Committee Report - Housing - 9-13-12 — File 193664

September 13, 2012 Housing and Community Development Committee Page 1 of 2 Printed 9/22/2012 REPORT OF THE HOUSING AND COMMUNITY DEVELOPMENT COMMITTEE Attendee Name Title Status Arrived Tony Lafuente Chair Present Rebekah Gewirtz Vice Chair Present Dennis M. Sullivan Alderman At Large Present William M. Roche Ward One Alderman Present Maryann M. Heuston Ward Two Alderman Present Thomas F. Taylor Ward Three Alderman Present Sean T. O’Donovan Ward Five Alderman Present Robert C. Trane Ward Seven Alderman Absent William A. White Jr. Alderman At Large Present Bruce M. Desmond Alderman At Large Present John M Connolly Alderman At Large Present Michael Glavin Exec. Director, OSPCD Present George Proakis Director of Planning Present Ed Bean Finance Director Present Joseph Curtatone Mayor Present Eileen McGettigan Special Counsel, OSPCD Present Hayes Morrison Director of Transportation and Infrastructure Present Omar Boukili Administrative Assistant Present 193585 - Requesting approval of the Union Square Revitalization Plan, per MGL c121B s48 and 760 CMR 12.00 et seq.: Mr. Glavine and Ms. McGettigan provided responses to questions raised at earlier meetings. • The SRA has the authority to issue bonds in its own name, however, it does not have the assets to back the bonds for underwriting. Ms. McGettigan will find out if funds will be made available for the SRA to issue bonds. • A simple majority of the BOA is needed to approve the plan. Any major changes to the plan would require a public hearing and BOA approval. • The SRA would look to the City to pay damages on a judgment for an eminent domain claim.

Committee of the Whole September 13, 2012 Housing and Community Development Committee Page 2 of 2 Printed 9/22/2012 Mr. Proakis reviewed the list of properties designated as acquisition parcels and Mr. Glavin stated that the MBTA would pay for environmental cleanup of specific areas and that the city would use its mitigation funds for environmental cleanup of city-owned property. Mr. Bean explained that a legal memorandum between the City and the SRA would be effectuated to set up an account for issuing bonds from the SRA. All of the bonds would have to be used for the purpose stated on the MOA. After a full build out of the area, the estimated tax value to the city would be $2.4 million dollars. The city is hoping to acquire a developer by 2014 and to have the project completed by 2017. Approval of the plan is critical to the MBTA building a station in Union Square and the station would, in turn, provide an incentive for developers. Alderman O’Donovan requested information, including appraisals, on the taking of properties. RESULT: KEPT IN COMMITTEE