warrant article

The BOS have submitted Article 11 in response to I-Cubed and other state funding options for CC&F.

Article 11.  Westwood Station state funding – possible support for an application by the developer for state infrastructure funding.

Excerpt of I-Cubed:
For example, a developer would pay the debt service on infrastructure improvements through a betterment on the property until such time that the new space is occupied. The state would pay the debt service for the remaining life of the bonds once the project is occupied consistent with the expectations provided in a feasibility study. And the host municipality would absorb any shortfall in the debt service payments if the developer fails to deliver the project, or the feasibility study expectations are not met.  The local contribution may be enforced by the state by deducting the amount from that community’s share of local aid.

Click for I-Cubed definition.

Cause for concern: Westwood could be in greater financial trouble if CC&F fails to deliver. WWS is on hold for 2009 as posted in an earlier thread and reported by the BBJ.

We need to attend the FinComm Public Hearing and ask the tough questions related to I-Cubed and other funding options that has an immediate impact on Westwood.

 /JL