City of Somerville, Massachusetts - File #: 202128

• File #: 202128
• Version: 1
• Type: Mayor's Request
• Status: Approved
• File created: 9/15/2016
• In control: City Council
• On agenda: 9/22/2016
• Final action: 10/13/2016
• Enactment date: 9/22/2016
• Enactment #: 202128
• Title: Requesting the acceptance and appropriation of an additional $80,000 from US2 Associates into the Union Square Stabilization and Revitalization Fund.
• Code sections: Stabilization Fund -

Date	Ver.	Action By	Action	Result
10/18/2016	7	BOA	Mayoral Approval
10/13/2016	6	City Council	Approved
10/12/2016	5	Finance	Approved
9/22/2016	4	City Council	Referred for recommendation

  Agenda Text

title

Requesting the acceptance and appropriation of an additional $80,000 from US2 Associates into the Union Square Stabilization and Revitalization Fund.

body

Official Text

To the Honorable Board:

The Union Square Stabilization and Revitalization Fund ("USQ Stabilization Fund") was created by vote of the Board at its December 11, 2014 meeting in Board Order 198161.  The USQ Stabilization Fund holds deposits given by Union Square Station Associates, LLC ("US2"), the Union Square Master Developer, pursuant to a Master Developer Designation Agreement ("MDDA") between the Somerville Redevelopment Authority ("SRA") and US2.  Under the MDDA, the monies in the USQ Stabilization Fund are to be used to pay expenses incurred in the engagement of planning consultants for the Union Square Somerville by Design neighborhood planning process and outside legal counsel for the SRA.

Accordingly, we respectfully request that the Board accept and appropriate an additional $80,000.00 into the USQ Stabilization Fund.  Members of my staff will be available to answer any questions you may have regarding this request.

Respectfully submitted,

Joseph A. Curtatone, Mayor