SouthWest CEO Interview

April 2021 20 Months Away: We Do Not Own Land

April 2021 is only 20 months away and considering that includes two winter seasons, this is going to be tough timeline....    Now consider that we do not own the land yet....   

This is a pretty big deal.  We still need to negotiate all the terms of the LDA ( Land Disposition Agreement) with Madison and get them approved by City Council before we could 1) take title and 2) start construction.

Having worked on an LDA for the Town of Holden negotiating the gifting of the old Reed-Rico factory in the Holden Industrial to the Town of Holden from Berkshire Hathaway, we can tell you this is not easy.     Price was never an issue here, but the environmental concerns were.

Just wonder what Madion Properties will consider what this parcel is worth now that the City of Worcester has lured the PawSox to Worcester and have committed to a new stadium???


Comments

David Z. said…
Just like Pats fans say, “in Bill we trust” I’d like to add “in Ed we trust”. 😀

IIRC, the land transfer is just a formality. Denis Dowdle leveraged the land to get TIFs for the private development.

And with global warming, I mean climate change, the upcoming 2 winters should not hamper the construction timetable.
David Z. said…
Please read this excerpt from the following article.

“The WRA does not have to go through the eminent domain process for the actual ballpark site.

In exchange for three tax-relief deals that are a central part of the financing plan for the redevelopment of the property on the south side of Madison Street, the developer has agreed to convey to the city, at no cost, the parcels it now owns on the north side of Madison Street where the ballpark will be built, according to an agreement it has with the city.”

https://www.telegram.com/news/20190614/land-takings-in-order-groundbreaking-for-polar-park-likely-next-month
Bill Randell said…
Dave:

Berkshire Hathaway offered to give property in the Holdne Industrial Park, that was the site of the former Reed Rico Factory, that was assessed for over $2,000,000 for FREE. It took us 9 month to work out the LDA before we accepted the tarsfer of the property , most due to environmental concerns. Imagine the same will apply here.

Also, we need to look at the agreement submitted to Council. We thought it siad the price would be "negotiated" not "no cost"???