From New England Real Estate Journal: Advancing the abatement of blighted mill buildings through court-supervised mastership

In Rhode Island, there is a well-established precedent of Court-supervised proceedings to liquidate insolvent real estate projects, including projects that have a historical mill building component, through what is known as a Receivership. The primary goal in this type of proceeding is through a liquidation process, to preserve and ultimately maximize the value of the mill building for the benefit of its creditors. Frequently, this type of liquidation process involves re-development contingencies such as specified development approvals, seeking tax credits, tax increment financing, re-development grants and other similar incentives.