[MassHistPres] Question re: ground lease

[Courtney Meyer]

Hi all,

I am the chair of the Russell School committee in Hadley, MA.  We are
trying to save our beautiful 1894 Italianate Russell School building set in
town center. (Photo attached.) The approximate cost to rehab and bring it
up to code is in the $16 million range, which of course is prohibitive to
the town.  In order to save the structure, we are considering the
feasibility of selling it to a private investor with a
preservation restriction in place, but the town will want to continue to
own the land.  We are seeking some guidance on examples and stipulations
around a ground lease, and/or use of deed provisions that has ownership of
land be given back to the town if the building is destroyed and cannot be
rebuilt per preservation restriction. Any insight would be appreciated.

Thank you,

Courtney Meyer
Russell School Committee Chair
Hadley, MA 01035

-- 
Today's Children, Tomorrow's World
www.theglobalchild.org
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