Video index
1. Call Meeting to Order
7:05 pm
2. Roll Call
Roll call (10 Present, 0 Absent, 0 Excused) (Recorded at 00:13:11)
3. Public Participation [Per Town Council Rules, this segment of the meeting shall not exceed thirty (30) minutes unless extended by the Mayor, with the consent of the majority of the Town Council.]
MIke Sullivan, 24 Jared Court - Special Mtg. AGenda is unlike your normal meeting agenda and requested if Council would allow questions from the public.
4. Communications
5. Town Manager's Report [Per Town Council Rules, this segment of the meeting shall not exceed ten (10) minutes unless extended by the Mayor, with the consent of the majority of the Council.]
none
6. Items for Discussion
A. 63-20 Corporation (Town Attorney Dwight Johnson and Attorney David Panico to be present)
Attorney Dave Pancio presented a power point presentation to the Council.
McCann - great presentation - thorough - I understand that this came up with a specific project for a recreation center. Purpose of 63-20 Corporation in general. It is my understanding that 63-20 could beused for any purpose under municipality as long as it is a public use? Panico - yes - need to find use under statutes. McCann - firehouse or school we would not have members of the public being able to rent out the space. If we were to use 63-20 corporaiton for firehouse or schoo, or additional to police, would payment of bonds come solely from lease payments of the town for the building being created? Pancio -yes McCan - town would hav eto have right and authority to enter into leases ? Panico-yes McCan - do towns usually have that authority to enter into agreemkent for public purpose? Panico - yes McCann - so could be used for any public purpose. Panico - yes that is right
Anwar - who are the different consultants here? Galligan - David Panico - Bond Counsel, Dwight Johnson, TA; and Dan Marsh here Anwar - little insight how many dollars are being spent on these consultants? Galligan - Dave Panico is not charging us. Dan Marsh is being paid by the grant that we received from the State so if he is here for 1 - 30 hours doesn't matter. He has a retainer agreement with us. he gets paid whether he is here or not. Anwar - how did we come to the discussion of having this today? Galligna - it came from a council member. Reason we did not want to have in regular meeting is because then we do not get to our normal business. Anwar - is it fair to say even one member can call a meeting? Galligan - no 3 members. Anwar - you made statement that private parties will not be helped at all. Not to help private? Panico - not allowed to pay dividends to private parties. could hire people but the corporation is non projit. Anwar - the dev elopers do not get paid anything? Panico - the people who build the project yes they get paid. Anwar - they are paid and they do make profit. Panico - yes Anwar - private parties do benefit from it who build the project. Panico - yes and anyone who works for the corpoiaton gets paid. the manager of the facility gets paid. Anwar - Time Magazine has talked about non-profit. when the public hears non-profit they think they are not going to make any profit. It is an IRS term Panico -
Yagaloff - thanks for presentaion. you mentioned the good faith and credit of town, does town put good faitha nd credit behind? Panico - no Yagaloff - town would not be - Yagaloff - project that was solely for the town, it would seem like it would be lease from the town, - the funds would come in from the town. lease could be made source of appropriations? Panico - yes Yagaloff - what would corporation do if the town backs out? Panico - these are usually leased projects. it would not be a good idea to walk away from any kind of lease. it is payment obligation but to fail to appropriate it and walk away would be considered by a credit agency. Where lease payments are structures in lease payments, they would not hav etopay. Yagaloff - the town failur eto appropirate would be because of funds. they can't just do it because they do not like the lease, etc. there has to be a reason to break lease. If the town had ability to appropriate funds but decided to break lease. Johnson - i would image when putting togther with lease documents there would be agreement. General rule is todays council can not bind tomorrows council. Panico - depends on who or lessor is. some are strong. some say you don't appropriate we take property back. there are all kinds of provisions. Yagaloff - the firehouse is pretty clear. project we are talking about is hybrid where town would have recreation center, the private piece would be hockey rink dont by private developer. if the corpiration is establsihed and decides to change- the town can not director corpiration after it is established. after control of bonds does not have ability -----------------. the town picks members of the corporation. Panico - depends on the model that is used. If the corporationj is not satisfying the lease then ------------- Yagaloff = we would put specific language in lease. as to the othe rproject, we are not here to discuss certain project. There have been members o the pbulci who have come out and - need advocates on the council to see if we woudl like to go forward. no one has come out and said theyw ould like this and they are in favor of this. Council needs to take stand with projects in order for them to go forward.
