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SUBSEQUENT TOWN MEETING <br />Reading Memorial High School November 15, 2012 <br />The meeting was called to order by the Moderator, Alan E. Foulds, at 7:37 PM, there being a <br />quorum present. The meeting began with the Pledge of Alleglance to the Flag. <br />ARTICLE 6: John Arena, Board of Selectmen moved that the Town vote to transfer the <br />sum of three hundred and nine thousand dollars ($309,000) received from the <br />Commonwealth of Massachusetts in payment for development within the Town's 4011 Smart <br />Growth Zoning Districts into the Smart Growth Stabilization Fund. <br />or take any other action with respect thereto. <br />Backaround:The Town of Reading has received an additional $309,000 in payments from <br />the State for the 40R Smart Growth projects at 30 Haven Street and at Reading Woods. In a <br />program presented to Town Meeting in the fall of 2011, the Town Manager outlined a 3 to 4 <br />year program of dedicating those funds to one time expenditures - primarily by accelerating <br />the road and sidewalk improvement program. <br />This article will move that $309,000 to the stabilization fund. It is anticipated that at the <br />2013 Annual Town Meeting a request will be made to appropriate all or part of these funds <br />for road improvements consistent with the 3 to 4 year plan. <br />Finance Committee Report - given by David Greenfield: The Finance Committee <br />recommends the subject matter of this Article by a vote of 7 -0 -0 at their October 17, 2012 <br />meeting. The funds represent $3,000 per affordable housing unit within the two 40R Smart <br />Growth Districts. Passing this Article moves the funds from the general fund, where they <br />would ultimately flow to free cash, to the stabilization fund so that they may be used for <br />their intended purpose. <br />Bylaw Committee Report: No report <br />Presentation given by: <br />Bob LeLacheur - See Attached <br />2/3 Vote Required <br />Declared Unanimous by Moderator <br />141 Town Meeting Members In Attendance <br />ARTICLE 7: Stephen Goldy, Board of Selectmen moved that the Town vote to transfer <br />from Free Cash the sum of fifty thousand dollars ($50,000) into the Sick Leave Stabilization <br />Fund. <br />or take any other action with respect thereto. <br />