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Revised Agenda
South Windsor Town Hall Wednesday, September 4, 2013
Sprenkel Room 4:30 pm – 6:00 pm
Call Meeting to order
Roll Call
Approval of Minutes of Previous Meeting – December 5, 2012, March 13, 2013, May 1, 2013, May 14, 2013, and July 1, 2013
Bills and Communications
Petitions to the Agency
Report of Executive Director
Report of Committees
Old Business
New Business
- Resolution Concerning Reverter Provision in Deed to Connecticut Studios, LLC
WHEREAS, Connecticut Studios, LLC (“Connecticut Studios”) has in recent months made significant progress in the development of the Connecticut Studios project (the “Project”); and
WHEREAS, Connecticut Studios expects to close in early September 2013, on bridge financing for the Project in the amount of approximately $7 million (the “Bridge Closing”); and
WHEREAS, at the Bridge Closing, Connecticut Studios will purchase from Andre Charbonneau approximately 17 acres of property located at Chapel Road and Route 5 in South Windsor (the “Charbonneau Property”); and
WHEREAS, promptly following the Bridge Closing, Connecticut Studios intends to take out structural building permits for the first two studios that are part of the Project; and
WHEREAS, at or prior to the Bridge Closing, Connecticut Studios will enter into a Revised Agreement Concerning Sparrow Habitat with the Town providing for, among other things, a payment to the Town at the Bridge Closing of at least $150,000, which the Town will hold in escrow and disperse to Jay’s Landscaping, LLC or alternate contractor as it performs the Landscaping Proposal for Grassland Habitat, dated September 24, 2012; and
WHEREAS, at the Bridge Closing, dck North America, LLC (“dck”) will cause to be removed the mortgage (the “dck Mortgage”) that it placed on the real property deeded by the Town to Connecticut Studios by a certain Statutory Form Quit Claim Deed, dated October 26, 2009, and recorded on the land records of the Town at Book 2077, Page 183-187, as subsequently amended (the “Quit Claim Deed”); and
WHEREAS, a condition of the bridge financing is the removal of the automatic reverter provision (the “Reverter Provision”) set forth in the fourth paragraph of the Quit Claim Deed
NOW, THEREFORE, BE IT RESOLVED: That the Redevelopment Agency has determined that:
(1) the completion of the Bridge Closing, (2) the purchase of the Charbonneau Property, (3) the termination and removal from the land records of the dck Mortgage, (4) the execution of the Revised Agreement concerning Sparrow Habitat, (5) the receipt by the Town of an escrow payment as required under that Agreement, and (6) the payment to the Town by Connecticut Studios of the estimated cost of the structural building permits for the first two studios of the Project
shall be sufficient grounds for the Town to waive or otherwise terminate the Reverter Provision contained in the Quit Claim Deed, and that the Town Manager be, and he hereby is, authorized to amend the Quit Claim Deed and/or execute any and all other documents necessary to waive or otherwise render null and void said Reverter Provision, provided that he has determined that the six conditions set forth in this resolution have been met to his satisfaction after consultation with the Town Attorney.
Adjournment
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