Mayor - before we go further we need a resolution. we have spent a lot of money and no one has come out publicly in order to fo forward. Lease action - What was the likliehood of selling bonds if there was not long term contractual services of the town? It would be very unlikely without one or more contractual terms - should consult within underwriters. if town walked away would there be a penalty? Panico - although town usually - rating agencies would be affected. Depend on amount and other circumstances. Tom - in leases typcially ther eis penalty component if you walk away. would or could that be a requirement to ensure safety of th eperson buying the bonds? Panico - when we review the - if someone wanted to walk away- additional penalities are added in. Tom - Panio - lease for firehouse much better than
Bazzano - what is the cost per hour if you are tehre. will not be charging for tonight. Bazzano - there are costs associated with any project that the town does whether it is not for profit or for profit? 63-20 would probably be budgeted. There are two components, base rent whichi s sized to match debt service on the bonds and then ther eis additional ___________ which pays for insurance, penafitiss, etc. Bazzano - penalty for braking lease, the town could pay the project out at any time? Panico - under llease, the prepayment functin, would be used to pay the bonds. Bazzano - 63-20 corportation, could be used for anything, or is that 6320 specific to the project. Panico - usually specific to the project Bazzno - when forming corporiaton, woudl resolution be specifi to project? Panico - usually. Bazzano - important tonight to stay specific to the 63-20 corpoiration tonight. do we think good idea or not. Has this been used in CT if not why? Panico - statute has been used, not sure organization if 63-20 or ____________. Bazzano - one comment I hear is town is preventing referendum - Panico is siilar structure. Bazzano - did not go to referendum on Fire House. like 63029 becaue impact to the taxpayer very minimal. glad you are here tonight.
Cindy - I don't know how anyone can be in favor of project when there have been no numbers that are attached to any of the projects. need to pursue and get the numbers. Town of SW needs to get some things done. Presentation very helpful tonight. council formks 63-20 corporation, can town dissolve it? yes would the entire appropriate be dissolved? prevailing wage, (required) what is the basis - where are we geeting Johnson - that is based on our preliminary analysis. Cindy - to DAve have you worked on 64-20 corpoirations? Panico - not necessarily 63-20 they re called ___________________. we work out of New York.
Snyder - believe based on discussions that the 63-20 corp and previous projects have been divorced. we decided to take hocky rink off the table. this topic was something that the council needed to learn about. I think very clear that not being used for project, good tool for our - 632-0 - would still have, etc. - prevailing wage would be used. Panico - down side, interest rate higher thatn general obligation - Snyder - if we decide - Board of directors would be appointed by TC so we are actualy overseeing the 63-20 process as it moves forard. when goes tot develooper Galligan - need good reason to cancel lease or there would be problems with ratign agencies. Snyder - TC has more authority over 63-20 Dave - yes.
Mayor - having reviewed this have to see what we are doing with leases. Need policy decisions. Galligan - financed is we were offered pool of money. how many 3--30 years leases? Galligan - 30-50 year lease - depends on the lease at this point we have none - no policy and no 30 year leases. Mayor - 63-20 can be created by TC - bonds can be done by TC without referendum Panico - correct Mayor - taht could be for 5M project? yes Mayor - could safeguard put into - in order to bonding to go forward ther eneeds to be aforementioned referendm? Panico - yes - Mayor - if referendum failed could it then go to 63-20 corporation - Mayor - interest rates - with good solid lease, highter interest rates then when using bonidng? Panico - yes becasue not pledge of towns good faith and credit, the rating is usually one notice lower. Dlnick - what are we now? AA2 Delnicki - if had Panico - the weaker the lease easier to wlak away. Dwight - Dav eis much more knowledgeable then me ragrding htis.
Havens - 632- this time is terrible. - we shoudl not do anything unless the resident have approved the project. Can't support.
Anwar - would like to know pros and cons of using a 63-20 corporation. we Snyder - called for a point of order Anwar - there is only one thing that could go wrong? Panico - could go into range. Anwar - lease payment - where would the money come from? Panico - operation of the Town Anwar - so taxes will be a part of this equation. Gallignan - Atty. Panico came forward to give legal advise to the Town Council. not tl make any decisions for the Town Council. Anwar - Panico - could put in article of --- - Galligan - key - make sure what the Council wants to have done should be stated. Have things you have to do upfront before the bylawas woudl be created. AGree there are things - we have 4 professional here tonight. Anwar - Town Charter - Dwight - provisions 7-130T- Anwar - rferendum to bypass this charter.
