Green Hill CC Lost $600,000 Last Year

First Amendment To Amended And Restated Letter of Intent

 This is what was passed out to Councilors two hours before meeting last Tuesday night. 

Click here.

Clearly by the name, it is not binding.    Friday we read how the land has been transferred, but we are confused by "Timing of Land Transfer" as stipulated  in paragraph 6.a) and 6.b) on page 6 of the "First Amendment to the Amended and Restated Letter of Intent".

 

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Editor's note:   In fact so much so, that yesterday we put up a post that we took down since it was wrong.

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We believe today we have it right today, we hope?   

At the same time it makes us question, how much time did the City Councilors have to review this getting it two hours before the start of their meeting..     

Here is how we see it:

  • Madison conveys WG North (ballpark land) in its entirety to the WRA.   
  • The WRA immediately deeds it back to Madison in the form of an "escrow deed"
  • WRA will convey the Left Field Building Site (LFB) within ten days following the approval of the modifications of this letter.  
  • Since it was approved September 22nd, the 10th day is October 2nd
  • LFB site will be conveyed "in accordance with the terms of the Development Agreement (which the Parties agree to use their best efforts to be done by September 30th).

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Question:   What happens if we can not come up with a "Development Agreement" to convey the LFB site to Madison? 

  

Answer:    Madison can unilaterally instruct the escrow agent to record the deed.  

In essence Madison would get WG North (ballpark land) back.

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It will be very difficult to include any "legal remedies" in the conveyance of the LFB site to Madison....   A deed is escrow that gives them back the WG North land is a good chip to have .       






 

 

 

 

 

 

 

  

 


Comments

Anonymous said…
I have been following the progress of Polar Park in the Telegram and the Worcester Business Journal until someone told me about your blog this morning.I read recently in the Telegram that the land had been acquired by the City.I believed the headline and the article until I read the document you posted, where WG Holdings could get the property back through an "escrow deed",whatever that is. A question I would have is does an "escrow deed" expire or can Madison WG Holdings continue to extract concessions from the City. I have purchased my tickets for next season, i just do not want to pay for this in my tax bill as well.
Bill Randell said…
The main point of this "escrow deed" is that it limits what the City Of Worcester can do in any agreement that will convey the LFB (Left Field Building site) from the WRA to Madison.
Anonymous said…
The agreement seems unordinary. Do you think the City did this in this fashion so they could get the headline they did, that they own the ball park site?