Agenda Text
title
Requesting an appropriation and authorization to borrow $3,968,259 in a bond for accelerated repair of the Winter Hill Community Innovation School, external windows, doors and roofing system.
body
Official Text
To the Honorable Board:
I hereby request, subject to the approval of your Honorable Board, an appropriation in the amount of $3,968,259 in order to make repair accelerated repairs to the Winter Hill Community Innovation School. To meet said appropriation, the Treasurer will be authorized to borrow $3,968,259 as provided by MGL Chapter 44, 70B.
Pursuant to this appropriation, I hereby request that your Honorable Board approve the following:
That the City of Somerville appropriate the amount of Three million nine hundred sixty eight thousand two hundred fifty nine ($3,968,259) Dollars for the purpose of paying costs of the repair and replacement of all external windows, doors and roofing systems at the Winter Hill Community Innovation School located at 115 Sycamore Street, Somerville, MA, including the payment of all costs incidental or related thereto the repair and replacement of all external windows, doors and roofing systems at the Winter Hill Community Innovation School, which proposed repair project would materially extend the useful life of the school and preserve an asset that otherwise is capable of supporting the required educational program , and for which the City of Somerville may be eligible for a grant from the Massachusetts School Building Authority ("MSBA"), said amount to be expended under the direction of City of Somerville Capital Projects and Planning department. To meet this appropriation the City of Somerville, is authorized to borrow said amount under M.G.L. Chapter 44, or pursuant to any other enabling authority. The City of Somerville acknowledges that the MSBA 's grant program is a non-entitlement , discretionary program based on need, as determined by the MSBA, and any project costs the City of Somerville incurs in excess of any grant approved by and received from the MSBA shall be the sole responsibility of the City of Somerville; provided further that any grant that City of Somerville may receive from the MSBA for the Project shall not exceed the lesser of (1) Seventy and thirty two hundredths percent (70.32%) of eligible, approved project costs, as determined by the MSBA, or (2) the total maximum grant amount determined by the MSBA; provided that any appropriation hereunder shall be subject to and contingent upon an affirmative vote of the City to exempt the amounts required for the payment of interest and principal on said borrowing from the limitations on taxes imposed by M .G.L. 59, Section 21C (Proposition 2Y2); and that the amount of borrowing authorized pursuant to this vote shall be reduced by any grant amount set forth in the Project Funding Agreement that may be executed between the City of Somerville and the MSBA.
My staff will be available to answer any questions you may have. Thank you for your consideration of this matter.
Respectfully,
Joseph A. Curtatone, Mayor