COLUMBIA SAVIN HILL CIVIC ASSOCIATION and DORCHESTER BAY ECONOMIC DEVELOPMENT CORP.
The CSHCA and the DBEDC agree to the following conditions for their formal relationship whereby DBEDC will be the Fiscal Agent for CSHCA for the receipt of a $750,000 gift from Center Court Mass, a developer proposing a large housing and commercial project on Morrissey Boulevard.
- CSHCA will finalize its 501C4 status
- This relationship is expected to last 3 to 5 years. The ultimate term can be changed as conditions warrant.
- It is expected that DBEDC will provide DBEDC between 1 or 2 payments per month, as CSHCA requests. DBEDC will provide the payments within 1 week of CSHCA’s request. Payments may be checks or electronic transfers.
- CSHCA does not anticipate hiring staff. However, CSHCA may hire contractors for specific duties.
The number of contractors is to be determined as needs dictate.
- This relationship is limited to this $750,000 gift.
- In December of each year, CSHCA will provide DBEDC a budget for the following year. The budget may be revised periodically, with appropriate notice to DBEDC. Also, CSHCA will provide DBEDC monthly summaries of how it has spent the distributed funds.
- DBEDC will open a separate bank account for this $750,000 and provide CSHCA with monthly bank statements. It is expected that this bank account will provide interest payments for cash balances. Exact type of interest structure will be determined.
- DBEDC will meet any governmental filings or requirements and provide appropriate information to CSHCA.
- It is expected that DBEDC will charge CSHCA $50,000 in total for performing its Fiscal Agent duties. Payments of $25,000 will be made in January of the first two years.
- Both DBEDC and CSHCA will work together on any needed changes to these terms.
- CSHCA will ensure that one CSHCA representative will interface with DBEDC.
Upon official approval of this MOU by both DBEDC and CSHCA, the MOU will be forwarded to the Center Court Mass attorney, Nixon Peabody Associates, for its approval.