Policy Order O-10

WHEREAS: There has been a great deal of interest expressed about future plans for the Foundry building which was deeded to the City of Cambridge as part of community mitigation; and

WHEREAS: The City Council would greatly benefit from an independent assessment of the property prior to making a decision regarding whether to retain ownership of the asset or consider an outright sale of the property; now therefore be it

ORDERED: That the City Manager be and hereby is requested to appoint a special task force of real estate and engineering professionals to assess and evaluate the current condition of the property and projected capital needs as well as anticipated expenses of maintaining the Foundry building; and be it further

ORDERED: That such a task force present a detailed report of their findings to the City Council within three months; and be it further

ORDERED: That such an assessment should include but not be limited to ADA compliance, soil contamination,  structural integrity including roof, foundation and masonry, HVAC, plumbing, electrical, best use of open space be incorporated, and other operating needs; and be it further

ORDERED: That the report should include estimated revenue projections that the city could expect to collect if the building is held as well as an appraisal that a potential sale would net taking into account a possible deed restriction that would require that a new owner to meet the requirement that a minimum of 10,000 square feet of the building be used for community use; and be it further

ORDERED: That the committee should advise and consider possible best uses of the building and their potential impact on capital renovations.