Agenda Text
title
Assistant City Solicitor submitting a revised Powder House Land Disposition Agreement, as recommended by the Finance Committee at its May 18, 2016, meeting.
body
Official Text
Dear Honorable Board:
Attached is a revised Land Disposition Agreement for the former Powder House Community School, marked to show changes from the draft (#201169) submitted to, and conditionally approved by, the Finance Committee at its May 18, 2016 meeting.
Specifically, the revised version clarifies that eight housing units will be preserved as artist live/work units for 20 years. The number of senior housing units to be preserved for 30 years has been increased from 13 to 14; the 15th senior unit will be preserved as an affordable unit. The Agreement also clarifies that the development's eight affordable units will be affordable in perpetuity.
Finally, the Agreement now specifically states that it will run with the land and be recorded at the Registry of Deeds.
Respectfully submitted,
Eileen M. McGettigan
Special Counsel