HomeMy WebLinkAbout2011-05-10 Housing Authority MinutesREADING HOUSING AUTHORITY
' MINUTES OF THE SPECIAL BOARD MEETING, May 10, 2011
A special business meeting of the Reading Housing Authority was held on Tuesday, May 10, 2011 at
7:30 P.M at the Selectmen's Meeting Room 16 Lowell Street, the town of Reading, Mass. The meeting
was called to order at 7:35 P.M. with the Chair, Diane Cohen, presiding. Those members present and
forming a quorum were Karen L. Flammia, Kevin Mulvey and Mary Connors well as the
Secretary/Executive Director, Lyn Whyte. Timothy Kelley excused himself from this meeting. Also
present, Board of Selectmen members; James Bonazoli, Camille Anthony, Richard Schubert, Stephen
Goldy and Ben Tafoya, Town Manager Peter Hechenbleikner, as well as members of the Oaktree
Development LLC management team. Consultant Charles Eisenberg was also present.
New Business:
- The purpose of this special meeting was to meet in joint session with the Board of Selectmen and
continue with previous discussions regarding the proposed request for disbursement of monies from the
Affordable Housing Trust Fund (AHTF) to support the Oaktree development project on Haven Street.
These notes may not reflect the details of this special meeting since exact minutes will be reflected by
Town record, however, are meant to confirm RHA Board joint participation in these proceedings.
Once RHA Chair, Diane Cohen called meeting to order for RHA Board, Selectman Chair James
Bonazoli, informed all present that the meeting was a continuation of last weeks meeting to discuss the
request by the Oaktree Development LLC to utilize $400,000 of the AHTF monies as a grant toward
the project on Haven Street. He made mention that Town Meeting had approved the allocation plan for
the fund as presented on 5/5/11. As a result, the joint boards for this trust could now move forward and
formally address the use of these affordable funds.
Members of the Oaktree management team were given the opportunity to respond to the questions and
concems that had been raised at the May 3rd meeting by preparing an additional power point
presentation addressing those concerns. They reviewed the overall cost of the project, projected income
to be derived from both the affordable portion, as well as the retail portion upon completion and
subsequent leasing of the available units, as well as expected debt ratios and profit margins. Arguments
were presented by Oaktme to support their need for the $400,000 grant. They allege that the entire
project hinges on these funds and that no other means of raising the additional monies for this project
are available to them.
Both Boards continued to voice concerns that the entire amount of $400,000 needs to be gifted in its
entity and suggested that the developer look at either additional leveraging on his end or other means of
paying back the fund, at some time in the future, the bulk of funds. Town meeting members present at
this meeting were afforded an opportunity to speak and most supported the project but felt that all the
funds from this trust should not be utilized on one particular project but distributed in such a way that
other applicants would have a continuing opportunity to request assistance.
' As a result of this meeting, Selectmen Tafoya dialled a motion to support the joint boards allocating up
to $400,000 from the Trust, however, also had six additional conditions that must be addressed before
any transfer of monies took place. Select person, Camille Anthony did suggest that a joint
subcommittee be appointed with two members from each board to review the conditions and set
parameters. All members were in agreement. With some changes to language, the motion was presented
to joint boards and unanimously voted in favor.
Diane Cohen, Kevin Mulvey, Ben Tafoya and Steven Goldy agreed to sit on a subcommittee and meet
to establish the required criteria for possible disbursement of funds. If the developer can meet those
parameters, then the process will continue.
Additional joint meeting will be required in near future in this regard.
Before adjourning, Chair James Bonazoli made mention that he would like to present a motion to
transfer available 4011 funds back into the AHTF and present that vote to Fall Town Meeting for their
approval. This action would also ensure that additional funds would be available to potential applicants
requesting future use of the AHTF monies. The Boards now have knowledge of another local project,
namely, construction to expand Peter Sanborn Place that have notified the Town of their interest in use
of these same monies to support their project. Members of the Selectman Board supported that move,
however, felt it necessary to put off an official vote until such time that there is confirmation that indeed
the funds will remain with the Town and not be returned to the Commonwealth if for some reason that
projects in planning stage do not move on.
RHA Board voted to adjourn from the special meeting at 9:58pm.
Board Schedule
June, 2011 BOARD MEETING: 06/06/2011 @ 5:30 PM
11-070 TO ADJOURN: 9:58 PM. Move Kevin Mulvey Second Mary Connors Vote 4 -0
' Respy submitted,
n eal
Lyn E. Whyte, Secretary k Exe
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