HomeMy WebLinkAbout2000-01-10 Reading Housing Authority Minutes - Executive SessionREADING HOUSING AUTHORITY
MINUTES OF THE EXECUTIVE SESSION MEETING
OF JANUARY 10, 2000
An Executive Session meeting of the Reading Housing Authority was held on Monday,
January 10, 2000 at 8:45 P.M. at the office of the Authority, 22 Frank D. Tanner Drive
in the town of Reading, Massachusetts.
Upon a motion duly made by Mr. Allen and seconded by Ms. Galvin, it was
VOTED: To adjourn to Executive Session at 8:45 P.M. for the purpose of discussing
real estate and other pending legal issues and to reconvene in regular session before
adjourning, by the following roll call vote:
Mr. Kelley — aye
Mr. Allen — aye
Ms. Galvin — aye
Ms. Connors — aye
Mr. Sweet — aye
The Chairman then declared said motion carried and said vote in effect.
75 Pleasant Street
Our attorney, Mr. Greco, drafted a "Consent Agreement" between the Authority and
the Board of to have the Authority act as agent for the Town in purchasing the 2- family
house at 75 Pleasant Street.
Upon a motion duly made by Mr. Allen and seconded by Ms. Galvin, it was unanimously
VOTED: To authorize the Chairman or Executive Director to sign the Consent
Agreement between the Town of Reading and the Reading Housing Authority naming
the Reading Housing Authority as agents for the Town in the purchase of the 2- family
house at 75 Pleasant Street in the Town of Reading.
The Chairman then declared said motion carried and said vote in effect.
The Authority is in receipt of a commitment letter from MASSBANK for 75 Pleasant
Street. The, terms are $217,400.00 (includes closing costs) at a rate of 7.5% for 30 years
with no points. There is a prepayment penalty of the lesser of 3 months interest or the
balance of the first year's interest if prepaid in the first year; and an additional 3 months
interest if refinanced within the first 3 years if refinanced with another lender. Late
charges are 4% of the principal and interest on payments overdue 15 days.
82 Linden Street — Comprehensive Per
The Executive Director spoke with the Town Manager regarding the Comprehensive
Permit for the 6 family house at 82 Linden Street. The Board has been scheduled to
Minutes -Exec Session
1/10/2000
Page 2
meet with the Selectmen at 8 PM on Tuesday, January 18, 2000 regarding the
Comprehensive Permit and the Consent Agreement for 75 Pleasant Street.
Marriott Corporation
Mr. Greco prepared a draft agreement between the Reading Housing Authority and
Marriott Corp.
Upon a mfien duly made by Mr. Allen and seeonded by Ms. Comiors, it was
unanimously
VOTED: To approve and authorize the Executive Director and/or Chairman to sign the
Agreement between the Reading Housing Authority and Marriott Corporation for a
payment in lieu of units for the Assisted Living Facility to be built on West Street. The
total of the payments will be $1,100,000.00 paid in eleven equal installments of
$100,000.00 each per for the following schedule:
• The first payment will be due within 30 days of the issuance of the Building Permit;
• the second payment will be due on issuance of the Certificate of Occupancy, and
• the third through eleventh payments will be due annually on the anniversary date of
the issuance of the Certificate of Occupancy for the assisted living facility.
• Payment in full of all amounts due is required if the facility converts from an
assisted living facility to any other use.
The Chairman then declared said motion carried and said vote in effect.
There being no further business in Executive Session, at 9:15 P.M. upon a motion duly
made by Mr. Kelley and seconded by Mr. Allen, it was
VOTED: To return to Regular Session to continue discussion the listed agenda items
Upon a motion duly made by Mr. Allen and seconded by Ms. Galvin, it was
VOTED: To adjourn from Executive Session at 9:15 P.M. and return to regular session
for the purpose of discussing real estate and other pending legal issues and to reconvene
in regular session before adjourning, by the following roll call vote:
Mr. Kelley — aye
Mr. Allen — aye
Ms. Galvin — aye
Ms. Connors — aye
Mr. Sweet — aye
The Chairman then declared said motion carried and said vote in effect.
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1/10/2000
Page 3
Respectfully submitted,
Margar . Plansky, Secretary
And Executive Director