ECONOMIC DEVELOPMENT COMMISSON
TOWN OF SOUTH WINDSOR
MINUTES July 28, 2010
MADDEN TOWN HALL
Present: Chairperson Louise Neary, Susan Burnham, Mark Lillis, Linda Jeski, William Jodice
Absent: Joseph Carino, Edwina Futtner, Dwight Johnson, Marilyn Morrison, Joseph Kennedy, John Mitchell, Roseann Williams
Also Present: EDC Consultant Craig Stevenson
1. Call Meeting to Order: Chairperson Neary called the meeting to order at 7:30 pm.
2. Roll Call: The above-mentioned members were introduced.
3. Public Participation: none
4. Approval of Minutes: The minutes of May 24, 2010 approval of minutes was made by Commissioner Burnham seconded by Commissioner Lillis and was unanimously approved. Motion passed. The minutes of June 23, 2010 approval of minutes was made by Commissioner Burnham and seconded by Commissioner Jeski with the addition of Windsor added on page 2 under New Business. Minutes was unanimously approved. Motion passed.
5. Old Business: CT Studios update EDC Consultant Stevenson explained changes needed to the buildings due to the results of the test borings indicating that the ground was made up of clay and soil. Mr. Stevenson explained that there will need to be two methods to resolve the issue. Studio 1 and 2 will need to be excavated. Studio 3 and 4 will be compacted.
CT studios developers are finalizing new financing plans with a local bank. Tax Incremental Financing is being reviewed as an option for funding again. The developer was trying to obtain the New Marketing Tax Credit Tax at the federal level to create jobs. This project does not make the income level for the credit. Therefore, the developers are readjusting the finance plan a local bank will provide the 1st loan and TIF is back for review with the Town Council. Mr. Stevenson stated that the easement has been obtained by the State Traffic Commission. Groundbreaking is still scheduled for August.
Commissioner Burnham asked about the financial problems with Pacifica.
Mr. Stevenson stated that the Chapter 11 was issued to Pacifica Masa. Chapter 11 is a reorganization of debt the senior leaders are working with the lender to resolve debt. Pacifica Adventure is an operating partner. They will only provide their expertise to the film industry. When CT studios open they will only participate as an expertise not an owner. There will be no impact on the CT studios project.
Commissioner Lillis asked what exposure a TIF would be to the town. Mr. Stevenson explained that a TIF will not cost more to the town where a 14 year tax abatement would.
6. Committee Report: none
Discover South Windsor meeting was rescheduled.
Joseph Carino was absent no Water Pollution Control report.
7. Communications and Remarks: Chairperson Neary received a letter of resignation from Commissioner Murtha on July 8, 2010.
8. New Business: Evergreen Medical Associates has applied for a Tax abatement Incentive. Evergreen Medical Associates LLC has already developed 2 medical office buildings within Evergreen Walk over the past few years. The EDC commission voted to support the Tax Abatement.
9. General Discussion: none
10. Adjournment: A motion was made by Commission Lillis and seconded by Commissioner Jodice to adjourn at 8:50 pm
Approved: 9/22/2010, with correction to sentence partly on page 1 and partly on page 2: “…they will only provide their expertise…”.
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