7 Lee Shore Proceeds Distribution

In its January meeting, the PDPOA Board voted to allocate the net proceeds from the sale of 6 and 7 Lee Shore (formerly 7 Lee Shore) in accordance with the advice of counsel and the recommendation of the Finance Committee (shown below).

As previously communicated, the properties sold for a combined $4 million. The PDPOA reviewed closing documents, committee records, Board motions, electronic files of former staff, and accounting records to identify 7 Lee Shore-related expenses. Please note that these expenses were not specifically coded or tracked as “7 Lee Shore” expenses, nor were they required to be by our policies or accounting standards. Therefore, we do not consider this a complete list of expenses but the most complete that we could identify. We also estimated volunteer hours spent on the planning efforts. Finally, we calculated how much the original purchase amount might currently be worth had the funds remained in our investment account. Click here to review the details.