March 13, 2008

15 Coppage

First thing you need to understand is the the land in the Airport Industrial Park is part of the Airport and not owned by the businesses that are on Goddard and Coppage. The exact boundaries I am not sure of.

In order to entice businesses to locate here very good deals were offered for land leases, but there were terms in the lease that the leasee had to comply with . This is good business and I am fine with that.

February 11, 1986 Book 9227 Page 372

20 year lease is signed between the Airport Commission and Kennedy Family Trust for a nominal amount (240 per year) for Kennedy Die. The lease will be renewed at the end at the end of 20 years (2006), and for a 2nd time (2026) for another 20 years assuming the terms of the lease are in compliance. Two terms oif the lease being that 1) property taxes need to be current and 2) you can not sublet the property.

May 25, 2005 Book 36401 Page 270

Kennedy Family Trust sublets 15 Coppage Drive to Thermalcast for 3 years.

November, 2005 Airport Board Minutes

Kennedy Family Trust gets approval to sublet the property, 6 months after the sublet began, stating that Thermalcast was merely a name change. Wasn't there an ownership change too??

February 1, 2006

The first 20 year lease ends. Although property taxes are not current and the property has been subletted to Thermalcast, albeit with the approval of the Airport Commission 6 months after it began, it looks like the lease continues for 240 per year.

Septemeber 18, 2007 Book 41810 Page 386

PCI Property Holdings forecloses on a $1,550,000 from 2002. It is called a foreclosure deed, but the City of Worcester retains ownership. I am not sure what was put up as collateral--the lease maybe equipment???

February, 2008 Airport Board Minutes

PCI now the owner of the lease from Kennedy Family Trust attempts to sub-let the property to Triangle Cable but the Airport Commission votes against it.

Right now I am totally confused. As a tax-payer it seems to me that the original intent of this lease has not been upheld by the leassee, who is now PCI, and there is some $280,000 in back taxes, while the City of Worcester charges $240 per year??

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