I want to fill a few people in on the meeting that was held last Thursday to discuss the budget and the town meeting articles. One article was for the town to take/purchase the land at exit 20- It appears that the Elementary School Building Committee wants to enter into a purchase and sale with Colonial Cooperative Bank for that land. Here is the problem the bank does not own the land –
Northeast Wood Design LLC is the owner of record. There are several liens on this parcel. The selectmen voted not to put the article on the Town Meeting Warrant. However it is now known that Mr Columbus is very upset that this article was not voted to be put on the warrant. (guess he had a skeleton tell him to change him mind) SO now it appears that this article will be submitted on the Special Town Meeting Warrant. Well, is this why Dennis Obrien thinks we are stupid because they think they can pull the wool over our eyes and pass this like they did the 252 Baldwinville Rd project. So Mr Columbus go to www.masslandrecords.com and search Northeast Wood Design LLC – not only will it show that they are the owner of record of 232 Baldwinville Rd Book 23451 Page 112 Not Colonial Cooperative Bank . also look at all the liens against it
Colonial Cooperative Bank Bk 32413 Pg265, Line of Credit original amount $258,500. 12/9/03
Maki Corp Bk 42277- pg 269 Mortgage $150,000. 1/7/08
Landscaping by Anderson ,Bk42964 Pg326 Mortgage $300,000 6/13/08
Maki Corp. Bk44223 Pg 289 Mortgage $100,000 5/11/09
Colonial Cooperative Bank Bk 45428 Pg 373 Mortgage $100,000 2/4/10
Ragged Hill Bk47112 Pg341 Execution $26,799.08 2/22/11
WJ Graves Bk 47112 Pg-345 execution $ 16,290.75 2/22/11
U Melanson - Mechanics lien $7,000. Bk 46334 Pg 217 - 9/20/10
None of these liens have been discharged.
Thanks Joanne - for getting me all these figures! She also talked to an attorney who said that it is law, in order to foreclose on a property the bank/lien holder must advertise and hold an auction. He stated that Northeast Wood Design LLC is the owner of 233 Baldwinville Rd not Colonial Coop bank.
And we want this land why - all these liens will have to be paid by someone. I have heard that Mr. Bob Columbus is saying that Deputy Assessor Sue Byrne should not have talked about all these liens at the meeting, He and his people seem to be quite angry at her!!!! Seems no one is allowed to question these people – I say Sue knows what she is talking about. – So Bob C you going to bully her next??
So Dennis how stupid are we now – All these people – The Municipal Building Committee – the Elementary School Building Committee – the current Board of Selectmen (excluding Jeff B) do they really think that we tax payers are just going to sit back and give them a blank check and not ask questions.
Thank again to all who follow my blog – thanks to everyone who comments - keep up the good work.
Pauly
Pauly, By my calculations the monies owed by Northeast Wood Design LLC to your aforementioned lenders equals to $958,589.83. So let's call it $960,000. Colonial wants to sell the property for $775,000. Would the 960 be added to the 775 or in lieu of the 960? If it is in lieu of, then the lenders would have to take a roughly 20% cut off of what is owed them. But wait, the numbers you have supplied do not include the amount of interest that has accumulated during the period of the loan. So unless all those lenders are willing to take a bath with this proerty and just get out. The amount owed must be staggering. Not that the ones you supplied aren't staggering enough.
ReplyDeleteI am unaware as to what amount or percentage the state is willing to cough up for the building of a new school. It would be great to send our kids to a state of the art building. But can we, as a town, afford it? It sure doesn't seem that way. The selectman should be moving forward with bringing in new business, like the 19E plaza. Getting the tax base to rise. Riding on the backs the few of us still here in town is not the solution. Bringing back old cronies, is not the solution, bringing in new blood is the solution.
I'm assuming that some of the debt must have been paid down by Northeast wood design like the first Colonial lien - a Line of credit opened in 2003 - my theory is if you add them up starting with the newest one (2011) then work backward - total before you get to the 1st Colonial one $700,089. So I believe that the reason Colonial Coop is looking to have the town "bail them out" is because their 1st lien is probably less than $100,000. their second lien is in 5th place - so in order to foreclose as the first mortgage holder the would have to notify the other lien holders - now if Maki or Anderson where to pay off Colonial's 1st mortgage which as I said is probably under $100,000. (they are not going to want to lose their interests)Then Colonial could lose out on their mortgage that is in 5th place. Now do we all see why Colonial is looking to have the town take the land by eminent domain and then have to pay all the liens off - they colonial would lose their shirt if they forclosed as 1st mortgage holder. hope this helps
DeleteA lot of ifs and where is all this school money coming from .a money tree at echo hill farm think not all of us .NO THANK YOU
DeletePlease also remember that the purchase of the land is NOT reimbursable by the state. The Town of Templeton is on the hook for the entire cost of the land for the school building....whatever that cost may be.
ReplyDeletePlease pay attention to the articles for the Special Town Meeting warrant. The Elementary school building committee and the Municipal building committee WILL have articles for the Special Town meeting.
The special Town meeting has traditionally started at 8:00 p.m. on the first night of the Annual town meeting. That means these articles will have first priority at town meeting; they will be placed ahead of other articles and the citizen petitions.
Is it true that Mr Columbus (himself) has moved all the warrant articles around - even though the selectmen voted to put then on the TM warrant as they were numbered as of last Thursdays meeting. I heard he put all the citizen petition at the end and all the school articles at the beginning. and moved them all around to how he wants them (or how he was told to put them by others maybe sk----??)
ReplyDeleteNo matter what we have to get as many people as possiable to town meeting. It is unbelievable that they still want to put 252 Bald.Rd. on the warrant. Along with this land they want for the school..Has anyone checked the kool-aid stand ? Like the old saying goes "what part of NO don't you understand.
ReplyDelete