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Fort Point Channel Center Community Benefits Summary

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Fort Point Channel Center Community Benefits Summary

  1. 1. Channel Center Project - Community Benefits Summary (December 2010)1Commitment StatusConstruct and maintain three new public open spaces: 1. Space between 229 A Street and 241 A Street (Mt. 1. Reconstructed in 2010. Washington Way). 2. Space adjacent to building at 241 A Street (Binford Green). 2. Reconstructed in 2010. 3. Parking lot south of 191 A Street (now known as 10 Channel 3. Associated with later phase of Center). Channel Center Project (1+2 Channel Center).Sell Midway Street Component buildings for development of Completedartists’ live/work space by Fort Point Cultural CoalitionConstruct and maintain new private ways: 1. Channel Center Street. 1. Complete. 2. Mt. Washington Way. 2. Reconstructed in 2010; 3. Medallion Avenue (portion owned by adjacent Channel December 2010 construction Center owners). completion planned. 4. Iron Street. 3. Complete. 4. Interim condition in place; interim construction to be completed with construction of 5 Channel Center; final completion with construction of 1+ 2 Channel Center.$1,200,000 community impact fund contribution: To be paid on a pro-rata basis based on the ratio of the floor area for each phase or sub phase of the project to the total permitted square footage for the Channel Center Project. Disbursements to be overseen by the BRA. 1. 15 Channel Center, 25 Channel Center and 35 Channel 1. $331,973.42 paid in March Center (428,799 sq ft built). 2007. 2. 10/20 Channel Center (247,364 sq ft built). 2. $191,507.61 payment due from completion of 10/20 Channel Center was deferred pursuant to First Amendment to Cooperation Agreement; used to pay for 5 (now known as 7-9) Channel Center pre- development costs. 3. 40 Channel Center, f/k/a 241 A Street (26,400 sq ft built). 3. Responsibility of owner of 401 See Cooperation Agreement, as amended, Transportation Access Plan Agreement, as amended, and Development ImpactProject Agreement.
  2. 2. CC.Housing linkage payments: Approximately $4,966,572.42 owed (is based upon final total gross floor area of space built). First 100,000 sq ft of Development Impact Project (DIP) Uses are excluded and do not count towards the obligation (DIP uses do not include residential uses). Beacon Capital (previous owner) built out 51,547 sq ft of DIP uses. No payment triggered because of 100,000 s.f. exemption. 1. Payment triggered by 10/20 Channel Center (to be paid out 1. $1,092,021.39 = total owed in 12 equal installments). (based upon architect’s certification of 247,363 sq ft of space, plus 51,547 sq ft of DIP uses developed by Beacon Capital, minus 100,000 sq ft exemption, equals 198,911 sq ft, multiplied by $5.49/sq ft); first $91,008.17 installment 2. Payment triggered by 40 Channel Center (26,400 sq ft) (To paid. be paid in 12 equal installments). 2. Responsibility of owner of 40 CC. Beacon Capital, original owner of Channel Center, had considered doing a housing creation proposal at 154 West Second Street. The property has since been redeveloped by another developer.Jobs linkage payments: Approximately $986,077.22 in total owed. First 100,000 sq ft of Development Impact Project Uses are excluded and do not count towards the obligation. (DIP uses do not apply to residential uses.) Beacon Capital, previous owner, built out 51,547 sf ft of DIP uses. No payment triggered. 1. Payment triggered by 10/20 Channel Center (to be paid in 1. $216,812.99 paid (payment in two equal installments). full). 2. Payment triggered by 40 Channel Center (to be paid in two 2. Responsibility of owner of 40 equal installments). CC.Transportation Mitigation: 1. A Street/Melcher Street signalization. 1. Scheduled for April/May 2011 construction. 2. West Connector (Richards Street) - fund road design. 2. Complete. 3. A Street/West Broadway Improvements (obligation 3. Developer has funded a portion associated with the redevelopment of the 40-44, 46-48 and of the traffic improvements at 50-52 Midway Street properties, i.e., 5 CC and 7-9 CC). this intersection undertaken by These include: the developer of the 50 West 2
  3. 3. a. modifying the signal at A Street and West Broadway Broadway project. The b. providing a new traffic signal controller remaining items will be c. adding one PTZ camera undertaken in concert with d. adding up to 8 vehicle signal housings development of the 7-9 e. installing up to 200 ft of conduit for left turn phases Channel Center mixed use on West Broadway project. 4. A Street improvements: 4. To be completed as part of the a. roadbed resurfacing and restriping within existing 1+2 Channel Center project; curb lines from West Broadway to Congress Street signal at A/Richards Streets to b. new sidewalk pavement, and new signals at be installed if BTD determines A/Richards Street intersection there is sufficient need. 5. A Street and West 2nd Street Improvements: 5. To be completed as part of the a. install pavement markings 1+ 2 Channel Center project. b. install 2 vehicle signal houses c. install up to 200 feet of conduit d. Repair sidewalks at intersections as needed e. modify signal at A Street and West 2nd Street by providing mast arm/camera f. contribute $10,000 towards the installation of conduit from the A/Melcher Streets signal to a future Binford/A Streets signal (if constructed; BTD agrees there is no current demand for a traffic signal at this location) 6. Implement a Transportation Demand Management 6. Program: a. Provide bicycle storage /showers for commuters a. In place at 10/20 CC when development reaches 862,800 sq ft of leasable office space or completion of garage at 1 + 2 Channel Center (neither has occurred yet) b. Assess need for shuttle service when development b. Shuttle service in place reaches 595,000 s.f. of leasable office space (has for employees of 10/20 not occurred yet) CC c. Have on-site TDM coordinator c. In place d. Join the Seaport Transportation Management d. In place AssociationCreation of Affordable Housing: (10% of housing to be affordable) 1. Midway Studios (15 Channel Center Street, f/k/a 24-38 1. In place: 36 artist affordable Midway Street): units: 18 affordable units at less a. 30 affordable units required; 24 affordable units to than or equal to 50% of AMI, 12 be made available to people earning up to 80% of affordable units at between 50% Area Median Income (AMI) and 6 affordable units and 80% of AMI, 6 affordable to be made available to people earning between 80 units between 80% and 120% of and 120% of AMI AMI. 2. 35 Channel Center (f/k/a 2 Midway Street): 2. In place. 3
  4. 4. a. 6 affordable units required; 3 affordable units to be made available to people earning between 80% and 120 of AMI and 3 affordable units to be made available to people earning up to 80% of AMI 3. 7-9 Channel Center (f/k/a 40-44 + 46-48 Midway Street): 3. Notice of Project Change a. 6 affordable units required; 3 units to be made submitted – affordable units available to people earning up to 80% of AMI and 3 (including live/work units) to be units to be made available to people earning included. between 80% and 120 of AMICreate approximately 4,000 construction jobs and 5,000 permanent Ongoing.jobs.A net increase of approximately $6,500,000 in annual real estate taxes. To be realized at full completion of Channel Center Project.Revitalize 7.09 acres. Ongoing.Encourage 24 hour neighborhood. Ongoing through rehabilitation of remaining buildings and construction of new buildings.Rehabilitation of at least 13 buildings. Completed – 2 additional buildings originally slated to be demolished will instead be preserved and be rehabilitated . 4

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