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Board of Selectmen Meeting <br /> Executive Session <br /> March 2, 1999 <br /> The Executive Session convened at 7:10 p.m. in the Conference Room, 16 Lowell Street, <br /> Reading, Massachusetts. Present were Vice Chairman Sally Hoyt, Secretary Matthew Nestor <br /> (arrived late), Selectmen Camille Anthony and George Hines, Assistant Town Manager Russell <br /> Dean, Town Counsel H Theodore Cohen and Paula Schena. <br /> Sale of Real Estate <br /> Assistant Town Manager Russell Dean brought the Board up to date on the Letter of Intent <br /> between Corporex and the Town of Reading. <br /> Camille Anthony asked about linking the sewers with the lease, and George Hines noted that <br /> would be part of the review by CPDC. <br /> George Hines noted that in Paragraph 1 on Page 2 the words "to you" should be Corporex for <br /> clarification purposes. <br /> Russell Dean noted that 600,000 square feet would be the maximum use. The term would be for <br /> 99 years with the option of two 50 year extensions. <br /> Town Counsel noted that there would be three lump sum payments equaling $1.5 million which <br /> will be broken down and payable when the building permits are issued. <br /> Sally Hoyt asked if it was legal to tax the leasee. Town Counsel indicated that he has checked <br /> with the Department of Revenue and yes, it is legal. Corporex will be responsible for taxes and <br /> all operating expenses. <br /> Corporex will have the right of first refusal on an option to purchase. <br /> Russell Dean noted that Corporex will close and monitor. They will pay $4 million to close and <br /> $40,000/year to monitor. They will provide a$5 million environmental liability insurance policy <br /> which includes puncturing of the cap. <br /> The Town will cooperate with Corporex in applying for grants related to the project at the site. <br /> Off-site improvements are still being worked out at this point. The Town can temporarily use the <br /> site for storage. <br /> Town Counsel noted that regarding insurance and indemnification, Corporex must indemnify the <br /> Town but Corporex wants us to indemnify them. This issue is being worked on. <br /> Russell Dean noted that regarding subleasing, Corporex will be allowed to sublease but if the <br /> sublease is financially viable, then Corporex wants to be released from the lease. <br />