Description
Agenda
- City Manager Presentation
- North Point I-Cubed (Infrastructure Investment Incentive Program)
- State program that uses EF’s new state tax revenues to finance public infrastructure improvements in North Point area
- Presentation by Development Team (EF Education First and DivcoWest)
- How I-Cubed Works
- I-Cubed Timeline of Key Milestones
- Infrastructure Improvements
- Presentation by City Finance Department and City Consultant (FirstSouthwest)
- Financial review and analysis
- Public Comment Period and Q&A
- City Manager: Conclusion and Next Steps
Download Copy of Presentation (PDF)
The City of Cambridge will hold a public hearing on Tuesday, June 14, 2016, 7:00 p.m. until 9:00 p.m. at the Citywide Senior Center, Walter Milne Ballroom, 806 Massachusetts Avenue, Cambridge, Massachusetts 02139 regarding the Economic Development Proposal to finance certain public infrastructure improvements related to the NorthPoint Project (the “Project”) through bonds to be issued by the Massachusetts Development Finance Agency under the Infrastructure Investment Incentive (“I-Cubed”) Program created by Chapter 293 of the Acts of 2006, as amended to date (as so amended, the “Statute”). In accordance with the Statute and I-Cubed Regulations codified at 801 CMR 51.10, the Project’s developer, DW NP Property, LLC, and Efekta House, Inc., are seeking formal approval by the City of Cambridge: (a) for the Economic Development Proposal to be submitted to the City of Cambridge in a form substantially similar to the Preliminary Economic Development Proposal submitted by the Developer, acknowledging all of the City’s financial obligations in connection with the proposal; (b) all actions necessary in connection with the creation of a Municipal Liquidity Reserve; (c) to authorize the City Council and the City Treasurer of the City, in the name of and on behalf of the City, to execute, deliver, and record such agreements with the Developer, the Commonwealth of Massachusetts, and the Massachusetts Development Finance Agency as necessary to implement the proposal; (d) to approve the acquisition or acceptance of any property interests in the Public Infrastructure Improvements to be conveyed to the Municipality upon completion, and (e) to take, approve and/or authorize all other City actions necessary to implement the proposal. Additional information regarding the Project may be obtained at Cambridgema.gov/npicubed.
Supporting Documents
Preliminary Economic Development Proposal