By Michael G. Gatlin
We are all hopeful of improving conditions in the commercial real estate market, but, given the economy, we are all going to have to work hard to make deals come together. Fortunately, if you are involved in real estate transactions in the Town of Framingham, particularly commercial real estate transactions, there is some good news which you may find helpful in making deals work.
The Town of Framingham recently received a significant sum of federal money to provide reimbursements to property owners for the cost of conducting environmental evaluations of their real estate. The funds are available through the Community and Economic Development Office of the Town of Framingham; the contact person is Erika Jerram. I am unaware of any significant limitations so long as the funds are used for 21E evaluations. The application process, which is initiated through the Town, takes about 4 weeks from beginning to end. The scope of work must be authorized before the approval can issue, so an extended due diligence/financing contingency should be worked into in any sales agreement if this funding is to be sought.
While many factors go into a decision to buy or sell property, if some of the costs can be eliminated or at least reimbursed, there may be more incentive to take action. If this office can be of any assistance to you or your clients, either in seeking information about the above grant program, or any other aspect of the buy/sell transaction.
