City of Somerville header
File #: 24-0154    Version: 1
Type: Mayor's Request Status: Approved
File created: 2/6/2024 In control: City Council
On agenda: 2/8/2024 Final action: 2/29/2024
Enactment date: 2/22/2024 Enactment #: 216626
Title: Requesting the acceptance of a 30-year lease with BRE-BMR Assembly Innovation I LLC, and the appropriation of $171,969 from Free Cash to the Fire Department Special Items Account to fund said lease, for the Assembly Square Fire Station for the remainder of FY 2024.
Indexes: Finance-Assessing, Finance-Auditing, Finance-Budget, Finance-Grants Development, Finance-Procurement & Contracting Services, Finance-Treasury, Fire
Code sections: Appropriation/Budget - , Property/Land Transaction -
Attachments: 1. 22.06.07_Fire Station Lease, 2. City of Somerville - Rent Statement 01.02.24-6.30.24

Agenda Summary

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Requesting the acceptance of a 30-year lease with BRE-BMR Assembly Innovation I LLC, and the appropriation of $171,969 from Free Cash to the Fire Department Special Items Account to fund said lease, for the Assembly Square Fire Station for the remainder of FY 2024.

 

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Official Text

To the Honorable City Council:

 

The Mayor respectfully requests that this Council accept a 30 year lease between the City of Somerville and BRE-BMR Assembly Innovation I LLC. for the Assembly Square Fire Station and so appropriate $171,969  from the Unreserved Fund Balance ("Free Cash") to the Fire Department, Special Items Account, for the purpose of funding rental payments for the remainder of FY2024. The estimated term expiration date of the lease is September 29, 2053. The appropriation covers the period January 2, 2024 through June 30, 2024.

 

Appropriate staff will be available to address any questions you may have. Thank you for your consideration of this item.

 

Respectfully Submitted,

Katjana Ballantyne, Mayor