SomervilleMeetings

25-0601 Mayor's Request Approved

Requesting authorization to borrow $9,750,000 in a bond, and to appropriate the same amount for a portion of the costs associated with the development of the Clarendon Hill Phase II Housing Project.

From
Mobility
Introduced
Mar 24, 2025
Assigned to
City Council
Enactment #
218757
View on Legistar

History

  1. Apr 25, 2025
    City Council Section 16 Approval
  2. Apr 10, 2025
    City Council Approved · roll call: pass Meeting agenda, item 6.C.15.
  3. Apr 8, 2025
    Finance Committee Recommended to be approved · roll call: pass Meeting agenda, item 10.
  4. Mar 27, 2025
    City Council Referred for recommendation Meeting agenda, item 7.4.

Official text

To the Honorable City Council: The Mayor respectfully requests that this Council appropriate $9,750,000 in order to pay for a portion of the costs associated with the development of the Clarendon Hill Phase II Housing Project. To meet this appropriation, the Treasurer will be authorized to borrow up to and not to exceed $9,750,000 in the issuance of bonds of the City through the United States Department of Housing and Urban Development's ("HUD") Section 108 Loan Program (the "Section 108 Loan Program") as provided by MGL Chapter 44. 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