City of Somerville header
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 -

  Agenda Text

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

 

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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