HomeMy WebLinkAbout1998-04-13 Finance Committee MinutesLEffl-'k
READf C, MASS. Finance Committee Meeting
April 13, 1998
IM NAR 30 A 9: L
The meeting convened at- :45 p.m. in the Auditorium at the Reading Memorial High School, 62
Oakland Road, Reading, Massachusetts. Present were Chairman James Keigley, Vice Chairman
Carol Grimm, FinCom Members Gerry MacDonald, Richard McDonald, Catherine Martin (Nate
White arrived late). Present from the Board of Selectmen were Chairman Camille Anthony,
Vice Chairman Bruce MacDonald, Secretary Sally Hoyt, Selectmen George Hines and Matt
Nestor. Also present were Finance Director Beth Klepeis, Town Counsel H Theodore Cohen,
Recreation Administrator Joe Connelly, Attorney Brad Latham, Town Manager Peter
Hechenbleikner.
Discussion/Action Items
Annual Town Meeting Votes - The Town Manager presented a package which would amend the
Capital Improvements Program (Article 8), Amend Articles 13, 15 and 18. Under this scenario,
the Town would designate the funding from the Ice Arena Authority to go directly to payoff the
pool. Carol Grimm noted that it would save the Town some money.
George Hines asked if the YMCA had objection to an ownership interest. Brad Latham noted
that they couldn't give a mortgage. Catherine Martin noted that people in Reading may object to
fimding going to the Young Men's Christian Association. Ted Cohen noted that we had talked
about an easement for the parking areas or some other area. This would be acceptable from a
bond funding point of view. Bruce MacDonald asked if it was the same deal previously
proposed, and it was noted that it was.
Gerry MacDonald and Jim Keigley noted that they would abstain from voting at this time
because guarantees were not known. Ted Cohen reminded them that it has to go out in a bid
situation because of the Uniform Procurement Act. Gerry MacDonald noted that he needs
fiurther information.
On motion by Bruce MacDonald seconded by Matt Nestor, the Board of Selectmen voted to
support the funding mechanism for the Town of Reading cost of the YMCA pool by providing
that $500,000 plus interest from the Burbank Ice Arena revenues be used for that purpose and
that it be secured by a mortgage or other security approved by the Board of Selectmen. The
motion was approved by a vote of 5-0-0.
The Town Manager was directed to post a FinCom meeting for Thursday night at 6:30 p.m. and
the FinCom this evening will get the additional questions together to be responded to by that
date.
On motion by Bruce MacDonald seconded by George Hines, the Board of Selectmen voted to
adjourn at 7:20 p.m. by a vote of 5-0-0.
On motion by Grimm seconded by Martin, the Finance Committee voted to adjourn at 7:21 p.m.
by a vote of 6-0-0.
Respectfully submitted,
S c a