Agenda Text
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Requesting an appropriation of $539,670.30 from the Union Square Stabilization and Revitalization Fund for services in connection with the redevelopment of Union Square.
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Official Text
To the Honorable Board:
At its December 7, 2014 meeting, the Board of Aldermen voted to create the Union Square Stabilization and Revitalization Fund ("USQ Stabilization Fund") and to accept an initial deposit of $211,225.00 by Union Square Station Associates LLC ("US2"), the Union Square Master Developer, into the fund. A request is currently pending for the Board to accept three subsequent deposits by US2 totaling $328,445.30 into the fund. Under the terms of the Master Developer Designation Agreement between US2 and the Somerville Redevelopment Authority, these monies are to be used for the costs of legal services and planning and consulting services in connection with the redevelopment of Union Square pursuant to the Union Square Revitalization Plan.
Accordingly, I respectfully request the appropriation of $539,670.30, the current balance of the USQ Stabilization Fund, to pay legal, planning and consulting services in connection with the redevelopment of Union Square pursuant to the Union Square Revitalization Plan.
A member of my staff will be available to answer any questions you may have regarding this request.
Respectfully submitted,
Joseph A. Curtatone
Mayor