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Mass. OKs State Bonds For Private Development

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Jul 20, 2009 10:57 am US/Eastern

Mass. OKs State Bonds For Private Development

SOMERVILLE (AP) ― Gov. Deval Patrick has announced the first use of a program aimed at using state bonds to ignite private development.

The governor said Monday that a new phase of the Assembly Mall project in Somerville will receive $50 million from the Infrastructure Investment Incentive program, also known as "I-Cubed."

The state money will be coupled with $15 million in federal stimulus money to boost a project that calls for construction of a new Ikea home goods store and a range of commercial and residential development.

Patrick announced the funding during a kickoff event attended by Sen. John Kerry, U.S. Rep. Michael Capuano and Somerville Mayor Joseph Curtatone.

(© 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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