[MassHistPres] Question re: ground lease

[Courtney Meyer]

Hi all,

Yes, $16M is a lot. It was based on the most recent assessment in 2019 by
Drummey Rosane Anderson Architects, Inc. (DRA). The long list of items to
be address include roof replacement, brick repointing, stable grades,
granite repair, asbestos remediation, a new heating system, installing an
elevator, ADA compliant access, etc, etc.

Courtney

On Thu, Jan 12, 2023 at 5:36 PM Garrett Laws <copperandslate at gmail.com>
wrote:

> $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*
>
>

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