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READING HOUSING AUTHORITY <br />Minutes of the Executive Session of October 19. 1994 <br />Upon the following roll call vote, it was unanimously voted to convene in Executive Se <br />the purpose of real estate negotiations and to return to regular session at the close of the <br />Executive Session: <br />Mr. Allen - aye <br />Mr. Reynolds - aye <br />Mr. McIsaac - aye <br />The Chairman then declared said motion carried and said vote in effect. <br />Ms. Plansky and Mr. Allen reported on the meeting held with Laurie Comeau, Director of <br />Stoneham Cooperative Bank along with Richard Coughlin, President and other members of <br />bank about the Federal Home Loan Bank award that the Authority has been given through tl <br />Masssachusetts. Community Building Program. The award is for $825,000 to purchase a 16 <br />apartment building with no rehabilitation. Ms. Comeau discussed the options to attract qual <br />bidders with buildings that can meet the requirements. <br />Among the topics covered were: donation of land by subdividing lot; <br />net present value <br />like kind exchange <br />sale of partnership interests <br />installment payments <br />Upon a motion duly made by Mr. Reynolds and seconded by Mr. Allen, it was unanimously <br />for <br />VOTED: To appoint Mr. Allen and the Executive Director, Ms. Plansky, as the sub-committee <br />to formulate the proposal and perform all necessary work to acquire a multi - family building <br />under the Federal Home Loan Bank's Community Building Program, which has been awarded to <br />the Reading Housing Authority through the sponsorship of the Stoneham Cooperative Bank. <br />The Chairman then declared said motion carried and said vote in effect. <br />There being no further business in Executive Session, the Board reconvened in public sessio at <br />10:30 P.M. <br />Respectfully submitted, <br />Margaret .Plansky, Secretary <br />and Executive Director <br />