We Made Field Of Schemes Again

We Still Do Not Own The Land That The Park Is Built On

Although did get a recorded deed from Madison Properties to the land (WG North) where the stadium sits last fall , we do not have  "clear title".     The property was deeded conditioned on the fact we would give Madison Properties the LFB (Left Field Building) site.   The terms of which will be laid out in an LDA (Land Disposition Agreement) which will convey the LFB (Left Field Building) from the City of Worcester/WRA to Madison Properties.


If we do not come to terms and finalize an LDA for this site to convey the building to Madison, the former owner can unilaterally record an "escrow deed" to get WG North back...    In other words Madison would own the land again where we have built the stadium, if they do not get the LFB site.

 

Until the LFB (Left Field Building) site is conveyed to Madison, then and only then will we truly own the land (WG North).       Not a bad bargaining position Madison has put themselves in???? Maybe that is why we have had a hard time completing it???    

 

In a game of poker, here is Madison's hand below negotiating the terms of the LFB LDA..

 

 



 City of Worcester cards:



 

 

Comments

Anonymous said…
I thought I read this was done months ago ?
Bill Randell said…
You did.

Still have not completed the LDA
Anonymous said…
The Telegram reported on September 25th and October 10th that the WRA owned the land.
Anonymous said…
It would not suprise me if the City does not own the land yet. I am beginning not to believe anything the City says about this project or anything that is reported about it. There is no credibility anymore.
Bill Randell said…
We own the land now in name only. The entity (Madison) that sold us the land is holding a deed whereby they can take the land back, if we do not finalize a LDA giving them the LFB site.
Bill Randell said…
Until we have a completed LDA , then and only then will we really own the land. It will important to see the details in this final LDA.
Anonymous said…
I drove by the site and it does not appear that any construction has started. Are they waiting for the agreement before they start?