Requesting an appropriation and authorization to borrow $2,000,000 in a bond for financing a portion of the Kennedy Schoolyard Renovation Project, as recommended by the Community Preservation Committee.

To the Honorable City Council: I hereby request, subject to the approval of your Honorable City Council, an appropriation in the amount of $2,000,000 in order to finance a portion of the Kennedy Schoolyard Renovation Project. To meet said appropriation, the Treasurer will be authorized to borrow $2,000,000 as provided by MGL Chapter 44 and 44B. The following funding conditions have been placed on the project: If the Kennedy Schoolyard is subject to a change in use which reduces or eliminates the open/outdoor recreation space within 50 years of the approval of this grant the funds will be required to be returned to the CPA fund Open Space Reserve, unless the Community Preservation Committee consents to allow the City to retain the funds. Details of this request are available in the attached funding recommendation from the Community Preservation Committee. Appropriate staff will be available to address any questions you may have. Thank you for your consideration of this item. Respectfully Submitted, Jake Wilson, Mayor