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Prospective buyers of 901 Main Street plan multimillion-dollar investment; tax-exemption request possible
Summary
Board members said 901 Main Street is under contract and new owners anticipate making "a fairly substantial capital investment, certainly a few million dollars," and may seek tax exemptions for improvements; staff will meet the prospective owners to discuss plans and management presence.
Matthew updated the board that the 901 Main Street transaction is progressing and the property is under contract. He reported conversations with the current manager (Matt Judge) and said the prospective new owners "are expecting to make a fairly substantial capital investments in the project. Certainly a few million dollars," and that staff will meet with the buyers and their manager to review proposed improvements and whether they will seek tax exemptions.
Board members emphasized the importance of active, on-site management rather than absentee ownership and said they will press the prospective owners on what measures they will take to address existing management issues. Staff will coordinate a meeting with the new owners, city staff and agency staff to review investment plans and any requests for mortgage or sales-tax exemptions on improvements.
