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Subcommittee recommends approval of rental‑property special fund and creates farmers market revolving fund
Summary
The Finance Subcommittee recommended favorable action on adopting M.G.L. c.40 §3 authority for city‑owned rental and leased properties to be held in a special fund, and voted to establish a new revolving fund for the farmers market. Motions were made, seconded and carried by voice vote.
The Finance Subcommittee voted to recommend favorable action on two finance items on Jan. 28, 2025: adopting the provisions of Massachusetts General Laws chapter 40, section 3 for city rental and leased properties, and establishing a revolving fund to support the farmers market.
In presenting the first order, Jen Pratt summarized the intent: the M.G.L. c.40 §3 acceptance will allow the city to retain rental and lease revenue collected from city‑owned properties in a special fund to cover building upkeep and operations. Pratt listed example properties covered under the order: 84 Walnut Street and 499 Central Street (anticipated residential rentals) and 188 Concord Street (leased to a state parole or combined dispatch use). She told the committee the housing authority will manage the residential properties and that rents will be paid to the city while the housing authority performs property management functions.
The second order establishes a farmers market revolving fund separate from the existing SNAP/EBT revolving fund. Pratt described eligible uses including market software, special‑use fees, branded merchandise sales, subscriptions and special events. The order also reinstated a historical revolving fund for city‑owned buildings that the presentation said had been removed in February 2023.
Votes and outcome
Committee members moved, seconded and called for voice votes on both measures. The transcript records the motions, seconds and the chair calling for votes; each measure received a favorable recommendation from the subcommittee by voice vote. No roll‑call tallies were recorded in the transcript.
Ending
The subcommittee closed the items and said staff would return with any follow‑up materials before forwarding measures to the full council.
