Medford City Council Meeting Agenda Packet May 12 2026
MassDevelopment Awards $450K Medford Square Grant
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Description
The City of Medford has been awarded a $450,000 recoverable site readiness grant from MassDevelopment for the Medford Square Redevelopment Project at 0 Clippership Drive, contingent on a Council resolution accepting the grant and repayment terms. The grant will reimburse eligible project expenditures on a quarterly basis and may be repaid from future net proceeds if the property is transferred or refinanced.
Contract Details
Contract Amount
$450,000.00
Vendor
MASSACHUSETTS DEVELOPMENT FINANCE AGENCY (MASSDEVELOPMENT)
Agency
City of Medford, MA
Contract Type
FINANCIAL_SERVICES
Document Date
May 12, 2026
Contract Term
Grant agreement to be executed no later than June 30, 2026; recoverable upon future disposition or refinancing of the site generating net proceeds
Renewal Info
Grant agreement is recoverable; if future sale or refinancing generates net proceeds, the City must reimburse MassDevelopment up to the disbursed grant amount.
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