TSNE Transfers Valuable Community Asset to Dorchester-Based Nonprofit
Following a five-year partnership, TSNE officially transfers newly renovated building at 260 Washington Street to The Urban Guild
[BOSTON, January 30, 2020] — TSNE is formally announcing the transfer of the property located at 260 Washington Street to the Urban Guild (The Guild). This transfer, effective on January 29, 2020, follows a five-year agreement between the two nonprofits to create a community asset that will serve the ongoing needs of the residents in the Bowdoin-Geneva and Four Corners neighborhoods of Boston.
The 260 Washington Street property was purchased by TSNE in 2014 with the intention of creating a long-term community asset operated by a locally-grounded organization or group that provides robust, vibrant services and programming to the neighborhood. The Guild was selected by TSNE to co-develop the property to respond to the needs and desires of members of the community.
“TSNE has been a proud partner in providing more than $3.4 million in investments in the 260 Washington Street property and The Guild,” says TSNE Board Chair Tammy Dowley-Blackman. “We wish them the best as they continue to build on the strong foundation that has been made possible by our capital investments.”
The property transfer includes a note and mortgage held by TSNE to ensure that The Guild meets specific conditions for five years, with use restrictions that extend an additional five years. The stipulations state that the building may not be sold for the next five years without the permission of TSNE; the building must be used for charitable, community purposes for the next 10 years; and if the Guild becomes insolvent, fails to maintain the building in accordance with legal standards, doesn’t maintain its public charity status or fails to use the building for charitable purposes, during the five year period of the mortgage, TSNE, as the mortgagee, could reacquire ownership of the building. These protections were added to ensure that the property at 260 Washington Street remains a community asset, used to support the residents of the surrounding neighborhoods.
“The ultimate intention of TSNE’s work is create a more just and democratic society,” says TSNE CEO, Elaine Ng. “By ensuring that 260 Washington Street remains a community asset to the folks living in and around Dorchester, we in some small way hope we have delivered on that intent. It is our hope that The Guild will continue to support the community well past the ten-year clause in the deed.”
As the founding capital partner in the property, TSNE invested more than $3.4 million in 260 Washington Street. $2.2 million was invested in the physical space for renovations and maintenance of the property, including a new roof in 2017. An additional $1.2 million was invested directly into capacity building support of The Guild that covered the costs of salaries, benefits, equipment, programming, and financial sustainability planning.
TSNE wishes The Guild success in meeting the needs of the community as they take on the sole proprietorship of the 260 Washington Street property.
TSNE is a nonprofit organization that provides support to other nonprofits through an effective mix of financial management, consulting services, training programs, and community-building investments. TSNE is the owner and operator of the NonProfit Center in downtown Boston, a 110,000 square foot facility with rentable office and meeting spaces for nonprofits. Over the past 15 years, the building has become a hub of nonprofit activity in the city and welcomes hundreds of guests to its conference center and meeting rooms each year. (www.tsne.org)