Mayor - home rule versus state law? Johnson - there are no cases - we are trying to dig up legislation. State statutes trumps Town ordinances.
Yagaloff - this item was not put on the referendum because it failed and now we have not seem any thing since ___________. Some times residents have to generate their own data. controversy item I will be in favor of supporting. Wrong project for 6320 - do feel 63-20 corporations can be used for some projects.
McCann - good context - 63-20 is vital of support of this Council . need to determine project
Dan Marsh - we are a 5013C that is able to do development projects on behalf of municipalities. the reason use is more of a state law issue, 6320 Rating agencies look at 63-20 Corporations very seriously. Way to use mechanism where there is no private beneift. anyone proposing to do projecdt must do for reasonable fee. Any revenue generated would have to stay with development. supervised by completed on budget allows you to enter into gmax price guaranteed (saving factor) effective tool if used properly. is mechanism that is used throughout end of term lease expires and facility reverts back to the Town. McjCann - current budget McCann - do not have problem ending this discussion untl we have project. - discussion has been very education for us. faultof lease can affect vredit rating of town. Panico - I would say not - issuance alone would not affect the rating.
Beaulieu - huge hockey fan. this would cut the cost to the town - could get something done for town. numbers - how do you pay - could be viable option - way to circumvent - w were elected to oversee what is going on in town - we are doing a disservice if we go out to referendum on everything. dave - .
Galligan - Dan Marsh's group only represents municipalities. one key thing reason created 5013C during Regan - when they wen taway - so could service the municipalities - if there is project the council wants to do - should let me know because can go out with Dan. Mayor - really need a resolution going forward to direct the TM. Galligan -
Delnicki - believe in the referendum
Delnicki - bylaws
Linc Streeter - unfortunately the presentation was not available to the residents. Have learned something but should have received that presention Delnicki - presentaion and questions Mike Sullivan - 24 Jared Court - most of the presentation is available from the IRS - 63-20 and the bond issuance are not subject to referendum - what if town were going to use - would not that 95% of fair market value used by - (fair market value is taht brownfields or after it has been developed) very leary of 6320's - if we are supposed to trust council - taken referendum - would like to know what we are charging - Tom - can we have page on website that have questions and answers - 63-20 95% of project after
Craig Zimmerman - thanked the individuals who came here tonight to present. gets confusing because people keep going to project that is not happening. more pools and gyms are needed in this Town. surrounding towns have pools, etc.
John Gilson, 149 Kent Lane - lease arragement - if the town is not sole escort - the second question - lease obligations would be considered debt, quality of cash flow - debt impact - there ain't no free lunch.
Art Jennings - came here to learn more - concerned that spent 2 1/2 hours that is not being applied to anything. There is a difference between firehouse and ______________. we should not compare - things change and have to be realistic. most citizens are intersted in sports but there are pot holes in
Tom - questions will be on the website for everyone Al Larson, 46 Jacques Lane - back in 2000 - indoor pool - in the last three weeks, Newington is looking for land for a recreation center, 2/21 Canton looking for a study on whether to
Mark, I have learned a lot. as a business man concern is spending and the fact that seems to mewe are looking at how to spend money we do not have. other concerni s that the Town Council wants to go against what the voters decided upon.
David Panico - 63-20 corp reasches their obligations - they are usually major - one thing scould happen is they could be replaced - key thing in project - wil not have ability to replace the degreeof control that the town can and can not have beyond which the private sector (would town have majority ) (dynamic in that markett segment - town giving up control, trying to find out how much?) Panico - Town apponts the initial members - (would like Dan Marsh)
Gregorian - 369 Main Street - the failure rate of this 6320 corporation - Panico - no experience - believe extremely low Marsh - in order for the market place to survive - anything is sale ablt - if the lease that supports the sale of bonds has a base component and an opration component wich represents - as long as lease gets paid - before project completed Gregorian - really a management company Marsh - they are an owner who is going to hire someone gregorian - how do they compensated Marsh - they work for nothing Yagaloff - transfer of assets t o63-20 - if the town were to constirutet 6320 around either real property or personl property would the transfer of 6320 - or do we have to take another route in order to transfer the transfer? Johnson - state statetue says no effort necessary Yagalof - primarily discusin tonight Yagaloff - would the town be able to lease land to the 6320 or is that all by agreement - we do not have to transfe rto we can lease.
7. Executive Session
A. Discussion regarding potential claims and litigation
Deputy Mayor Bazzano, discussion, , McCann, unanimous, 10:05 p.m.
