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Watertown council approves $4 million in CPA funds for Willow Park redevelopment
Summary
The City Council voted unanimously Feb. 11 to encumber $4 million from Community Preservation Act funds toward a planned Willow Park redevelopment that would expand 60 existing units to 138 and carry conditions including a perpetual affordability restriction and lender oversight.
The Watertown City Council voted unanimously Feb. 11 to encumber $4,000,000 from the city’s Community Preservation Act (CPA) fund balance to support the Willow Park redevelopment, a project the council and developers say will more than double the site’s existing affordable-housing units.
Councilors approved the funding after considering a Community Preservation Committee recommendation and a presentation from the CPC chair and project partners. The redevelopment would take place on a 2.2-acre site and includes the acquisition of a roughly 0.1-acre adjacent property. The proposal would replace the current 60 units with a total of 138 units, according to CPC materials presented to the council. The project’s estimated total budget was presented as $107,500,000; the city’s $4,000,000 is described in the CPC materials as seed/encumbrance funding to support predevelopment…
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