HomeMy WebLinkAbout1994-10-19 Reading Housing Authority Minutes - Executive SessionREADING HOUSING AUTHORITY
Minutes of the Executive Session of October 19. 1994
Upon the following roll call vote, it was unanimously voted to convene in Executive Se
the purpose of real estate negotiations and to return to regular session at the close of the
Executive Session:
Mr. Allen - aye
Mr. Reynolds - aye
Mr. McIsaac - aye
The Chairman then declared said motion carried and said vote in effect.
Ms. Plansky and Mr. Allen reported on the meeting held with Laurie Comeau, Director of
Stoneham Cooperative Bank along with Richard Coughlin, President and other members of
bank about the Federal Home Loan Bank award that the Authority has been given through tl
Masssachusetts. Community Building Program. The award is for $825,000 to purchase a 16
apartment building with no rehabilitation. Ms. Comeau discussed the options to attract qual
bidders with buildings that can meet the requirements.
Among the topics covered were: donation of land by subdividing lot;
net present value
like kind exchange
sale of partnership interests
installment payments
Upon a motion duly made by Mr. Reynolds and seconded by Mr. Allen, it was unanimously
for
VOTED: To appoint Mr. Allen and the Executive Director, Ms. Plansky, as the sub-committee
to formulate the proposal and perform all necessary work to acquire a multi - family building
under the Federal Home Loan Bank's Community Building Program, which has been awarded to
the Reading Housing Authority through the sponsorship of the Stoneham Cooperative Bank.
The Chairman then declared said motion carried and said vote in effect.
There being no further business in Executive Session, the Board reconvened in public sessio at
10:30 P.M.
Respectfully submitted,
Margaret .Plansky, Secretary
and Executive Director