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Committee Report: Finance (Paper 242-19 ORDERED: That One Million Four Hundred Fifty Thousand Dollars ($1,450,000) is appropriated to pay costs of design and construction of Roosevelt Park and to meet this appropriation, the Treasurer, with approval of the Mayor is authorized to borrow said amount under M.G.L.ch44,§7(1), M.G.L.c.44B or pursuant to any other enabling authority, and to issue bonds or notes of the City therefor. The Mayor and Treasurer are each authorized to contract for and expend any Federal, State or other aid available for the project, including the acceptance of any grants related to such project, and to take any other act necessary to carry out this project. Any premium received upon the sale of any bonds or notes approved by this vote, less any such premium applied to the payment of the costs of issuance of such bonds or notes, may be applied to the payment of costs approved by this vote in accordance with M.G.L.c.44,§20, thereby reducing the amount authorized to be borrowed to pay such costs by a like amount. The repayment of said loan will be made by utilizing available Community Preservation Act funds pursuant to M.G.L. Chapter 44B, as previously authorized and approved by the Malden Community Preservation Committee.)
The Malden Community Preservation Committee is recommending a bond of 10-year term for $1,450,000 at no more than 4.25% interest to fund the CPA eligible aspects of the Roosevelt Park rehabilitation project as applied for in FY2019 by the Malden Redevelopment Authority and to be repaid from the budgeted reserve account of CPA funds. The Malden CPC has also voted that the Roosevelt Park project must include the outdoor classroom as stated in the FY2019 CPA funding application. The Malden CPC has voted that the Roosevelt Park project must include the drainage improvements as outlined in the original proposal and must be made to the surrounding wetlands. Although Malden CPA funds are not available for any synthetic turf option, the Malden CPC has respectfully requested that the applicant consider several alternative synthetic products as new technology has entered the synthetic turf market. The applicant has agreed to consider an alternative in the municipal bidding process.
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The Standing Committee on Finance to whom was referred Paper 242 Series 2019, having considered the same make the following report: Committee recommends the paper be reported out favorably to the Full Council as amended.