8. Adjournment
Feb 25, 2013 Town Council Special Work Session
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1. Call Meeting to Order
7:05 pm
2. Roll Call
Roll call (10 Present, 0 Absent, 0 Excused) (Recorded at 00:13:11)
3. Public Participation [Per Town Council Rules, this segment of the meeting shall not exceed thirty (30) minutes unless extended by the Mayor, with the consent of the majority of the Town Council.]
MIke Sullivan, 24 Jared Court - Special Mtg. AGenda is unlike your normal meeting agenda and requested if Council would allow questions from the public.
4. Communications
5. Town Manager's Report [Per Town Council Rules, this segment of the meeting shall not exceed ten (10) minutes unless extended by the Mayor, with the consent of the majority of the Council.]
none
6. Items for Discussion
A. 63-20 Corporation (Town Attorney Dwight Johnson and Attorney David Panico to be present)
Attorney Dave Pancio presented a power point presentation to the Council.
McCann - great presentation - thorough - I understand that this came up with a specific project for a recreation center. Purpose of 63-20 Corporation in general. It is my understanding that 63-20 could beused for any purpose under municipality as long as it is a public use? Panico - yes - need to find use under statutes. McCann - firehouse or school we would not have members of the public being able to rent out the space. If we were to use 63-20 corporaiton for firehouse or schoo, or additional to police, would payment of bonds come solely from lease payments of the town for the building being created? Pancio -yes McCan - town would hav eto have right and authority to enter into leases ? Panico-yes McCan - do towns usually have that authority to enter into agreemkent for public purpose? Panico - yes McCann - so could be used for any public purpose. Panico - yes that is right
Anwar - who are the different consultants here? Galligan - David Panico - Bond Counsel, Dwight Johnson, TA; and Dan Marsh here Anwar - little insight how many dollars are being spent on these consultants? Galligan - Dave Panico is not charging us. Dan Marsh is being paid by the grant that we received from the State so if he is here for 1 - 30 hours doesn't matter. He has a retainer agreement with us. he gets paid whether he is here or not. Anwar - how did we come to the discussion of having this today? Galligna - it came from a council member. Reason we did not want to have in regular meeting is because then we do not get to our normal business. Anwar - is it fair to say even one member can call a meeting? Galligan - no 3 members. Anwar - you made statement that private parties will not be helped at all. Not to help private? Panico - not allowed to pay dividends to private parties. could hire people but the corporation is non projit. Anwar - the dev elopers do not get paid anything? Panico - the people who build the project yes they get paid. Anwar - they are paid and they do make profit. Panico - yes Anwar - private parties do benefit from it who build the project. Panico - yes and anyone who works for the corpoiaton gets paid. the manager of the facility gets paid. Anwar - Time Magazine has talked about non-profit. when the public hears non-profit they think they are not going to make any profit. It is an IRS term Panico -
Yagaloff - thanks for presentaion. you mentioned the good faith and credit of town, does town put good faitha nd credit behind? Panico - no Yagaloff - town would not be - Yagaloff - project that was solely for the town, it would seem like it would be lease from the town, - the funds would come in from the town. lease could be made source of appropriations? Panico - yes Yagaloff - what would corporation do if the town backs out? Panico - these are usually leased projects. it would not be a good idea to walk away from any kind of lease. it is payment obligation but to fail to appropriate it and walk away would be considered by a credit agency. Where lease payments are structures in lease payments, they would not hav etopay. Yagaloff - the town failur eto appropirate would be because of funds. they can't just do it because they do not like the lease, etc. there has to be a reason to break lease. If the town had ability to appropriate funds but decided to break lease. Johnson - i would image when putting togther with lease documents there would be agreement. General rule is todays council can not bind tomorrows council. Panico - depends on who or lessor is. some are strong. some say you don't appropriate we take property back. there are all kinds of provisions. Yagaloff - the firehouse is pretty clear. project we are talking about is hybrid where town would have recreation center, the private piece would be hockey rink dont by private developer. if the corpiration is establsihed and decides to change- the town can not director corpiration after it is established. after control of bonds does not have ability -----------------. the town picks members of the corporation. Panico - depends on the model that is used. If the corporationj is not satisfying the lease then ------------- Yagaloff = we would put specific language in lease. as to the othe rproject, we are not here to discuss certain project. There have been members o the pbulci who have come out and - need advocates on the council to see if we woudl like to go forward. no one has come out and said theyw ould like this and they are in favor of this. Council needs to take stand with projects in order for them to go forward.
