Wynn Everett Pays $1M to Charlestown

Wynn Everett made the first payment in its mitigation package for the City of Boston/Charlestown Wednesday morning. The upfront payment of $1 million is the first in a mitigation package agreed to by Wynn that could reach $76 million.

A company press release indicated the initial payment was required as part of a package set forth in the Massachusetts Gaming Commission License Award to Wynn. The package was imposed when the City of Boston failed to participate in discussions regarding a Surrounding Community Agreement and traffic mitigation to support Charlestown for the Wynn Resort to be built in Everett.

According to the licensing agreement, the $1 million payment is to be used for:

• 1) Support of Charlestown’s non-profits, parks, after-school activities, senior programs, job training programs, cultural events and related activities that promote Charlestown’s heritage, quality of life, recreational and cultural activities.
• 2) Staffing and other public safety initiatives related to increased vehicular and pedestrian traffic.
• 3) Improvements to facilitate water transportation in the Boston Harbor.

*Wynn is unaware of what specific uses the City of Boston intends.*

The package of $56 million minimum on Boston’s behalf was imposed by the Commission to cover impacts from the Wynn project, including traffic mitigation for Sullivan Square in Charlestown. Wynn agreed to the package and it was then included in the project’s licensing agreement.

The Boston/Sullivan Square mitigation package includes:

• $1 million upfront payment.
• $24 million in total annual payments to the City of Boston.
• $25 million toward a long-term traffic solution for Sullivan Square in Charlestown.
• $6 million in short-term Sullivan Square traffic mitigation.

In addition, up to $20 million in fees may be assessed by the Commission if the project fails to meet its traffic projections. The package also includes a commitment by Wynn to spend at least $15 million in annual purchasing from Boston businesses; $225 million over the term of the license. The company will also hold vendor and career fairs in the City of Boston, to educate and attract future construction and operational vendors, and to appeal to potential resort employees who live in Boston.

Image via Shutterstock.