Federal Register #2026-17144

Exemption for Sale of Real Property by Mid-America Carpenters Regional Council Apprentice and Training Fund

This opportunity involves a Department of Labor exemption for a real estate transaction between the Mid-America Carpenters Regional Council Apprentice and Training Fund and the Mid-America Carpenters Regional Council. - Government Buyer: - Department of Labor, Employee Benefits Security Administration - Transaction Details: - Sale of 1.13 acres of improved real property (part of a 5.67-acre parcel) at 8955 E Terrace, Kansas City, Missouri - Buyer: Mid-America Carpenters Regional Council (MACRC) - Seller: Mid-America Carpenters Regional Council Apprentice and Training Fund - Financial Terms: - Estimated value of property and wellness center: $3.4 million - Credit for construction costs: $3.18 million - Net proceeds to Fund: approximately $220,000 at closing - Lease agreement includes: - One-time payment for past-due rent, interest, and penalties: $50,666 - Annual rent payments: $252,125, with 2% annual escalation - Unique Requirements: - Exemption required due to ERISA restrictions on property transactions between related parties - Sale must close within ninety days of exemption issuance - No OEMs or product vendors are involved, as this is a real estate transaction.

Description

This exemption permits the sale by the Fund of 1.13 acres of improved real property, a portion of a 5.67-acre parcel located at 8955 E Terrace, Kansas City, Missouri, to the Mid-America Carpenters Regional Council (MACRC). The MACRC will pay the estimated value of both the Parcel and the wellness center ($3.4 million) to the Fund, receiving a credit for approximately $3.18 million spent on construction costs, resulting in approximately $220,000 net proceeds to the Fund at closing. The Fund and MACRC have a lease agreement under which MACRC leases the Parcel and pays rent, including past-due rent plus interest and penalties and annual payments subject to escalation. The exemption is necessary because without it, the sale would be prohibited by the Employee Retirement Income Security Act of 1974 (ERISA).

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