RECEIVED NOVEMBER 28, 2008 @ 8:30 A.M.
Michele R. Grande, Redding Town Clerk
2 pages
REDDING BOARD OF SELECTMEN
MEETING
November 24, 2008
MINUTES
Filed subject to approval
This meeting was convened within the Board of Finance meeting.
Present: Ketcham, Miller, Takacs
The Board of Selectmen convened their meeting at 8:45 pm
EXECUTIVE SESSION
Motion: move that the Board of Selectmen recess to executive session for a discussion of commercial and financial data given in confidence by GLDC. Miller, Takacs. Approved. Unanimous.
Motion: move that the Board of Finance recess to executive session with the Board of Selectmen to discuss commercial and financial data given in confidence by GLDC. DeSalvo, Dolan. Approved. Unanimous.
The meeting recessed at 8:45 pm. Mr. Soler and Mr. Dean (for the Planning Commission) were invited to be present.
RECONVENE
Chairman Alvarez reconvened the Board of Finance meeting in public session at 11:05 pm.
First Selectman Ketcham reconvened the Board of Selectmen meeting in public session at 11:05 pm.
The Board of Selectmen addressed the issues of the proposed TIF financing. It was noted that the Board of Selectmen is the policy board that considers matters of this nature and then refers them to the Board of Finance for further review of the financial and economic aspects.
Mr. Takacs provided a list of provisions/requirements that need to be considered before action on the proposal is made. He noted that the Town’s loss of incremental tax revenue pursuant to the TIF is only on the commercial portion of the project. Mrs. Miller agreed with most of Mr. Takacs’ list and commented that the only certainty is that the future is unknown. She stressed the importance of balancing the benefits of the project with the costs, and that remediation of the road is necessary to the further development of the project as originally conceived by the Master Plan. Both Mr. Takacs and Mrs. Miller were in favor of recommending the proposal to the Board of Finance for further review. Mrs. Ketcham commented that it is in the Town’s best interest for the project to go forward.
Motion: move that the Redding Board of Selectmen recommends that the Town of Redding pursue the TIF financing proposal for remediation road work in the wire mill project and send the recommendation to the Board of Finance for it to do financial due diligence and to determine if it is financially viable and fiscally responsible for the Town. Miller, Takacs. Approved. Unanimous.
The members of the Board of Finance, having received the recommendation from the Board of Selectmen, addressed the proposal. Mr. Simeonidis commented that the project is at risk if the TIF financing does not proceed. The Planning Commission has advised that the approved Master Plan has locked in uses for the property going forward.
Mr. DeSalvo commented that even after the road work is complete the completion of the project is dependent upon economic conditions. A meeting with the Connecticut Development Authority, the Board of Finance and Mr. Soler is the next step, and it is in the best interest of the town to take that next step.
Mr. Viscio commented that there are no certainties, and there is more work to do to review the situation and proposal.
Mr. Guffey noted that the economic conditions are difficult, and that the legal positions and responsibilities of all parties need to be clarified.
Mr. Dolan added that the change in the financial climate has made it difficult for GLDC, the request is realistic, and now the Board of Finance must be diligent to protect the Town’s interests.
Mr. Alvarez added that the TIF financing is for the remediation work for the road, and there is a benefit to the Town of Redding for that work because it makes the property more valuable. The proposal keeps the Master Plan intact. There is more work to do in assessing the risks and negotiating the terms.
Motion: move that the Redding Board of Finance ask the Board of Selectmen to proceed with setting up a 3-party meeting (Town, CDA & Mr. Soler) and prepare the preliminary CDA application to move forward, to include Mr. Alvarez and Mr. Dolan as representatives of the Board of Finance in the meetings, and further authorize Mr. Alvarez to do additional due diligence deemed necessary, and to report back to the Board of Finance for further action. Dolan, DeSalvo. Approved. Unanimous.
The Board of Selectmen adjourned their meeting at 11:38 pm.
ADJOURNMENT
Motion: move to adjourn. DeSalvo, Dolan. Approved. Unanimous.
The meeting was adjourned at 11:40 pm.
Respectfully submitted,
Mary Maday, Recording Secretary
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