Agenda Text
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Requesting the creation of a Union Square Stabilization and Revitalization Fund as well as acceptance of $211,225 for the Fund from the Union Square Master Developer to finance a Union Square master planning process and Redevelopment Authority outside legal counsel.
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Official Text
To the Honorable Board:
At its regular meeting on November 13, 2014, the Board was informed of the Somerville Redevelopment Authority's ("SRA") intention to retain outside legal counsel for the advancement and implementation of the Union Square Revitalization Plan. The Board was further informed that the costs arising from these services would be borne by the Master Developer, Union Square Station Associates ("US2"), and that approval would be sought from the Board for acceptance of funds.
As stipulated by the Master Developer Designation Agreement ("MDDA") between the SRA and US2, a preliminary budget of $447,725 has been established to pay for the costs of outside counsel and a Union Square/Somerville by Design master planning process. As provided in the MDDA, US2 has deposited $211,225, which represents the initial payment toward those expected costs, with subsequent payments expected in January and March of 2015. A copy of the MDDA is attached.
Accordingly, we respectfully request that the Board accept this initial payment and create a special Union Square Stabilization and Revitalization Fund for the custody of these monies, which would be used for the limited purposes of funding the costs of the master planning process and outside counsel for the SRA.
Members of my staff will be available to answer any questions you may have concerning this request.
Respectfully submitted,
Joseph A. Curtatone
Mayor