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Council considers $2.5 million free-cash support for Neville Center; debate focuses on terms and next steps
Summary
Council considered an appropriation to support Neville Center, a mixed assisted-living and skilled-nursing campus; staff described a refinancing plan negotiated with Rockland Trust and recommended a $1.5 million principal reduction funded by the city, but the matter was held under charter right for further information.
The Cambridge City Council on Monday discussed a proposed $2.5 million appropriation from free cash to support operations and capital needs at Neville Center, the city's affiliated assisted-living and skilled-nursing campus, and to help facilitate a loan refinancing.
City staff and the Neville board described a negotiated refinancing with Rockland Trust that would move to a single loan on the assisted-living side, increase the amortization period and reduce interest in exchange for a principal paydown. "In exchange for a $1,500,000 reduction of principal... they would reduce that interest by 1%," said Claire Spinner, Assistant City Manager for Fiscal Affairs, describing the…
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