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Affordable Housing Trust approves $2 million purchase of 158 Madak Road
Summary
The trust voted to accept a deed and execute closing for 158 Madak Road, a $2,000,000 purchase intended to host relocated buildings from a land-bank project; staff reported escrow arrangements and required due diligence before closing.
The Nantucket Affordable Housing Trust voted April 7 to accept the deed and authorize closing documents for 158 Madak Road, a parcel the trust will purchase for $2,000,000.
Town counsel described a draft deed presented by the seller (identified in the packet as the trustee of the Carol Arts Revocable Trust), noted a $25,000 escrow deposit, a broker's commission and a real-estate tax adjustment in favor of the trust. Counsel and staff confirmed multiple site visits have occurred and that a final walkthrough will be done before closing.
The trust moved that the chair or designee be authorized to execute any documents necessary to complete the settlement. The motion was seconded and approved by roll call; one member said she would abstain from the vote for the record.
Why it matters: staff said the site will be used for relocated buildings moved by the land bank from a property on Jefferson Avenue, part of a larger strategy to preserve and create year-round housing. Trustees asked about the property's condition and were told required removals and site work are in progress.
The trust voted to accept the deed and to authorize staff and counsel to finalize related settlement paperwork.
Next steps: staff will complete final due diligence, confirm the condition at final walkthrough and proceed to closing under the terms summarized at the meeting.
