Committee Report - Finance - 4-21-11 — File 191257

April 21, 2011 Finance Committee Page 1 of 2 Printed 4/27/2011 REPORT OF THE FINANCE COMMITTEE Attendee Name Title Status Arrived Maryann M. Heuston Chair Present William A. White Jr. Vice Chair Present John M Connolly Alderman At Large Present Rebekah Gewirtz Ward Six Alderman Present Thomas F. Taylor Ward Three Alderman Present Dennis M. Sullivan Alderman At Large Present Joseph Curtatone Mayor Present Omar Boukili Administrative Assistant Present Frank Wright City Solicitor Present Monica Lamboy Exec. Director, OSPCD Present Marc Levye Chief Assessor Present Ed Bean CFO Present Lisa Doten First Southwest Co. Present David Webster FRIT Present 190977 - Conveying the Assembly Row DIF Consultant Analysis on municipal service impacts.: RESULT: KEPT IN COMMITTEE 190978 - Conveying the Assembly Row DIF Tri-Party Public Funding Agreement.: RESULT: KEPT IN COMMITTEE 190988 - Requesting an appropriation of $25,750,000 and authorization to borrow $25,750,000 in a bond for the cost of implementing the Assembly Row DIF District and Development Program.: Ms. Lamboy responded to questions raised at the April 13, 2011 Finance Committee meeting, covering projected revenues at core and shell construction, DIF projects in Worcester and Quincy, infrastructure and stormwater costs, development timeline, public safety calls and the infrastructure warranty. The cost of the Orange Line station at Assembly Square has increased

Committee Meeting April 21, 2011 Finance Committee Page 2 of 2 Printed 4/27/2011 by $10 million to $60 million. The state has put up its share and the city needs to provide $25 million towards the station, since FRIT has informed the city that it won’t make any further infrastructure contributions. Mayor Curtatone noted the committees concerns but made no promises that they would be addressed by writing them into the agreement. The committee: • questioned a $24.5 million disparity between the city’s and Federal Realty’s projections • requested financial data for the DIF projects in Worcester and Quincy, including the amount of money the City of Quincy had to float for bonds, • requested cost information to maintain the 72” outfall pipe, • requested information on the water infrastructure in Worcester and Quincy, • requested information on the warranty for the reconstruction of Somerville Avenue, • requested an estimate of the cost of extending the warranty to 2 and 5 years RESULT: KEPT IN COMMITTEE