HomeMy WebLinkAbout1999-08-23 Reading Housing Authority Minutes - Executive SessionREADING HOUSING AUTHORITY
MINUTES OF THE EXECUTIVE SESSION
OF AUGUST 23, 1999
An Executive Session meeting of the Reading Housing Authority was held on Monday,
August 23, 1999 at 9:25 P.M. at the office of the Authority, 22 Frank D. Tanner Drive in the
town of Reading, Massachusetts. The meeting was called to order at 9:25 P.M. with the
Chairman, Mr. Sweet, presiding. Those members also present and forming a quorum were:
Ms. Connors and Ms. Galvin. Mr. Allen, Mr. Kelley and Ms. Flammia were not present. The
Executive Director, Ms. Plansky, was also in attendance.
Marriott Corporation
The Chairman reported that he received a letter from Mark Favaloro, attorney for Marriott
Corporation, regarding the conditions for the linkage requirements. There were several issues
that still needed to be resolved that were different than the final proposal the Board had given
to Marriott for the required linkage payments, namely: l
1. The Board would be willing to wait until the time of the second annual payment to
receive the additional payment in full for the 10% in excess of the $13,000,000
should the project exceed that amount. The Board was not willing to accept the
payment over ten years as proposed by Marriott.
2.
3
4.
The first payment would be due to the Authority within thirty (30) days of
of the building permit. The Board was not willing to wait until thirty (30) d
issuance of the first occupancy permit as Marriott requested.
The Board wants Marriott to clearly understand that total cost incluc
acquisition, excavation, landscaping, construction costs, etc.
If the appraised value is less than $10,000,000, the first $100,000 would
upon issuance of the building permit; the remainder would be due with the
of the first occupancy permit. The Board was not willing to accept paym
the ten year period as Marriott had requested.
5. Total appraised value of the property at final completion will be appraised by the
Reading Board of Assessors; if disputed, an agreed -upon licensed real estate
appraiser would arbitrate between the parties. This detail could be worked out
before finalizing the agreement.
The Board requested that the Chairman review this with Don Allen and that the Director send it
to our attorney for review. The Chair will forward a draft letter for review before sending to
Mark Favaloro.
Page 2
Executive Session Meeting
8/23/99
At 9:45 P.M., there being no further business before the Board in Executive Session, upon a
motion duly made by Ms. Galvin and seconded by Ms. Connors, and upon the following roll
call vote, it was
VOTED: To adjourn the Executive Session meeting relative to real estate negotiations and to
return to the regular business session of the Board meeting.
Ms. Connors — aye
Ms. Galvin — aye
Mr. Sweet — aye
The Chairman then declared said motion carried and said vote in effect.
Respectfully submitted,
Margar&rle Plansky, Secretary
and Executive Director