HomeMy WebLinkAbout2002-07-23 Board of Selectmen Executive Session Minutes Board of Selectmen Meeting
Executive Session
y July 23, 2002
The Executive Session convened at 7:30 p.m. in the Conference Room, 16 Lowell Street,
Reading, Massachusetts. Present were Chairman Camille Anthony, Vice Chairman Matthew
Cummings, Secretary Richard Schubert, Selectmen George Hines and Gail Wood, Town
Manager Peter Hechenbleikner and Paula Schena.
Litigation
Fraen - The Town Manager noted that the offer was to pay Fraen $25,000 in cash and $25,000
in paving one year later. They want the $25,000 in cash 30 days after settling. The Town
Manager noted that we can't do that because it needs to go to Town Meeting in November.
Fraen now wants $60,000 in cash and a third party unlimited indemnification.
Worker's Comp — Taitz - The Town Manager noted that we have a proposed settlement in the
Sharyn Taitz case. The settlement would settle the indemnification, and the Town would still be
responsible for medical expenses. We will get 100% reimbursement from the insurance company
for the settlement and all future medical expenses. Taitz has been approved for disability
retirement. A motion by Schubert seconded by Wood to settle the Worker's Comp case
with Sharyn Taitz not to exceed $40,000 was approved on a roll call vote with all five
members voting in the affirmative.
Sale of Real Estate
Landfill — With regard to the Financial Assurance Mechanism (FAM) required by DEP, the
Town Manager noted that Home Depot has agreed to come up with a$3 million letter of credit to
the Town. The Town will put $3 million from the purchase price into escrow as the FAM to
DEP. This money will be released as the project progresses. Home Depot's letter of credit to the
Town will guarantee to the Town the performance of the closure of the landfill. If there is any
default, the Town will have recourse to the Home Depot's letter of credit. Home Depot's letter
of credit will be reduced in the same manner as the Town's $3 million escrow is reduced by DEP
as progress on the closure is made. Vice Chairman Matthew Cummings suggested having our
Bond Counsel involved in reviewing the documentation on the letter of credit.
Approval of Minutes
A motion by Cummings seconded by Wood to approve the Executive Session Minutes of
July 9, 2002 was approved on a roll call vote with all five members voting in the
affirmative.
A motion by Cummings seconded by Wood to adjourn the Executive Session Meeting_of
July 23, 2002 at 7:52 p.m. was approved on a roll call vote with all five members voting in
the affirmative.
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Secretary