Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Peabody council approves resolution accepting $65,000 MassDevelopment site‑readiness recoverable grant for Centennial Business Park
Summary
The council voted 9-0 to authorize a resolution accepting a $65,000 recoverable site-readiness grant from MassDevelopment for Centennial Business Park; the city must repay up to the disbursed grant amount if net proceeds from sale/lease exceed development costs.
The Peabody City Council on June 12 voted unanimously to adopt a resolution accepting a $65,000 site‑readiness recoverable grant from MassDevelopment to support a site assessment at Centennial Business Park.
Councilor Peach said MassDevelopment awarded the city a $65,000 recoverable grant to assist with assessing the industrial park. The resolution authorizes the city to enter into a grant agreement with MassDevelopment; under the terms described to the council, if the city sells, leases or otherwise transfers the site or any portion of it and receives net proceeds exceeding the costs necessary to repay existing liens and development costs, the recipient must reimburse MassDevelopment up to the amount of the dispersed grant funds.
Council documents described the site as approximately 459 acres and 58 parcels in Peabody (Exhibit C referenced in the packet). Councilor Peach said the resolution passed committee unanimously and moved it to the full council; the council approved it 9–0 on roll call.
