Check minutes of the last meeting and this one section
Authorize Execution of Amendment No. 18 to the Downtown/Theater District Planning Cooperation Agreement in the amount of $3 Million Dollars with respect to proceeds from surplus land sale.
Mr. Dunn this represents the proceeds from the surplus land sale of the property on Green Street. As the Board knows we have completed the sale of the surplus properties to Churchill James, LLC back in December, which has closed, and received the acquisition price in the WRA’s accounts.
This is part of the District Improvement Financing and a way to repay the debt service in bulk for the ballpark construction. Amendment No. 18 will allow the WRA to transfer those proceeds back to the City of Worcester.
Ms. Pitcher offered the following vote: Voted that the Worcester Redevelopment Authority hereby authorizes its chair or vice-chair to execute Amendment No. 18 to the Downtown/Theatre District Planning Cooperation Agreement between the Worcester Redevelopment Authority and City of Worcester in the amount of Three Million Dollars and No Cents ($3,000,000.00) Mr. Minasian seconded the motion. The item was approved on a 4-0 roll call.
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Editor's note: The $3,000,000 was not referred to as being a profit but "proceeds from surplus land sale".
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