The application for $25 million in infrastructure projects in Watertown, and on state lands in town, in return for more jobs and growth by Athenahealth, remains in the hands of State officials.
The I-Cubed project, which is a partnership between Athenhealth, the Town of Watertown and the Department of Conservation and Recreation (which controls the areas around the Charles River), is being examined by the Department of Revenue (DOR), according to a memo sent to Town Manager Michael Driscoll.
The memo sent in an email from attorney Stephen W. DeCourcey of Lynch, DeSimone & Nylen, who represents the Town in the I-Cubed project, reads:
“The Department of Revenue has not completed its financial analysis of the new tax revenues that are expected to be received as a result of Athena’s economic development project on the Arsenal site. This analysis is a prerequisite to the Commonwealth’s approval of the joint application. The DOR is expected to complete its analysis in the next few weeks.”
The I-Cubed program is run by the Executive Office of Administration & Finance (A&F). When the DOR completes its analysis, the report will be sent to A&F. If it shows that the new revenues from Athena’s expansion will cover the debt service on the $25 million of project, A&F will approve the application and then issue a draft Infrastructure Development Assistance Agreement to the three groups.
DeCourcey said that A&F officials will be meeting with the DCR to review projects on state lands, and he expects to hear this week about what the next steps will be in the process.
The proposed work in Watertown’s I-Cubed proposal includes a variety of projects from road and sidewalk improvements to bicycle/pedestrian path upgrades to adding a canoe/kayak launch and boardwalk on the Charles River.
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