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
Still have not completed the LDA