[CPEO-MEF] REUSE: No money at South Weymouth (MA)

[Lenny Siegel <lsiegel@cpeo.org>]

Lack of money stalls transfer of land at former air base to SouthField

Steve Adams
Quincy Patriot Ledger (MA)
June 1, 2009

WEYMOUTH - The agency in charge of the SouthField development still has 
no money to acquire the remaining 900 acres from the Navy and could run 
out of operating funds in September, its CEO said.

"Right now we have no foreseeable way of coming up with the money needed 
to close," said Kevin Donovan, head of the South Shore Tri-Town 
Development Corp.

The Navy is pressuring Tri-Town to prove it can come up with $43 million 
to buy the land so the agency's private developer, LNR Property Corp., 
can go to work.

Donovan also would like to renegotiate that price, which was agreed upon 
last March. Since then, the overall real estate market has continued to 
slide.

...

For the entire article, see
http://www.patriotledger.com/business/x64522716/Official-SouthField-agency-could-run-out-of-money-by-September

--


Lenny Siegel
Executive Director, Center for Public Environmental Oversight
a project of the Pacific Studies Center
278-A Hope St., Mountain View, CA 94041
Voice: 650/961-8918 or 650/969-1545
Fax: 650/961-8918
<lsiegel@cpeo.org>
http://www.cpeo.org


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