In order for the project to work financially they were counting on Section 42 housing credits to help fund the project. They requested $396,740 per year for 10 years for the Minnesota Housing tax Credit. They were not awarded the tax credits so the deal was canceled and the purchase agreement terminated.
To me, if a company as reputable as Sherman Associates is unable to make a project profitable without financial backing, I doubt there is another business/individual out there who can. It's time to move on.
This injunction is costing the taxpayers of Kasson. City attorney fees will add up and the city will be right back to where they were in 2007 when the first injunction was filed.
The old school controversy has been a an emotional roller coaster. I was at an all time high for reuse when Sherman Associates was involved. When they terminated the agreement my emotions went the opposite direction. It's becoming tiresome writing about the subject. Bite the bullet and let's move on.
Agreed Randy - I believe several years ago, the MAJORITY of the Kasson residents voted to remove the school... It is time that we are no longer held hostage by the minority. Before I voted, I visited the school and read the pros and cons and talked to people who had really looked into saving the building. After all of that I thought it was time to move on. Now after MANY years, I still believe it is time to move on! Don't get me wrong, I love old buildings that have a viable purpose, and can reasonable be repurposed. I think if KARE wanted to reuse this building - it was on the market, with a price...they could have purchased and done what the wanted to do - not force the Kasson residents to hold on to an empty building for 6 years because of injunctions, etc. Sherry Whalen
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