Mayor - before we go further we need a resolution. we have spent a lot of money and no one has come out publicly in order to fo forward. Lease action - What was the likliehood of selling bonds if there was not long term contractual services of the town? It would be very unlikely without one or more contractual terms - should consult within underwriters. if town walked away would there be a penalty? Panico - although town usually - rating agencies would be affected. Depend on amount and other circumstances. Tom - in leases typcially ther eis penalty component if you walk away. would or could that be a requirement to ensure safety of th eperson buying the bonds? Panico - when we review the - if someone wanted to walk away- additional penalities are added in. Tom - Panio - lease for firehouse much better than
Bazzano - what is the cost per hour if you are tehre. will not be charging for tonight. Bazzano - there are costs associated with any project that the town does whether it is not for profit or for profit? 63-20 would probably be budgeted. There are two components, base rent whichi s sized to match debt service on the bonds and then ther eis additional ___________ which pays for insurance, penafitiss, etc. Bazzano - penalty for braking lease, the town could pay the project out at any time? Panico - under llease, the prepayment functin, would be used to pay the bonds. Bazzano - 63-20 corportation, could be used for anything, or is that 6320 specific to the project. Panico - usually specific to the project Bazzno - when forming corporiaton, woudl resolution be specifi to project? Panico - usually. Bazzano - important tonight to stay specific to the 63-20 corpoiration tonight. do we think good idea or not. Has this been used in CT if not why? Panico - statute has been used, not sure organization if 63-20 or ____________. Bazzano - one comment I hear is town is preventing referendum - Panico is siilar structure. Bazzano - did not go to referendum on Fire House. like 63029 becaue impact to the taxpayer very minimal. glad you are here tonight.
Cindy - I don't know how anyone can be in favor of project when there have been no numbers that are attached to any of the projects. need to pursue and get the numbers. Town of SW needs to get some things done. Presentation very helpful tonight. council formks 63-20 corporation, can town dissolve it? yes would the entire appropriate be dissolved? prevailing wage, (required) what is the basis - where are we geeting Johnson - that is based on our preliminary analysis. Cindy - to DAve have you worked on 64-20 corpoirations? Panico - not necessarily 63-20 they re called ___________________. we work out of New York.
Snyder - believe based on discussions that the 63-20 corp and previous projects have been divorced. we decided to take hocky rink off the table. this topic was something that the council needed to learn about. I think very clear that not being used for project, good tool for our - 632-0 - would still have, etc. - prevailing wage would be used. Panico - down side, interest rate higher thatn general obligation - Snyder - if we decide - Board of directors would be appointed by TC so we are actualy overseeing the 63-20 process as it moves forard. when goes tot develooper Galligan - need good reason to cancel lease or there would be problems with ratign agencies. Snyder - TC has more authority over 63-20 Dave - yes.
Mayor - having reviewed this have to see what we are doing with leases. Need policy decisions. Galligan - financed is we were offered pool of money. how many 3--30 years leases? Galligan - 30-50 year lease - depends on the lease at this point we have none - no policy and no 30 year leases. Mayor - 63-20 can be created by TC - bonds can be done by TC without referendum Panico - correct Mayor - taht could be for 5M project? yes Mayor - could safeguard put into - in order to bonding to go forward ther eneeds to be aforementioned referendm? Panico - yes - Mayor - if referendum failed could it then go to 63-20 corporation - Mayor - interest rates - with good solid lease, highter interest rates then when using bonidng? Panico - yes becasue not pledge of towns good faith and credit, the rating is usually one notice lower. Dlnick - what are we now? AA2 Delnicki - if had Panico - the weaker the lease easier to wlak away. Dwight - Dav eis much more knowledgeable then me ragrding htis.
Havens - 632- this time is terrible. - we shoudl not do anything unless the resident have approved the project. Can't support.
Anwar - would like to know pros and cons of using a 63-20 corporation. we Snyder - called for a point of order Anwar - there is only one thing that could go wrong? Panico - could go into range. Anwar - lease payment - where would the money come from? Panico - operation of the Town Anwar - so taxes will be a part of this equation. Gallignan - Atty. Panico came forward to give legal advise to the Town Council. not tl make any decisions for the Town Council. Anwar - Panico - could put in article of --- - Galligan - key - make sure what the Council wants to have done should be stated. Have things you have to do upfront before the bylawas woudl be created. AGree there are things - we have 4 professional here tonight. Anwar - Town Charter - Dwight - provisions 7-130T- Anwar - rferendum to bypass this charter.
