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Somerville committee accepts $99,127 developer mitigation payment for Chestnut-Joy multimodal improvements
Summary
The finance committee recommended creating the Chestnut Street Multimodal Safety Stabilization Fund and accepting $99,127 from a developer to fund interim protected bikeway and pedestrian safety improvements on Chestnut and Joy streets; expenditures must satisfy the planning board condition and will return to council for approval when spent.
The finance committee on May 6 recommended approval of a request to create a Chestnut Street Multimodal Safety Stabilization Fund and to accept a developer mitigation payment of $99,127 from the developer of 100 Chestnut Street.
Director Alan Inacio of the Office of Strategic Planning and Community Development said the payment results from a Planning Board condition requiring multimodal safety improvements. The funds are restricted to satisfy that planning board condition and staff noted the condition referenced improvements along Chestnut Street and Joyce Street, specifically interim roadway-level protected bikeways and pedestrian and cyclist safety work.
"It has to be used to satisfy the planning board condition," Inacio said. The stabilization fund allows the city to collect the in-kind value if the developer does not carry out the work directly; the city will return to the council to approve any expenditure of the fund when invoices are incurred.
Councilors asked whether the funds are strictly limited to Chestnut/Joyce as opposed to a broader vicinity; staff confirmed the condition narrows the work to Chestnut and Joyce and to multimodal improvements.
The committee laid the item on the table to recommend approval to the full council.
