Agenda Text
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Requesting the appropriation of $2,718,676.20 from the Receipts Reserved-Sale of Real Estate Account to Debt Service, to pay principal and interest due on land acquisition bond anticipation notes for Union Square DIF properties.
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Official Text
To the Honorable City Council:
I respectfully request an appropriation of $2,718,676.20 from the Receipts Reserved for Appropriation-Sale of Real Estate to Debt Service for the purpose of paying costs of outstanding debt associated with the purchase of land in Union Square that was subsequently sold by the City, as required by M.G.L. Chapter 44, Section 63. This appropriation shall be met by a transfer of said amount from a portion of the sale proceeds realized by the City upon the sale of such land. The appropriation pays the principal and interest due on the land acquisition bond anticipation notes of the City maturing on June 4, 2021. The properties are part of the Union Square DIF District.
My staff will be available to address any questions you may have. Thank you for your consideration of this item.
Respectfully Submitted,
Joseph A. Curtatone, Mayor