Requesting an appropriation of $127,000 from the Capital Projects Stabilization Fund to study the potential acquisition of certain properties in Union Square for a new Main Library and municipal facility.
To the Honorable Board:
Re: Request to Appropriate and Authorize Expenditure of $127,000 from the Capital Stabilization Fund for Due Diligence Activities in support of the Application to the MA Board of Library Commissioners
Members of the Board of Aldermen
I respectfully request that you appropriate and authorize the expenditure of $127,000 from the Capital Stabilization Fund to conduct due diligence activities toward application for the Massachusetts Public Library Construction Grant Program for up to 40% of the cost to construct a new Central Library. As part of its application which is due January 27, 2011, the City must show that it either owns or controls the property upon which a new Central Library could be built. The draft Municipal Facilities Study, which will be provided to your honorable Board shortly, has identified the optimal site for a new Central Library as the Public Safety block in Union Square which includes three privately owned properties.
The purpose of the funds will be to perform due diligence activities on these properties including: appraisals, title work, and surveys. In addition, to the City will need to show that it has negotiated purchase options with the respective property owners. Ultimately, the grant funding could cover a significant portion of the acquisition cost and no action is anticipated prior to receipt of the grant funds.
To facilitate their due diligence process I would like to respectfully request the appropriation of $127,000 from the Capital Stabilization Fund for due diligence activities and to purchase options.
Joseph A Curtatone
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