Joseph A. Curtatone
Mayor