Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Aldermen approve subordination of city lien for Grand Central Suites to allow refinancing; vote 8-6
Summary
After contentious debate about unpaid subcontractors and developer financing, the board approved a subordination of the city's insurance-proceeds lien tied to a RSA 79-E project so the owner can bring in new financing and complete construction.
The Board of Mayor and Aldermen voted 8-6 to approve a subordination agreement that will place the city—s lien on insurance proceeds behind a new lender for the Grand Central Suites redevelopment in downtown Manchester.
Attorney Eli Lano, representing Grand Central Suites LLC, told the board the subordination is needed so the developer can refinance, bring on new equity and pay subcontractors whose mechanics liens currently encumber the property. He said the city—s covenant and lien would remain recorded and would remain a clawback on insurance proceeds only in the event of a casualty and a failure to…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
