The three factions of the 12-member panel do agree on a number of basic points. Mainly that a non-profit group should be created to deal with maintenance and potential projects on the 75% of the 30 acres that will be left as open space. The remaining 25% of that land will be set aside for commercial uses. Comprising this new group will be representatives from interested groups as well as from the state and city.

The two major sticking points for the differing factions are how this new group will be funded and how much control it will have over design and construction of the open space area. Legislative leaders and city Mayor Thomas M. Menino would like to give the group power of approval on design and construction projects on it. The problem is that, according to the Massachusetts Turnpike Authority, some of the design and construction contracts have already been bid out as part of larger Big Dig projects.

Various proposals were offered to deal with the funding issue. The Big Dig has $65 million set aside to build the park system, but $6 million a year will be needed for operations and maintenance. The city proposed that the money be raised from the state, city and other contributors but did not define how the money would be raised. The Turnpike Authority proposed establishing an endowment, which would provide ongoing funding for the group, but it is unclear if the commission will accept that proposal.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.