POR 2017-294
Attached revised letter of Commitment be accepted and attached to the PUD-7 zoning as ATTACHMENT A, and incorporated into and made part of the Cambridge zoning ordinance
Present and voting at this meeting (9)
Craig A. Kelley- David Maher
Dennis Carlone
E. Denise Simmons
Jan Devereux- Leland Cheung
Marc McGovern- Nadeem Mazen
Timothy J. Toomey
Cheung and Councilors Kelley, Devereux, Toomey, Mazen and Maher:
The purpose of this letter is to describe commitments and benefits which the Massachusetts Institute of Technology ("MIT") is prepared to offer the City of Cambridge to facilitate and enable MIT to revitalize and redevelop the Volpe Transportation Center Site, excluding the parcel on which a new federal building will be constructed (the "Project"), through the construction of new mixed-use buildings, subject to the satisfaction of the "Conditions" set forth below. Capitalized terms used, but not otherwise defined, herein shall have the meanings ascribed to them in Article 13.90 of the City of Cambridge Zoning Ordinance.
MIT's Commitments
A. Grand Junction Multi-Use Path. Recognizing the importance of establishment of a multi-use path along the Grand Junction corridor, which corridor is identified in the
Kendall Square Mobility Task Force Report dated August 2017 (the "Task Force
Report"), to the City's and region's transportation network and mobility and in an effort to assist the City in its goals of reducing automobile traffic, MIT agrees that it shall, upon 1 the passage of the PUD-7 Zoning, commence work with the City of Cambridge and other stakeholders and agencies to advance the implementation of such a path. In keeping with the recommendations of the Task Force Report and the findings contained in the Grand
Junction Community Path and MIT Property Feasibility Study (October 2014)(the "2014
Study"), and in order to assist the City in making a path over the Grand Junction corridor (the "Grand Junction Path") a reality, MIT agrees that: • immediately following the adoption of the PUD-7 Zoning, MIT will work with the City to prepare and enter expeditiously into an agreement with the City that shall memorialize a commitment by MIT to convey to the City perpetual permanent easements or interests in fee, at the election of MIT, sufficient for the construction of the Grand Junction Path on all portions of the Grand Junction Path to be constructed on land owned and controlled by MIT (the "MIT Property").
The agreement memorializing MIT's commitment to convey such easements or fee interests to the City shall be (i) consistent with the 2014 Study, including identification of easement areas, (ii) on such terms and conditions as MIT and the City shall reasonably agree; and (ill) shall provide that MIT must convey all such easements and or interests in fee to the City by no later than thirty (30) days after completion of the design of the Grand Junction Path; • immediately following the adoption of the PUD-7 Zoning, MIT shall contribute $500,000 to the City for the development of the design for the Grand Junction Path; and • within thirty (30) days of the completion of the design of the Grand Junction Path and the City's receipt of all rights, consents and/or approvals necessary to construct the Grand Junction Path, MIT will, at MIT's option, either (i) deliver to the City $8,000,000.00 for the design and construction of the Grand Junction Path or (ii) commence construction of the portion of the Grand Junction Path located on the MIT Property and diligently pursue such construction to completion.
All construction shall be completed in accordance with the design approved by the City, and reviewed by MIT, the 2014 Study, the easement documents and any and all agency approvals and consents. B. Community Space Design and Construction Funding; Initial Funding of Operations.
MIT agrees that it shall fund, or cause to be funded, in the aggregate (and as more specifically set forth below), costs and expenses up to $22,000,000.00 that are incurred in connection with the design and construction of a community center/space within the PUD-7 District (the "Community Space").
MIT will form an advisory committee consisting of representatives from City government, members of adjacent neighborhoods and MIT (the "Community Space Advisory Committee"), which will review and make recommendations to MIT concerning the design and programming of the Community Space and fundraising efforts associated with the operating and 2 programming funds for the Community Space.
In connection with the planning and construction of the Community Space, MIT agrees to make the following deposits into an escrow fund to be established with an escrow agent mutually satisfactory to MIT and the City Manager: a one-time aggregate amount of $500,000.00 for planning and design costs on or before the first anniversary of this letter; • additional amounts, as needed from time-to-time, totaling up to $500,000.00 in the aggregate to pay for planning and design costs; and a one-time aggregate amount equal to $22,000,000.00 less the cost of any planning and design costs paid in connection with the community space on or before the date that MIT (or its nominee) acquires title to the majority of the PUD-7 District, which contribution shall be paid within thirty (30) days of the later to occur of (i) the Planning Board issuing its first PUD Final
Development Plan Special Permit for a development within the PUD-7
District (and the expiration of any associated appeal period without an appeal being taken) and (ii) MIT's acquisition of the non-Government Owned Parcels from the Federal Government. The above amounts, after funding, shall be released from escrow periodically to fund the planning and design and/or construction of the Community Space, as the case may be, pursuant to escrow instructions reasonably agreed to by MIT and the City.
In addition, immediately upon the opening of the Community Space to the public, MIT shall contribute $3,500,000 into the above escrow fund, which shall be accessible by the operator of the Community Space (either MIT or an operator selected by MIT), in order to provide initial endowment for the provision of operating funds. C. Graduate Student Housing. MIT agrees that it shall create 950 new beds for graduate students (collectively, the "New GSH Beds"), pursuant to the schedule set forth in this letter.