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Newton Centre, MA 02459
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| In Board Of Aldermen | |||||||||||||||
| Real Property Reuse Committee | |||||||||||||||
| Meeting Report | |||||||||||||||
| Tuesday, January 29, 2002 | 7:45 PM | Room 222, City Hall | |||||||||||||
| Present:
Ald. Bryson, Chairman; Gerst, Basham, Salvucci, Schnipper and Yates
Absent: Ald. Ciccone and Fischman |
| Also
present: Ald. Bullwinkle and Lennon City officials: Martha Horn (Environmental Planner), Eileen McGettigan (Associate City Solicitor) Public: Ernest Pescodolito, Lou Atkins, and Jason Rosenberg |
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| #323-01 | ||||
| HIS
HONOR THE MAYOR requesting that control of a parcel of land located
between the Wells Avenue Office Park and the Metropolitan District Commission riverfront land be transferred from the Department of Public Works to the Conservation Commission. |
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| Referred to the Real Property Reuse Committee on 12/31/01 | ||||
| Martha
Horn informed the committee that the parcel, presently under the custody
of DPW, consists of 30.5 acres of unbuildable floodplain between MDC property bordering the Charles River and the Wells Avenue office complex. DPW Commissioner Rooney supports this transfer; no non-city parties have expressed interest in acquiring this parcel. The Conservation Commission plans to leave the land in its present natrual state, except for boardwalks which would serve the hiking trail presently serving the site. No expenditure is required to make this transfer. |
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| Recommended for Approval 6 - 0 (Ciccone and Fischman Absent) | ||||
| #75-99(2) | ||||
| AMERICAN
LEGION POST 440 INC. requesting that the Board of Aldermen AMEND Board Order nos. 144-70 and 882-72, as most recently amended by Board Order #75-99, to allow the Post to obtain financing in an amount not to exceed 50% of its apprised value. |
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| Referred to the Real Property Reuse Committee on 12/31/01 | ||||
| Attorney
Jason Rosenberg indicated that the city's use restrictions and right
of reverter on this property, implemented in 1970 and 1972, and amended in 1999, constitute a hardship to Post 440, which may seek from time to time to refinance its outstanding mortgage and other property debt. Prior to lending, a lender typically requires the city to subordinate its interest in the property to that of the lender. Although the city's right of reverter, established in 1970, may have expired by operation of state law which limits such rights to a period not exceeding 30 years, the city's requirement that the property remain a non-profit use runs in perpetuity. Attorney Rosenberg sought an amendment to the 1970 board order authorizating Post 440 to use this former city parkland; by this amendment, the city would agree to subordinate it interest in the property to any standard lender's mortgage loan on the property, so long as the mortgage did not exceed either $300,000 or some fixed percentage of apprised value. Associate City Solicitor Eileen McGettigan recommended that the city maintain its rights in the property but agree to some form of subordination of its position to that of a standard lender's. In 1999, using the income stream method, appraisers determined the 1999 fair market of the property was $1,400,000. Post 440 presently owes $294,000 on the property. Ald. Basham suggested that the Board amend the original board order to grant blanket permission to Post 440 to borrow from any standard lender a sum not greater than 25% of the appraised value of the fair market value of the property. |
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| Recommended for Approval 6 - 0 (Ciccone and Fischman Absent) | ||||
| Respectfully submitted, | ||||
| D. Pauline Bryson, Chairman | ||||