City of Somerville, Massachusetts - File #: 193345

• File #: 193345
• Version: 1
• Type: Mayor's Request
• Status: Approved
• File created: 6/12/2012
• In control: City Council
• On agenda: 6/14/2012
• Final action: 7/12/2012
• Enactment date: 7/12/2012
• Enactment #: 193345
• Title: Requesting approval of a revised appropriation of $39,511,429 for the cost of rehabilitation and renovation of the East Somerville Community School.
• Code sections: Bond/BAN -

Date	Ver.	Action By	Action	Result
7/19/2012	7	BOA	Mayoral Approval
7/12/2012	6	City Council	Approved with conditions
6/26/2012	5	Finance	Approved with conditions
6/14/2012	4	City Council	Referred for recommendation

  Agenda Text

title

Requesting approval of a revised appropriation of $39,511,429 for the cost of rehabilitation and renovation of the East Somerville Community School.

body

Official Text

To the Honorable Board:

I respectfully request approval of a revised appropriation of $39,511,429 and authorization to borrow $39,511,429 for the cost of rehabilitation and renovation of the East Somerville Community School in order to repair severe damage incurred during a 2007 fire at the school.

The total project budget appropriation for the East Somerville Community School Project is as outlined below:

Insurance Proceeds                                                $10,023,433

City of Somerville General Obligation Bond              $ 8,000,000

MSBA Low Interest Loan                                      $ 6,250,000

MSBA Maximum Facilities Grant                            $ 15,237,996

TOTAL PROJECT BUDGET                                $39,511,429

Respectfully,

Joseph A. Curtatone

Mayor

Condition

That the Administration provide a detailed explanation of how the additional $6,250,000 for the project will be used.

NOTE: The condition was met on Friday, July 20, 2012.