MassachusettsBrockton seeks approval to put a club lender ahead of city's property right
The City Council asks state lawmakers to let the mayor put a lender's claim ahead of Brockton's property right on the Boys & Girls Club site for a loan up to $1.3 million.
What it does
If state lawmakers approve, Brockton's mayor could put a conventional lender ahead of the city's property right on the Boys & Girls Club site for a loan up to $1.3 million. This permission covers one subordination.
Argument forIf state lawmakers approve, putting the lender first could help the Boys & Girls Club secure financing for its Brockton property.
Argument againstPutting a lender ahead of the city's property right could weaken the city's position if that right later matters.
More detail
If state lawmakers approve the petition, Brockton could let a conventional lender's claim take priority over the city's property right. This applies to the Boys & Girls Club property at 233 Warren Avenue in Brockton and a loan of up to $1.3 million. The permission covers one subordination. Any further subordination would need City Council approval. The mayor may sign the attached agreement and take other steps to carry it out. The proposed act would take effect upon passage.
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Where it stands
- Introduced
- Passed 1st Chamber
- Passed 2nd Chamber
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
No actions on record yet. Even bills need a warm-up.
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