February 15, 2007

15 Coppage Drive

In today's legals there is foreclosure notice for an auction on February 15th. The reason I bring this up is that the property is part of the Worcester Airport since it is the Airport Industrial Park. The current leasee, Kennedy Family Trust, had an initial 20 year lease that started February 1, 1986, but evidently was extended 20 more years when it expired in February, 2006.

I never understood how the lease could be extended when one of the terms of the initial lease was to be current on real estate taxes. Right now the tax balance is $190,602. Assume if BankNorth, or someone else, is to take control of 15 Coppage via the auction, they are able to assume the renewed lease at the same terms , something like $1,000 per year, until February, 2026.

1 comment:

Anonymous said...

Wait till the potential bidders, if any, for the Gen'l Aviation facility see this. They will think they they can fall behind on their rent payments AND their taxes with little or no consequences and then get a 20 year extension for chump change.

You suppose the trust in question has any other assets? I'd guess no.

Wonder if the lease agreement has a personal guarantee in it? If it does, I'll bet they do not enforce it?????

Bargain lease and ORH seem to go hand in hand. Kennedy and soon Massport all for short money. If you were a potential bidder on the GA facility would you decline to bid and then approach the city for a bargain lease as other do? Why not, cannot hurt to ask