City of Somerville header
File #: 25-0601    Version: 1
Type: Mayor's Request Status: Approved
File created: 3/24/2025 In control: City Council
On agenda: 3/27/2025 Final action: 4/25/2025
Enactment date: 4/10/2025 Enactment #: 218757
Title: Requesting authorization to borrow $9,750,000 in a bond, and to appropriate the same amount for a portion of the costs associated with the development of the Clarendon Hill Phase II Housing Project.
Indexes: Finance-Assessing, Finance-Auditing, Finance-Budget, Finance-Grants Development, Finance-Procurement & Contracting Services, Finance-Treasury, SPCD Administration
Code sections: Bond/BAN -
Attachments: 1. Appropriation Order (HUD Section 108 Loan), 2. Section 108 Application

Agenda Summary

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Requesting authorization to borrow $9,750,000 in a bond, and to appropriate the same amount for a portion of the costs associated with the development of the Clarendon Hill Phase II Housing Project.

 

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Official Text

To the Honorable City Council:

 

The Mayor respectfully requests that this Council appropriate $9,750,000 in order to pay for a portion of the costs associated with the development of the Clarendon Hill Phase II Housing Project. To meet this appropriation, the Treasurer will be authorized to borrow up to and not to exceed $9,750,000 in the issuance of bonds of the City through the United States Department of Housing and Urban Development's ("HUD") Section 108 Loan Program (the "Section 108 Loan Program") as provided by MGL Chapter 44.

 

Appropriate staff will be available to answer any questions about this bond you may have. Thank you for your consideration of this matter.

 

Respectfully,

 Katjana Ballantyne, Mayor