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Committee reviews ILA and SBO to transfer 2019 strategic funds back to Northeast PDA for public-right-of-way improvements
Summary
City staff presented an interlocal agreement and a special budget ordinance to formalize fund transfers and to move a portion of a previously allocated $1.25 million strategic fund for the Northeast PDA back to the PDA for public improvements; county match dollars will also support Wellesley project work. No committee vote was recorded.
City staff briefed the committee on two related items concerning the Northeast Public Development Authority (PDA): (1) an interlocal agreement to formalize procedures for allocating and accounting city funds to PDAs for public improvements; and (2) a special budget ordinance (SBO) to transfer previously allocated strategic funds.
Steve McDonald described the ILA as a tool to ensure city accounting can track transfers to PDAs and to ensure the funds are used for eligible public improvements (right-of-way, stormwater, streets). He said $1,250,000 had been allocated to the Northeast PDA in 2019; part of those monies had been tied to a development agreement that was not completed.
The SBO under discussion would transfer a portion of the 2019 allocation back to the Northeast PDA — McDonald said roughly $600,006.25 would be returned to the PDA to be used for public-right-of-way improvements while the remainder would be retained by the city and used as matching funds for the Wellesley project.
Staff said the SBO is consistent with the PDA strategic plan objectives and with past allocations, and they noted that additional grant or funding matches might be required to complete specific projects. The committee received the presentation; no council vote was recorded in the committee transcript.
