1999-11-08 Subsequent Town Meeting Minutes

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SUBSEQUENT TOWN MEETING Reading Memorial High School November 8, 1999 The meeting was called to order by the Moderator, Alan E. Foulds, at 7:44 p.m., there being a quorum present. The Invocation was given by The Reverend Kevin Vendt of the First Baptist Church followed by the Pledge of Allegiance to the Flag. The Warrant was partially read by the Town Clerk. Cheryl A. Johnson, when oil motion by Sally M. I loyt, Chairman of the Board of Selectmen, it was voted to dispense with further reading ol'the Warrant except for the Officer's Return, which was read by the 'town Clerk. A moment of silence was held in nlenlory of .lim Biller, Dick Smith and in honor of Veterans Day. Moderator announced the intent to start'fown Meeting of'November 15, 1999 with Article 14. ARTICLE i — George V. Hines. Precinct 7, presented the following Report on the Reading Business Park: Since our last report in April, the designated developer, Corporex, has been proceeding with the regulatory permit process. Per the requirements of the agreement with the IFown, they recently notified us of a concern relative to the financial feasibility of the proposed project. Specifically, the cost of foundation development required by building on a landfill is estimated to be significantly higher than originally thought especially in the high eastern portion of the site where they envisioned the sports country club. Corporex requested and was granted an extension oi�30 days, by the Board of Selectmen, to assess alternative development options which are consistent with their original proposal but which may make the project more financially feasible. The concepts discussed include, focussing the development on the site in such away as to make it more cost efficient, expanding the oflice component, and exploring alternative financial arrangements. During the extension period Corporex will be working with Reading staff to clarify the estimated costs, explore the inipac!. of alternative development concepts and examine alternative financing options. In granting the extension the Selectmen made it clear that discussions with the two other designated developers will be reopened. The ether developers have verbally expressed continued interest and discussions with them will commence shortly. Ilowever, Corporex has stated all interest in staying in the proiccC and identifying feasible options fiir proceeding with the developillent and it should be understood that any developer would be subject to the sanic kinds of' development cost impacts that Corporex has identified.