1993-07-12 Reading Housing Authority Minutes - Executive Session

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READING HOUSING AUTHORITY Minutes of Executive Session on Julv 12, 1993 The Board convened in Executive Session at 8:00 P.M. with the following people present: Mr. Mc, Isaac, Chairman, Reading Housing Authority Ms. Galvin, Mr. Reynolds, Mr. Allen, Reading Housing Author ty Mr. Greco, attorney for Reading Housing Authority Ms. Plansky, Executive Director, Reading Housing Authority The Board discussed the proposals presented by Locus Propertie and their strategy and parameters for negotiations in this session At 8:15 P.M., the Board asked the interested parties to join them in the Executive Session. Those joining the Board at this time were: Mr. McNeil, President Locus Property Management Mr. Kouchalakas, Locus Property Management Mr. Harrington, attorney for Locus Property Mr. Ted Regnante, attorney for North Shore Holdings /Eastern Bank Mr. Harrington recapped the options presented in the letter from Mr. McNeil regarding the ownership of the linkage units. Mr. McIsaac restated the Board's position as per the last proposal with the exception of rescinding the requirement that Locus acquire an interest free mortgage for the Authority using bank CRA cre its. The Board explored various other options for the.linkage requirements within the confines of the Special Permit. Mr. Regnante, representing North Shore Holdings and Mr. Ferrara from Eastern Bank stated that Eastern Bank has no plans for financing of this project. At 10:55 P.M., the Board thanked Mr. McNeil, Mr. Kouchalakas, Mr. Harrington and Mr. Regnante and Mr. Ferrara for presenting their input. The Board assured the group that a decision as to what would be acceptable to the Board would be forwarded within the next day or two. After discussions of the various options, and upon a motion duly made by Mr. Allen and seconded by Mr. Reynolds, it was unanimously VOTED: To revise the proposal for the linkage by: 1) Removing the contingency in their June 23, 1993 transmittal letter requiring that Locus obtain "no interest financing for ten ears by the bank (or something comparable to maximize CRA credit ); 2) The developer will not be required to take a mortgage for the linkage. However, if the developer feels that he would likE to negotiate terms and conditions that were favorable for the Authority, the Authority would allow the developer to retain this option.