Mayor - home rule versus state law? Johnson - there are no cases - we are trying to dig up legislation. State statutes trumps Town ordinances.
Yagaloff - this item was not put on the referendum because it failed and now we have not seem any thing since ___________. Some times residents have to generate their own data. controversy item I will be in favor of supporting. Wrong project for 6320 - do feel 63-20 corporations can be used for some projects.
McCann - good context - 63-20 is vital of support of this Council . need to determine project
Dan Marsh - we are a 5013C that is able to do development projects on behalf of municipalities. the reason use is more of a state law issue, 6320 Rating agencies look at 63-20 Corporations very seriously. Way to use mechanism where there is no private beneift. anyone proposing to do projecdt must do for reasonable fee. Any revenue generated would have to stay with development. supervised by completed on budget allows you to enter into gmax price guaranteed (saving factor) effective tool if used properly. is mechanism that is used throughout end of term lease expires and facility reverts back to the Town. McjCann - current budget McCann - do not have problem ending this discussion untl we have project. - discussion has been very education for us. faultof lease can affect vredit rating of town. Panico - I would say not - issuance alone would not affect the rating.
Beaulieu - huge hockey fan. this would cut the cost to the town - could get something done for town. numbers - how do you pay - could be viable option - way to circumvent - w were elected to oversee what is going on in town - we are doing a disservice if we go out to referendum on everything. dave - .
Galligan - Dan Marsh's group only represents municipalities. one key thing reason created 5013C during Regan - when they wen taway - so could service the municipalities - if there is project the council wants to do - should let me know because can go out with Dan. Mayor - really need a resolution going forward to direct the TM. Galligan -
Delnicki - believe in the referendum
Delnicki - bylaws
Linc Streeter - unfortunately the presentation was not available to the residents. Have learned something but should have received that presention Delnicki - presentaion and questions Mike Sullivan - 24 Jared Court - most of the presentation is available from the IRS - 63-20 and the bond issuance are not subject to referendum - what if town were going to use - would not that 95% of fair market value used by - (fair market value is taht brownfields or after it has been developed) very leary of 6320's - if we are supposed to trust council - taken referendum - would like to know what we are charging - Tom - can we have page on website that have questions and answers - 63-20 95% of project after
Craig Zimmerman - thanked the individuals who came here tonight to present. gets confusing because people keep going to project that is not happening. more pools and gyms are needed in this Town. surrounding towns have pools, etc.
John Gilson, 149 Kent Lane - lease arragement - if the town is not sole escort - the second question - lease obligations would be considered debt, quality of cash flow - debt impact - there ain't no free lunch.
Art Jennings - came here to learn more - concerned that spent 2 1/2 hours that is not being applied to anything. There is a difference between firehouse and ______________. we should not compare - things change and have to be realistic. most citizens are intersted in sports but there are pot holes in
Tom - questions will be on the website for everyone Al Larson, 46 Jacques Lane - back in 2000 - indoor pool - in the last three weeks, Newington is looking for land for a recreation center, 2/21 Canton looking for a study on whether to
Mark, I have learned a lot. as a business man concern is spending and the fact that seems to mewe are looking at how to spend money we do not have. other concerni s that the Town Council wants to go against what the voters decided upon.
David Panico - 63-20 corp reasches their obligations - they are usually major - one thing scould happen is they could be replaced - key thing in project - wil not have ability to replace the degreeof control that the town can and can not have beyond which the private sector (would town have majority ) (dynamic in that markett segment - town giving up control, trying to find out how much?) Panico - Town apponts the initial members - (would like Dan Marsh)
Gregorian - 369 Main Street - the failure rate of this 6320 corporation - Panico - no experience - believe extremely low Marsh - in order for the market place to survive - anything is sale ablt - if the lease that supports the sale of bonds has a base component and an opration component wich represents - as long as lease gets paid - before project completed Gregorian - really a management company Marsh - they are an owner who is going to hire someone gregorian - how do they compensated Marsh - they work for nothing Yagaloff - transfer of assets t o63-20 - if the town were to constirutet 6320 around either real property or personl property would the transfer of 6320 - or do we have to take another route in order to transfer the transfer? Johnson - state statetue says no effort necessary Yagalof - primarily discusin tonight Yagaloff - would the town be able to lease land to the 6320 or is that all by agreement - we do not have to transfe rto we can lease.
7. Executive Session
A. Discussion regarding potential claims and litigation
Deputy Mayor Bazzano, discussion, , McCann, unanimous, 10:05 p.m.
8. Adjournment
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