Monday, October 02, 2006

Institutional Linen Property

I have been following some of the transactions in the Registry of Deeds.. First of all the two properties were sold to Mason Winfield LLC for 110,000:

  1. 11/2/5 book 37717 page 51 48 Mason Street 66,853
  2. 11/2/5 book 37717 page 59 47 Mason Street 43,147

Two months later Mason Winfield transferred 48 Mason Street to one of the minority owner stake-holders (Worcester Common Ground) for $10,

  1. 1/1/06 book 38185 page 55 48 Mason Street $10

Since that time Worcester Commone Ground has received a grant in the amount of 170,000 from the EPA BCRLF to remdiate 48 Mason Street. Since Common Ground is a non-profit they (Common Ground)will not have to pay the 170,000 back. It is grant.

I imagine that when the $170,000 of work is done, Worcester Common Ground will deed back 48 Mason Street to Mason-Winfield (for profit corp)for $10. Does this sound fair?? If you get a minority partner, who is a non-profit, you can park property in their name and be eligible for Brownfield Clean-up grants that do not have to be paid back even if the project is controlled by a for profit entity.

0 Comments:

Post a Comment

<< Home