[MassHistPres] Question re: ground lease

[Garrett Laws]

$16M is a massive amount of money. What’s that cost based on and always
remember that not ALL things are required to be done to “bring it up to
code”.

On Thursday, January 12, 2023, Courtney Meyer via MassHistPres <
masshistpres at cs.umb.edu> wrote:

> 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
>


-- 

Many Thanks,
Garrett Laws

www.copperandslate.net
The Copper & Slate Company, Inc.
Fine Roofing and Historic Carpentry
238 Calvary Street,
Waltham, MA 02453
(781) 893-1916

*LEAD FREE SINCE 2008*
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