Requesting approval to create the Community Benefits Stabilization fund and accept a payment to the fund of $3,946,742.98 from the community benefit contributions outlined in project development covenants.

To the Honorable City Council: The Mayor respectfully requests that this Council approve the creation of the Somerville Community Benefits Stabilization fund and accept $3,946,742.98 for the Fund, under the provisions of MGL 40, Section 5B. The purpose of the Fund is for the provision of programs or services that directly benefit Somerville residents including but not limited to human services, the arts, cultural enrichment, sustainability measures, public health, preventing and mitigating commercial and residential displacement, housing, educational programs focused on science, technology, engineering, and other areas of community enrichment. Funding for the Community Benefits Stabilization Fund will be generated from the community benefit contributions outlined in project development contributions. Appropriate staff will be available to answer any questions you may have. Thank you for your consideration of this matter. Respectfully Submitted, Katjana Ballantyne, Mayor