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City outlines plan to buy M&T Bank parcel for Island End River flood barrier; appraised at $1.65M
Summary
The city told the council it plans to purchase the M&T Bank site at 357 Beacham St. to host a flood-barrier structure needed for the Island End River project; the purchase would be financed with state Municipal Vulnerability Preparedness grant funds and existing CIP appropriations, with an independent appraisal valuing the parcel at $1.65 million (Feb. 2025).
City staff briefed the Chelsea City Council on March 23 about ongoing work with the city of Everett on the Island End River Flood Barrier — a coastal-resilience project intended to protect low-lying neighborhoods and critical facilities from severe flooding.
Officials said the project lost a $50 million grant that had supported an earlier schedule, but that design, engineering and land-acquisition work can move forward with secured state funding. The administration reported negotiations with M&T Bank for the city to acquire the bank's property at 357 Beacham Street, which is necessary to site a structure that prevents floodwater from flowing back through a drainage pipe under the barrier.
An independent appraisal dated February 2025 placed the purchase price at $1.65 million. City staff explained the acquisition would be financed with Municipal Vulnerability Preparedness (MVP) grant funds already secured for the project and city matching funds appropriated in the CIP; no new local appropriations are expected, the presentation said.
The council accepted and filed the communication and asked that staff continue outreach to stakeholders and report back on schedule impacts from the lost grant and on acquisition terms. The communication said the administration would not give notice terminating the bank's lease until all necessary funding is in hand and not before July 1, 2027, and that M&T Bank would retain certain maintenance and tax responsibilities while under lease.
What happens next: The council will receive follow-up reports on acquisition terms, project phasing, and any revised timeline for construction once funding and permitting are confirmed.
