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Councilmember proposes $45 million riverfront residential fund from insurance reserves
Summary
At a May 29 Special Committee on the Future of Downtown meeting, Councilmember Joe Carlucci proposed ordinance 2025-385 to place $45 million of excess city self‑insurance reserves into a "riverfront residential" contingency account to incentivize development on targeted Bay Street parcels.
Councilmember Joe Carlucci proposed ordinance 2025-385 at the May 29 Special Committee on the Future of Downtown meeting to create a $45 million contingency account titled "riverfront residential" intended to incentivize development on a concentrated Bay Street corridor.
Carlucci told the committee the money would be a dedicated pool to catalyze development on a narrowly defined set of parcels along Bay Street and the riverfront. "This is sort of that last frontier of downtown," he said, urging a focused approach rather than spreading funds across a broad area.
Finance staff described the source and safety of the funds. "This dates back — this fund is our self insurance fund, which is our workers' comp and general…
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