"the December 2022 memorandum indicates that the remaining balance of $987,043 in extension fees was increased to $1,500,000, and the redeveloper was required to pay $125,000 a month to the BPDA plus $7,500 a month in rent as a condition of the final lease amendment.
Fast forward to 2024, last week’s BPDA letter states, “As of January 1, 2024, the Chain Forge redeveloper has failed to make all required payments to BPDA and secure all necessary permits and financing to enable construction.”
Adding, “Therefore, the BPDA has notified the Chain Forge redeveloper that it is in default of its lease obligations and that the BPDA is taking all legal actions required to recapture the Chain Forge building.
As for the next steps in this process, the BPDA’s letter from last week indicates that community outreach concerning a new redevelopment process for the building will begin in the spring. “The BPDA will host a series of community meetings to discuss community development objectives for the site and work to collaboratively identify goals to inform a future RFP. BPDA staff will use information from those meetings to draft and publish a RFP for the site,” wrote Rose in an email.
”
"the December 2022 memorandum indicates that the remaining balance of $987,043 in extension fees was increased to $1,500,000, and the redeveloper was required to pay $125,000 a month to the BPDA plus $7,500 a month in rent as a condition of the final lease amendment.
Fast forward to 2024, last week’s BPDA letter states, “As of January 1, 2024, the Chain Forge redeveloper has failed to make all required payments to BPDA and secure all necessary permits and financing to enable construction.”
Adding, “Therefore, the BPDA has notified the Chain Forge redeveloper that it is in default of its lease obligations and that the BPDA is taking all legal actions required to recapture the Chain Forge building.
As for the next steps in this process, the BPDA’s letter from last week indicates that community outreach concerning a new redevelopment process for the building will begin in the spring. “The BPDA will host a series of community meetings to discuss community development objectives for the site and work to collaboratively identify goals to inform a future RFP. BPDA staff will use information from those meetings to draft and publish a RFP for the site,” wrote Rose in an email.
”
"the December 2022 memorandum indicates that the remaining balance of $987,043 in extension fees was increased to $1,500,000, and the redeveloper was required to pay $125,000 a month to the BPDA plus $7,500 a month in rent as a condition of the final lease amendment.
Fast forward to 2024, last week’s BPDA letter states, “As of January 1, 2024, the Chain Forge redeveloper has failed to make all required payments to BPDA and secure all necessary permits and financing to enable construction.”
Adding, “Therefore, the BPDA has notified the Chain Forge redeveloper that it is in default of its lease obligations and that the BPDA is taking all legal actions required to recapture the Chain Forge building.
As for the next steps in this process, the BPDA’s letter from last week indicates that community outreach concerning a new redevelopment process for the building will begin in the spring. “The BPDA will host a series of community meetings to discuss community development objectives for the site and work to collaboratively identify goals to inform a future RFP. BPDA staff will use information from those meetings to draft and publish a RFP for the site,” wrote Rose in an email.
”
+1. I was originally sad that this had hit such a huge roadblock, but honestly I’m glad that the BPDA prevented this from being a “forever” construction site. Hopefully we get a new direction for the site quickly.
4 by LexSEDotVille, on Flickr
6 by LexSEDotVille, on Flickr
7 by LexSEDotVille, on Flickr
