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Requesting the appropriation of $630,000 in Capital Funds from the Assembly Square Stabilization Fund for the acquisition of three parcels at 15-25 Cross Street East (Map 89, Block K, Parcels 14, 15, and 16).
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Official Text
To the Honorable Board:
I respectfully request an appropriation in the amount of six hundred thirty thousand dollars ($630,000) from the Assembly Square Stabilization Fund to fund the acquisition of three parcels at 15-25 Cross Street East for the purposes of constructing a new Harris Park.
The City has received a Parkland Acquisitions and Renovations for Communities (PARC) grant in the amount of $403,200 from the Division of Conservation Services towards the cost of acquisition. The State will reimburse 64% of the acquisition costs, or $403,200. The City is responsible for the remaining 36% municipal share of the PARC grant, or $226,800. As part of the grant requirements, the City must appropriate funds for the entire cost of the project. Three other Board Actions (PARC grant acceptance and dedication in perpetuity, authorization to acquire the parcels, and a Home Rule Petition to discontinue the existing Harris Park and transfer the park to the new location) are also being submitted for your consideration at this time.
This is a reimbursable grant. The City must pay for the full project cost and get reimbursed from the State. It is my intent to seek an appropriation back to the Assembly Square Stabilization Fund of the $403,200 reimbursable amount once received from the State.
Thank you for your consideration. OSPCD staff will be available to answer any questions you may have.
Respectfully submitted,
Joseph A. Curtatone
Mayor