Agenda Text
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Requesting the acceptance and appropriation of $328,445.30 from US2 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.
Since the creation of the USQ Stabilization Fund in December, US2 has made three additional payments to fund these expenses, as follows: $115,507 in January 2015 and $110,993 and 101,945.30 in March 2015, for a total of $328,445.30.
Accordingly, we respectfully request that the Board accept and appropriate $328,445.30 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