7.29.2020 Committee on Real Estate

The Fall River City Council Committee on Real Estate met on July 29, 2020, to review the proposed disposition and redevelopment of the former central police station at 158 Bedford Street. The committee began by reading correspondence from Jim Soule, president of the Preservation Society of Fall River, who raised concerns regarding the vetting process of bidders, advertising scope, and conditions of sale. Special Tax Title Attorney Matthew Thomas and Purchasing Agent Tammy Moutinho clarified the procurement timeline, explaining that the property had been advertised in both the Herald News on March 21 and the Massachusetts Central Register on March 25, marking the fourth time the parcel had been put out to bid since the city acquired it via tax title in August 2012.

Attorney Thomas provided an extensive walkthrough of the proposed purchase and sale agreement with sole bidder Weathersfield LLC, managed by developer Mark Lederman. Under the agreement, the property would be sold for $10,000, with an $8,200 deposit already held and a closing deadline of December 31, 2020. The proposal entails demolishing the deteriorated portions of the building while preserving the historic pink granite facade to create 30 market-rate residential rental units. The contract includes strict covenants surviving the deed, a $25,000 performance bond, construction milestones culminating in a Certificate of Occupancy by June 1, 2023, reverter provisions, restrictions on property transfer for four years, and payment-in-lieu-of-taxes (PILOT) terms if later conveyed to a nonprofit.

Mr. Lederman addressed the committee regarding his development background, environmental cleanup steps involving a Licensed Site Professional (LSP), and potential challenges including parking and architectural adaptations. Director of Financial Services Mary Sahady affirmed the administration's support for the agreement. The committee voted unanimously to accept the proposal and forward the purchase and sale agreement to the full City Council with a recommendation for approval.

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