Agenda Text
title
Requesting an appropriation of $168,000 from the Union Square Stabilization and Revitalization Fund for services in connection with the redevelopment of Union Square.
body
Official Text
To the Honorable Board:
At its December 7, 2014 meeting, the Board of Aldermen voted to create the Union Square Stabilization and Revitalization Fund ("USQ Stabilization Fund") and to accept an initial deposit of $211,225.00 by Union Square Station Associates LLC ("US2"), the Union Square Master Developer, into the fund. The Board subsequently accepted three additional deposits by US2 totaling $328,445.30 into the fund at its May 14, 2015 meeting. US2 has made another deposit of $158,000, the acceptance of which is the subject of a companion docket item. Under the terms of the Master Developer Designation Agreement between US2 and the Somerville Redevelopment Authority, these monies are to be used for the costs of legal services and planning and consulting services in connection with the redevelopment of Union Square pursuant to the Union Square Revitalization Plan.
Accordingly, I respectfully request the appropriation of an additional $168,000.00 (the newly deposited $158,000 and an additional $10,000 which was inadvertently omitted from the prior appropriation request) from the Union Square Stabilization and Revitalization fund, to pay legal, planning and consulting services in connection with the redevelopment of Union Square pursuant to the Union Square Revitalization Plan.
Respectfully Submitted,
Joseph A. Curtatone
Mayor