Ruth Ann and Margaret are absolutely right (aside from Ruth Ann accidentally converting 15 units to 15% in her comments below).
I was deeply involved those discussions at the time. That $1M "loan" was intended to ensure that those 15 affordable units would remain affordable in perpetuity, regardless of ownership changes - including bankruptcy. It accomplished exactly what it was designed to do. I believe the only way we'd "lose" those units is if the town opts to release the lien on the property - i.e., it will be the town's decision, not the owner's. That loan also made the project financially viable for CIVICO, as viability was no longer assured after the many other concessions they made in their negotiations with the town. All this is a matter of public record, and (in addition to the published minutes) I believe might also be available in videos of some of those meetings: made for broadcast on the community cable channels, and available on the town website. -Allen Vander Meulen Sent from my iPhone > On Nov 1, 2023, at 20:20, RAandBOB <raand...@earthlink.net> wrote: > > > Scott, I think your nasty tone is completely uncalled for. I did read your > post and this is what the final sentence said: > > . Let's remember we gave Civico a $1M no-interest loan for the 15 affordable > apartments in Oriole Landing, and they turned around and sold the building > for $32M. Like someone else has said on this thread, it is indeed troubling. > > It may not be what you meant, but this statement could lead someone to > believe that it’s troubling because the 15% affordable housing disappeared > with the sale. Margaret is just clarifying that point in a very reasonable > tone. > > Ruth Ann > (She, her, hers) > >>> On Nov 1, 2023, at 7:01 PM, Scott Clary <scottclar...@gmail.com> wrote: >>> >> . Let's remember we gave Civico a $1M no-interest loan for the 15 affordable >> apartments in Oriole Landing, and they turned around and sold the building >> for $32M. Like someone else has said on this thread, it is indeed troubling. > -- > The LincolnTalk mailing list. > To post, send mail to Lincoln@lincolntalk.org. > Browse the archives at https://pairlist9.pair.net/mailman/private/lincoln/. > Change your subscription settings at > https://pairlist9.pair.net/mailman/listinfo/lincoln. >
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