2011-05-09 Housing Authority Minutes

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READING HOUSING AUTHORITY MINUTES OF THE SPECIAL BOARD MEETING, May 9, 2011 A special business meeting of the Reading Housing Authority was held on Monday, May 9, 2011 at 5:00 P.M at the office of the Reading Housing Authority the town of Reading, Mass. The meeting was called to order at 5:10 P.M. with the Chair, Diane Cohen, presiding. Those members present and forming a quorum were Karen L. Flammia, Kevin Mulvey and Mary Connors well as the Secretary/Executive Director, Lyn Whyte. New Business: The purpose of this special meeting was to continue the discussion on the proposed allocation of funds from the Affordable Housing Trust Fund to support the Oaktree Development project on Haven Street. Board Member Timothy Kelley, although present, excused himself from any discussion in regard to this matter and requested that such be reflected in the minutes of this special meeting. The Executive Director provided all members with email comspondence from Mr. Charles Adams regarding his thoughts on the Oaktree project for review. In addition, for purposes of reference and future guidance, a copy of correspondence for Cambridge Affordable Housing Trust was given to the Board. This example may be helpful in determining guidelines for use of the AHTF monies in the future. Discussion continued on the proposal from the Oaktree Development group to request the distribution of a $400K grant to them to support this project. RHA board revisited all documentation previously provided to members from the developer. Kevin Mulvey voiced his concerns about the fund being "wiped out" by one ' distribution with no guarantees. He acknowledged some of the benefits that would be returned to the Town as a result of this project moving forward was good and indeed supported the overall project. He would support a gift of $100,000 to support the affordable part of this project and would entertain a loan type agreement for the remaining $300,000. Other members of the RHA Board concurred with his thoughts. In addition, the RHA member's felt that 2 -3 years of audited financials should be provided to support a loan to this development group if the developer hoped to utilize these funds. All members supported the overall project but preferred a more structured method of investing in this project that would result in some of the requested funds being put back into the fund at a later date by the developers. Some of these concerns and thoughts would be addressed at the next joint meeting. No action items were presented this evening. RHA Board members were reminded that a joint meeting of the AHTF joint boards was scheduled on May 10, 2011 at 7:30pm at Town Hall. Board Schedule May, 2011 SPECIAL BOARD MEETING: 05/09/2011 @ 5:00 PM June, 2011 BOARD MEETING: 06/06/2011 @ 5:30 PM 11-069 TO ADJOURN: 10:16 PM. Move Mary Second Kevin Vote 4-0 IRespectfullypybmitted� Lyn E. 7,J'cretary & Ezecu[ive Director