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Trust weighs Family Promise offer and deposit terms for 299/301 Bacon Street
Summary
The Trust discussed Family Promise’s conceptual agreement to the Trust’s term sheet for 299/301 Bacon Street but not on deposit size; trustees may move negotiations to executive session and will consider alternatives if no response by end of February.
Reginald Leese told the Natick Affordable Housing Trust the nonprofit Family Promise is conceptually aligned with the Trust’s term sheet for the proposed sale of 299/301 Bacon Street under seller financing, but parties disagree on the deposit amount.
Family Promise indicated it hopes to put down a $100,000 deposit, while the Trust’s term sheet requires a deposit equal to 25% of the purchase price. Leese said he proposed reducing the deposit requirement while raising the sale price to offset additional financial risk to the Trust. He said if Family Promise does not respond by the end of February the Trust will evaluate alternative disposition options, including a market-rate sale.
Glenn Kramer proposed shifting Bacon Street discussions from subcommittee to executive session to allow fuller negotiation and discussion of disposition strategy. The Trust also discussed property maintenance at Trust-owned units, with Sue Crossley noting one apartment needs repainting and Randy Johnson agreeing to contact the property manager to identify outstanding projects, including reported boiler repairs.
No final sale terms were adopted at the meeting; the Trust directed staff and members to continue negotiations and consider a response deadline at the end of February.
