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BOARD OF FINANCE -SPECIAL MEETING
MINUTES
MARCH 11, 2003
I. CALL TO ORDER - The Special Meeting of the Board of Finance was called to order at 8:05 a.m. Present were Messrs. Harrison, Gugliotti, Monts, Hooper and Zacchio.
II. PLEDGE OF ALLEGIANCE
III. COMMUNICATION FROM AUDIENCE – None.
IV. OLD BUSINESS
02/03-16 -M. H. Rhodes Property Acquisition
The Town Manager reported we have received an update on figures from Dennis Dix, our
making the total cost of the property $2,050,361. This represents a net interest charge (NIC) of 5.01 %. The first and second years will be "interest only" payments; the third year the balance will be bonded, or included with other projects that may be ready for bonding.
On a motion made by Mr. Gugliotti, seconded by Mr. Monts, it was voted:
RESOLVED: That the Board of Finance recommends that the Town of Avon Appropriate $1,500,000 for the acquisition for municipal purposes of an approximately 15.25 acre of parcel of land and the buildings and improvements thereon located at 99 Thompson Road in Avon, now or formerly owned by the M. H. Rhodes Inc. and located generally to the east of the Thompson property (Sunrise) and to the west of Avon Old Farms School property, the demolition of the approximately 87,000 square foot manufacturing building located on the property, environmental testing and remediation of the property, landscaping, and other improvements and costs related to the project, the scope and particulars of the project to be determined by the Town Council; and that the Town of Avon issue bonds
or notes and temporary notes in an amount not to exceed $1,500,000 to finance the appropriation. A portion of the appropriation not to exceed $6,000 will be applied to reimburse the Open Space Fund for preliminary expenditures therefrom for the project as approved by the Town Council at a meeting held January 2, 2003.
Messrs. Harrison, Gugliotti, Hooper, Monts and Zacchio voted in favor.
V. OTHER BUSINESS -None.
VI. ADJOURNMENT
On a motion made by Mr. Zacchio, seconded by Mr. Monts, it was voted:
RESOLVED: That the Board of Finance adjourn at 8: 15 a.m. Messrs. Harrison, Gugliotti, Hooper, Monts and Zacchio voted in favor.
Respectfully submitted,
Thomas A. Gugliotti, Secretary
Attest:
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