Saturday, January 6, 2018

"Enjoy the Depreciation"

In December 2014, the city made FDP a $4.5 million loan, from the intergovernmental sewer agreement shared-revenue fund, so Blackwell could buy out three property owners and show the state he controlled the property. That allowed him to meet an end-of-year deadline and be awarded $9 million in state historic tax credits.

The only physical work that was done at Machinery Row during Blackwell’s ownership was the demolition of the northernmost section of 900 Water St., the larger of the two buildings, and some site cleanup.

On Dec. 16, the city declared Blackwell in default on his loan. Until Wednesday evening, it was unclear what would happen with the Machinery Row plan since that occurrence.

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