1999-03-09 Board of Selectmen Executive Session Minutes

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- Board of Selectmen Meeting Executive Session March 9, 1999 The Executive Session convened at 7:05 p.m. in the Conference Room, 16 Lowell Street, Reading, Massachusetts. Present were Chairman Bruce MacDonald, Vice Chairman Sally Hoyt, Secretary Matthew Nestor, Selectmen Camille Anthony and George Hines, Town Manager Peter Hechenbleikner, Assistant Town Manager Russell Dean, Town Counsel H Theodore Cohen, Lisa Smith and Jack Kerrigan from Grubb and Elllis, Reading Business Park Advisory Committee Member Don Stroeble, CPDC Member Mike Flammia and Paula Schena. Discussion/Action Items Sale of Real Estate - The Town Manager noted that the Town has three priorities regarding the landfill: 1. Close the landfill at someone else's expense. 2. Have something built on it. 3. Get money upfront. Corporex is committed to close the landfill. The Town will receive up front payments of$1.5 million payable in amounts of $500,000 per building permits being issued. There will be a $50,000 penalty after 12 months until all the buildings are built. --- The Town will have approval of who the buildings are sold to. Corporex will have controlling interest in all three entities. The Town will agree to have an insurance policy for personal injury and property should something arise from the current condition of the property. Corporex will take out a $5 million environmental policy. Camille Anthony asked if the lease is sold, would the bond still be in place. Town Counsel noted that it is. The Town Manager noted that if there is no performance after 20 years or so, then the Town has recourse to take the property. Town Counsel noted that if the Town sells the property, then it could only go after unpaid taxes and the Town has no say as to what goes on the property. Town Counsel noted regarding indemnification that if the Town is negligent, then the Town is responsible. The Town Manager noted that once the Letter of Intent is signed, then Corporex will pay the Town$50,000. Once the lease is signed, that $50,000 is nonrefundable.