TO:              Mayor William F. Martin, Jr.

                             And

                   Members of the Lowell City Council

FROM:        Bernard F. Lynch, City Manager

DATE:         July 12, 2007

SUBJECT:   MOTION OF 7/10/07 BY COUNCILOR BUD CAULFIELD

REQUEST THE CITY MANAGER TO LOCATE AND PROVIDE MONIES FOR THE DEMOLITION OF THE PROPERTY LOCATED AT 155 WESTFORD STREET

________________________________________________________________________

Please be advised that I have worked with staff to address the issue raised in the above mentioned motion.  In the proposed solution funding would be derived from the sale of several parcels of City owned property.  These funds, which would be placed in an account Receipts Reserved for Appropriations would be transferred into an existing but dormant revolving fund that was established for the purpose of financing the demolition of derelict structures.  Upon completion of the demolition of each property a lien will be placed on each property, with subsequent payments being used to replenish the revolving fund.

We anticipate that these steps can be completed within the next 45-60 days.  If you have any questions regarding this matter, please let me know.

Thank you.