Agenda Summary
title
Requesting the appropriation of $201,495 from the Unreserved Fund Balance ("Free Cash") to the Judgments & Settlements Account for settlement payments relative to the purchase of the Assembly Square Fire Station at 45 Middlesex Avenue.
body
Official Text
To the Honorable City Council:
The Mayor respectfully requests that this Council appropriate $201,495 from the Unreserved Fund Balance ("Free Cash") to the Judgments & Settlements Account [0199052-576000], for the purpose of settling the payment of allocable property taxes to BRE-BMR, Middlesex LLC for the condominium unit at 45 Middlesex Avenue which houses the Assembly Square Fire Station. The lease agreement between BRE-BMR and the City of Somerville executed on June 7, 2022 requires the City to pay an allocable share of the property taxes for the site. Settling this matter is necessary for the execution of the Purchase and Sale Agreement between the City and BRE-BMR for the acquisition of the Assembly Square Fire Station at 45 Middlesex Avenue.
Appropriate staff will be available to address any questions you may have. Thank you for your consideration of this item.
Respectfully Submitted,
Jake Wilson, Mayor