m-BOA-D2 Block Settlements 01.03.19 — File 207341

CITY OF SOMERVILLE INTEROFFICE MEMORANDUM To: Members of the Board of Aldermen From: Eileen M. McGettigan, Special Counsel Re: D2 Block Eminent Domain Settlements Date: January 3, 2019 ___________________________________________________________________________ Settlements have been reached by the parties in each of the three remaining eminent domain valuation cases arising out of the May 29, 2013 takings by the Somerville Redevelopment Authority (“SRA”) of parcels of land in the D2 Block. All pending eminent domain cases have now been settled. The terms of the settlements are briefly described below. 1. Francis X. Fahey v. SRA (26-30 Prospect Street) The SRA took two of Mr. Fahey’s properties, one of which was his primary residence. At the time of taking, the SRA paid a combined pro tanto amount for both buildings of $380,000. The settlement provides for payment of an additional $350,000, plus 12% interest from the date of the settlement, for a total land acquisition cost of $730,000. 2. Chapian et al. v. SRA (49-51 Allen Street) At the time of taking, the SRA paid a pro tanto amount for this 31,761±SF parcel of $800,000. The settlement provides for payment of an additional $1,822,000, plus 5% interest from the date of the settlement, for a total land acquisition cost of $2,622,000. 3. Deutsche Bank et al. v. SRA (4 Milk Place) At the time of taking, the SRA paid a pro tanto amount of $75,000. The settlement provides for a payment of an additional $375,000, plus 5% interest from the date of the settlement, for a total land acquisition cost of $450,000. All settlement agreements provide for payment upon the closing of the sale of the D-2 Block to Union Square Station Associates LLC (“US2”), the SRA’s Master Developer, but no later than September 30, 2019.