Draft Project Impact Report - Boston Redevelopment Authority

Exeter Residences /888 Boylston
8.5 Community Benefits Fund
8.6 Job Creation & Fiscal Benefits
\\Mabos\projects\09916.00\docs\Permits\DPIR\Text\DPIR Chapter 8 Benefits and
Mitigation.docx
Location - Units to be located on floors 12 and below.
Distribution - Units to be distributed between studio and one-bedroom
apartments as follows: (6) studios and (4) one-bedroom. The overall
distribution on the existing Avalon at the Prudential Center will be 18
studios, 17 one-bedroom and 3 two-bedroom apartments.
The Proponent will work with the BRA to adopt a Tenant Marketing Plan for the
affordable units, which will establish waiting lists and a marketing/advertising
program. The affordable rents are established by a formula determined by the US
Department of Housing and Urban Development that assumes 30% of the average
100% AMI less a utility allowance determined by the Boston Housing Authority. The
rents are adjusted for apartment size based on the average family size for that
apartment type.
Under the Development Plan and the Cooperation Agreement, $195,831 was to be
paid by the Proponent of Phase 4a to fulfill obligations made to previously
designated recipients. This contribution is for projects intended to maintain the
vitality of the impacted neighborhoods and to improve the quality of life in the City.
To date, the specific projects proposed to be funded were indicated in the
Cooperation Agreement based on a recommendation by PruPAC. The payment of
$195,831 was to be made on the issuance of the building permit for the Phase 4a.
However, at the request of the BRA, in 2003 Boston Properties pre-paid the amount
of $104,036 attributable to Phase 4a, so that the community would have use of these
funds at an earlier point in time, with the balance of $91,795 payable on the issuance
of a building permit for Phase 4a. The incremental development for 888 Boylston of
134,559 SF and the additional 1,000 SF to be added to Phase 4b, at a rate of $1.25/SF,
will result in an additional contribution of $169,449, for a total contribution of
$365,280.
Exeter Residences is estimated to have 242,000 SF, which, at the rate of $1.25/SF, will
result in a contribution of $302,500. Together, the buildings and additional area of
Phase 4b will contribute $667,780 towards the Community Benefits Fund. Allocation
of these funds will be determined by the BRA, with the advice of PruPAC.
In addition to construction jobs, when completed the office building will add 1640
permanent office jobs to the Prudential Center site.
Public Benefits and Mitigation 8-6