Great job by Lisa Ecklebecker in today's Telegram. Key in this story is that Pharmasphere still has not taken title to the property after they were awarded it last January for $1. Key line “Our hope is that we would do disposition over the winter, and then basically try to get new development going in the spring of next year,” he said.
On paper this is a great project and would be a great addition to the neighborhood, but how long do we wait??? The Land Disposition Agreement says that as long as they are "diligently" working, they have until September of 2010.
Personally I think we should have rebid this parcel again and Pharmasphere could have bid again instead of holding this property for what can conceivably be three years without one penny of property taxes being paid.
Same Time Next Year
-
It’s been nearly a year since I wrote about the problems that come from
having 11 bosses who are not on the same page about anything, as well as
suggestion...
4 months ago
8 comments:
BIll drive by the old Institutional Linens site on Mason St.....construction there was to start in Sept 2005...almost 4yrs and counting.............frankly b/c its low income housing i hope it never starts.......
Funny How Mc Govern didnt bring Bill clinton over to Mason St site for thier fraudulent Ho Down last week.........FWIW .......rumor has it that Mcgovern has friends and or relatives involved in some capacity with the Mason St site.......and how is Worc Common Ground ( partner in Mason St site)allowed to let the grass & weeds on that site grow 3 ft tall in the summer when city nuissance ordinanace says 12" is the legal maximum.........I'll bet Havana Jim McGovern would not allow that overgrown condition up in his 'hood up on Uppaaaah Burncoat sts.......
A scam if I ever smelt one.
The alleged "Pharmasphere" will sell what it got for free ($1) for $400K. To some sucker. Same kind of scam that happened on Summer Street with that Baptist Church near St V's. Adding to the suspicion, I read that the city turned down $50K from a nearby interest. Seems like the city doesn't want someone there and they are willing to conduct these kind of deals from time to time.
There was an abutter who bid $50,000, but it was awarded to Pharmasphere for $1.
The reasoning being the upside was much better, which I can not argue with in addition. In addition there financing was in place and were to suppose to break ground in the Spring of 2008 according the article last January.
What bothers me is that in June, 2009 they are still working on financing and worse yet they have not taken title to the property so not one penny in property taxes has been paid.
Right now the LDA (Land Disposition Agreement) gives them until September of 2010. In essence they could tie this property up for three (2008-2009-2010) without having to invest one penny and not one cent of property taxes being paid.
Lets hope they get their financing and this project becomes a reality.
Right now that second $50,000 bid is looking pretty good.
I'll betcha the LDA alos allows both parties via mutual consent to extend it beyond teh Sept 2010 date.
So will Standard Foundry demo actually begin before City Sq demo????
I have reason to beeleive that Berkly has taken title to city Sq Site and they are not paying taxes on it.........can anyone confirm this?
Imagine if Medical City was not owned by a for profit company (is it Tenent Healthcare?) how many millions in taxes the city would not be realizing.
IMO city should not be in any real estate business except maybe teh parks and the DPW garage& city hall ownership....just look at the F-up with UNions Station rentals amongst how many other screw ups.
Bill
help me here with the math.... They could have sold for $50,000.00 correct... The other group a for profit would have had a building up by now and paying taxes correct.... That is someones pay for a year... instead of another person layed off... and jobs with the new building...
Andy:
The ironic thing about the South Worcester Industrial Park is that they are finally going to knock down Standard Foundry and guess what? They are going to have a ceremony.
No lie I can say that this has to be the 4th or 5th ceremony/ribbon cutting for various aspects of the South Worcester Indsutrial Park the past 10 years and no one job or building has been erected.
Bill
I cannot believe you gave up my identy.... it's signman... do you think the press will show up for this press conference like ours for CBA?
Accountablity......NONE
If anything the gb'ing s/b for the South Worc No/Low Income Park.
Bottom line this aint 1955 or or 1967.......industry aint coming back to Worc...and if Kevin O sullivan thinks bio-tech manufaturing will be our savior ...thing again.
Sign man.......how many of those Deval Stimulus Highway signs have you been contracted to install?
Bill whats going on with City Builders site...will thsi be another Mason St Intitutional Linens situation where the favored players cant delay ad infinitum? IMO, a whole lotta dirty laundry in this NO Low Income housing business....all nicely cleaned, pressed, folded, and delivered...............courtesy of my taxes....this NO/LOW industry needs a colonoscopy
Wait until the same mindset wants to install stents in your failing heart.
Post a Comment