HomeMy WebLinkAbout1999-10-25 Reading Housing Authority Minutes - Executive SessionREADING HOUSING AUTHORITY
MINUTES OF THE EMEETING O OC OBOR 4999
CONTINUE)
HELD ON OCTOBER 25 1999
The Executive Session meeting of the Reading Housing Authority was convened D at
9:00 A.M. on Monday, October 25, 1999 at the office of the Authority, 22
Tanner Drive in the town of Reading, Massachusetts. The meeting was called to order.
with the Chairman, W. Sweet, presiding. Those members also present and forming a
quorum were: Ms. Connors, Ms. Galvin, Mr. Allen and Mr. Kelley. The Executive
Director, Ms. Plansky, was also in attendance.
Executive Session
Upon a motion duly made by W. Allen and seconded by Mr. Kelley, it was
VOTED: To adjourn to Executive Session for the purpose of discussing real estate
matters and to return to Regular session at the close of Executive Session by the
following roll call vote:
Mr. Allen — aye
Ms. Connors —aye
Ms. Galvin — aye
Mr. Kelley - aye
Mr. Sweet — aye
The Chairman then declared said motion carried and said vote in effect.
Marriott Co rporation — Ne otations f or Linka a Re uirernents
The Chairman reported that he had not been able
on g foin touch with Marriott
the'
attorney, Mr. Favaloro since Marriott asked th y
Board had discussed the offer in the October 6, de the following offers: was not
accepted. The Chair then polled the Board and ma
Option #1
Marriott would pay to the Reading Housing Authority Otha sum
pay0mentlof thy'
days of the issuance of the Building Permit and pay
$110,000 for 9 years thereafter.
Option #2
Marriott would pay to the Reading Housing Authority the
pay an10a0 000 Within n�trtO'�
days of the issuance of the Building Permit a
$100,000 for 10 years thereafter.
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10/15/99
Minutes
Mr. Allen reported on the net present value of the money of all 3 offers:
10/6/99 offer with total payments of $1.25 Million - $905,000.00
Option #I with total payments of $1.1 Million - $867,000.00
Option #2 with total payments of $1.1 Million - $850,000.00
The Chair received a call from Mr. Favaloro while the Board was in session. Upon
return, it was reported that Marriott was very close to coming to an agreement.
upon a motion
unanimously
was
VOTED: To authorize the Vice -Chair or Mr. Allen on behalf of the Authority to accept
any one of the 3 offers currently presented to Marriott as outlined above.
The Chairman then declared said motion carried and said vote in effect.
CPDC will be meeting with Marriott on this proposal. The Chair requested that the
Executive Director send a letter to CPDC respectfully requesting that they not issue
their approval until such time as Marriott had fulfilled their obligations under the zoning
by -law for their required linkage units or payment in lieu of units.
At 9:45 A.M., there being no further business before the Board, upon a motion duly
made by Mr. Allen and seconded by Mr. Kelley, it was
VOTED: To adjourn from Executive Session and to return to Regular session by the
following roll call vote:
Mr. Allen — aye
Ms. Connors —aye
Ms. Galvin — aye
Mr. Kelley - aye
Mr. Sweet —aye
The Chairman then declared said motion carried and said vote in effect.
Respectfully submitted,
_K� 11 61
Margare Plansky, Secretary
And Executive Director