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Property owners along Greenway to help pick up its maintenance costs

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By adamg on Mon, 06/19/2017 - 10:59pm

WBUR reports on an agreement among the state, the city and property owners for funding the Greenway in coming years. The city will toss in $5 million for a fund that would make annual payments - with the money coming from the potential sale of the Winthrop Square garage.

Neighborhoods: 
North End
Free tagging: 
Rose Kennedy Greenway
Winthrop Square


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Comments

By Stevil on Tue, 06/20/2017 - 8:42am.

$5 million will generate $250k per year?

Really? on what planet?

Historically a 5% withdrawal rate on a fund with annual cost of living increases will last you about 25-30 years before going to zero. And that is before investment fees. In today's environment most planners would probably recommend a 3-3.5% withdrawal rate because with stocks, bonds and real estate all near historical high relative valuations, it's highly unlikely we will see "normal" returns for several years to come.

Probably same person that runs the T's pension did these numbers. Herald reported yesterday that the T had to put almost $100 million extra in the pension to keep it afloat. Smaller numbers, but this fund will be broke in a few years.

This whole deal is being negotiated by people that literally can't do basic arithmetic (the BPDA originally tried to tell the city council the property was worth about 15-25 million!)

By Kevin McCrea on Tue, 06/20/2017 - 12:26pm.

As Stevil points out above, the corruption and lies go on right in front of our eyes.

And yet everyone goes to a March on the Common (soon to be covered with more shadows) and feels good about themselves that they denounce Trump while they have no idea what is going on in their backyard.

If you read the documents...that say money is 'earmarked' for this housing or that project or the Greenway it just isn't true. They are suggestions. The money will go into the general fund to be forgotten about and used in whichever way the current politicians of the time wish.

The Greenway Conservancy should be done away with, managed by the Boston Parks Department and (in theory) answerable to the citizens. It is a another political boondoggle to create patronage jobs and pay outlandish salaries for questionable work. The head of Parks can handle all the other parks in Boston, we don't need to pay people six figures to handle one park when we have such shortfalls in the schools and the T.

The silence from the political class on this is deafening.

By anon on Tue, 06/20/2017 - 1:02pm.

The silence from the political class on this is deafening.

Bwahahaha! You a funny man, Kevin!

That's like saying the bootleggers are silent about the speakeasies. The political class is the source of corruption, not outside observers.

By cw in boston on Tue, 06/20/2017 - 3:23pm.

Is there a copy of the agreement (City/Millennium) available on-line?