That the City Manager is requested to confer with the Assessor's Office on the topic of requiring that a business entity’s beneficial ownership be disclosed in all Cambridge real estate transactions

City of Cambridge O-4 IN CITY COUNCIL December 17, 2018 COUNCILLOR SIDDIQUI MAYOR MCGOVERN COUNCILLOR CARLONE COUNCILLOR ZONDERVAN WHEREAS: Commercial real estate in Cambridge is extremely valuable and therefore highly sought after by developers and business entities; and WHEREAS: An entity purchasing real estate is not currently required to disclose the identity of any beneficial owner(s) of that purchased real estate; and WHEREAS: A beneficial owner is an individual or entity who ultimately owns or controls more than 25% of a company’s shares or voting rights, or otherwise exercises control over the company or its management; and WHEREAS: The public—the City of Cambridge and its residents—has an interest in understanding the identity of a property’s beneficial owner(s); and WHEREAS: A business entity that holds title to real estate, if required to publicly disclose its beneficial owner(s), would therefore be doing so in the public’s best interest; now therefore be it ORDERED: That the City Manager be and hereby is requested to confer with the Assessor's Office on the topic of requiring that a business entity’s beneficial ownership be disclosed in all Cambridge real estate transactions; and be it further ORDERED: That the City Manager be and hereby is requested to report back to the City Council on this matter by February of 2019.