Requesting authorization to borrow $14,400,000 in a bond, and to appropriate the same amount to pay additional costs of purchasing the parcel of land known as 90 Washington Street.

To the Honorable City Council: The Mayor respectfully requests that this Council appropriate $14,400,000 in order to pay additional costs of purchasing the parcel of land in the City known as 90 Washington Street, as determined by the Middlesex County Superior Court in the matter of Cobble Hill Center LLC vs, Somerville Redevelopment Authority (1981CV02669). To meet this appropriation, the Treasurer will be authorized to borrow $14,400,000 as provided by MGL Chapter 44. The legal appropriation order, drafted by bond counsel, is attached to this communication. Appropriate staff will be available to answer any questions about this bond you may have. Thank you for your consideration of this matter. Respectfully, Katjana Ballantyne, Mayor