Post date: Dec 05, 2017 7:56:39 PM
The current option to purchase 330 Cole Avenue (née Photech) from the Town expires at the end of December. Berkshire Housing and I are proposing a 1 year extension to this option.
Work is currently underway on site remediation of the "cube" - recall that we received a $200,000 grant from EPA for this work earlier this year. Practically, as well, the market for Low Income Housing Tax Credits has been rather unstable over the past year given the potential of federal tax code changes. This volatility has also made it challenging to realistically project funding programs for these types of projects.
Current agreement is attached for reference. Extension will be provided once received from Town Counsel.
ACTION: Approve Amendment to Option Agreement extending option term through December 29, 2020.