HomeMy WebLinkAbout1993-06-21 Reading Housing Authority Minutes - Executive SessionREADING HOUSING AUTHORITY
Minutes of Executive Session on June 21, 1993
The Board convened in Executive Session at 8:50 P.M. with the fo_
people present:
Mr. Mc, Isaac, Chairman, Reading Housing Authority
Mr. Sweet, Mr. Reynolds, Mr. Allen, Reading Housing Authority
Mr. Greco, attorney for Reading Housing Authority
Ms. Plansky, Executive Director, Reading Housing Authority
Mr. McNeil, President Locus Property Management
Mr. Kouchalakas, Locus Property Management
Mr. Harrington, attorney for Locus Property
Ms. Rausch, attorney for North Shore Holdings /Eastern Bank
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Mr. Harrington provided a brief background of his experience in dealing
with linkage proposals. Mr. McNeil offered the options as outlined
in his proposal:
1) - RHA owns property (two 3- family houses) subject to mortgage;
RHA assumes 700 of costs.
2) - Developer would use Local Initiatives Program (LIP) wher by
they would own and operate for a 15 year period.
The Board explored various options for linkage requirements with n
the confines of the Special Permit. Ms. "Rausch representing North
Shore Holdings stated that Eastern Bank had not made any provisions
for assisting in financing for this project.
At 10:55 P.M., the Board thanked Mr. McNeil, Mr. Kouchalakas, Mr
Harrington and Ms. Rausch for presenting their proposal. The Board
assured the group that they would be provided with a decision as
to what would be acceptable to the Board within the next day or two.
After discussions of the various options, and upon a motion duly
made by Mr. Allen and seconded by Mr. Reynolds, it was unanimously
VOTED: To accept a proposal for the two 3- family units at Summer
and Main Streets: one 3- family unit to be accepted as an outright
gift to the Reading Housing Authority, along with a payment of $ 20,000
in cash; the second 3- family house to be purchased by the Reading
Housing Authority at fair market value, which value is to be det rmined
by an agreed upon methodology, contingent upon no interest financing
for ten (10) years by the bank (or something comparable to maximize
CRA credits) with all transfer and legal costs assumed by the developer.
All units are to be certified deleaded, interior and exterior, arid
upgraded in quality to the satisfaction of the Authority before cceptance
by the Authority.
This proposal of acceptance will remain open for submission unti
the next Board meeting on Monday, July 12, 1993 at 8:00 P.M.
The Chairman then declared said motion carried and said vote in effect.
There being no further business in Executive Session, the Board unanimously
voted to return to regular session at 10:50 P.M.
Respectfully submitted,
Marga K. Plansky, Secr ary
and Executive Director