MINUTES

 DEVELOPMENT AUTHORITY                              LOWER ALLEN TOWNSHIP

REGULAR MEETING                                              AUGUST 20, 2018

The following were in ATTENDANCE: 

AUTHORITY MEMBERS                                        TOWNSHIP PERSONNEL

Max Stoner, Chairman                                                 Erin Trone, Township Assistant Manager

Peddrick Young, Vice Chairman                                   Mary Ellen Banks, Recording Secretary

John Eby, Secretary                                                      Steven Miner, Solicitor

Salvatore F. Marone, Treasurer                                   

Edward Black

 

PUBLIC IN ATTENDANCE

Art Campbell of Campbell Commercial Real Estate, Inc.

Tom Ritchey, Third Mountain Partners, LLC

 

Max Stoner, Chairman called the meeting of the Lower Allen Township Development Authority to order at 6:03pm and announced Proof of Publication was available for review.

APPROVAL OF MINUTES OF JULY 16, 2018

Mr. EBY made a motion to approve the minutes of the July 16, 2018 meeting. Mr. BLACK seconded the motion. Motion carried, 4-0. Mr. Stoner abstained from voting since he was not present.

APPROVAL OF MINUTES OF JULY 26, 2018

Mr. EBY made a motion to approve the minutes of the July 26, 2018 meeting. Mr. YOUNG seconded the motion. Motion carried, 5-0.

PUBLIC COMMENT: There was none.

RECESS TO EXECUTIVE SESSION

The Regular Meeting of the Development Authority recessed into Executive Session to discuss sales agreement @ 6:05pm.

RECONVENE REGULAR MEETING

The Regular Meeting of the Development Authority reconvened @ 6:49pm.

DISCUSSION: FINANCIAL ADVISORS AND BOND COUNSEL SELECTION

Mrs. Trone explained she has the proposals for the financial advisors and bond counsel companies which Mr. Vernau, Mr. Grove and she have reviewed. They plan on making a decision tomorrow afternoon. Discussion ensued. The Board gave staff permission to select both of these and let them know at the next meeting of their decision.

DISCUSSION: BUSINESS IN OUR SITES APPLICATION

Mrs. Trone explained this is a grant available from State and will only be open for a very short period of time; it will be closing mid-September. She explained to the board she thinks this would be very helpful for this project. Discussion ensued. There is a $350.00 non-refundable fee. Mr. EBY made a motion to authorize staff to spend $350.00 for the application fee for this “Business in our Sites” grant. Mr. MARONE seconded the motion. Motion carried, 5-0.

DISCUSSION: DUE DILIGENCE ITEMS AND COST

Mrs. Trone explained she has also begun the environmental due-diligence. They came back and wanted to do a whole Phase I on the site which was more than she was authorized to spend on the total of all of the due-diligence items. Therefore, we requested they cut it back and asked them to go thru the Phase I documents that A&G had provided to us and flag the ones that are going to be really problematic and give us an associated costs for each of these. Discussion ensued.

Erin is not going to be executing the title search and survey until there is an actual contract. Discussion ensued.

• BLACK made a motion to expand the original authorization for Mrs. Trone to go to $30,000 for the due-diligence items. Mr. EBY seconded the motion. Motion carried, 5-0.

• EBY made a motion to authorize the solicitor upon assimilations of comments by close of business Wednesday, September 22, 2018 from the Authority and our advisors, to send a letter by close of business Friday, September 24, 2018 to the liquidator’s counsel based on our concerns on the sales agreement. Mr. YOUNG seconded the motion. Motion carried, 5-0.

• Trone stated she has developed a brief press release stating why the Board has submitted a letter of intent and notes why we are getting involved in the project.

Mr. Eby requests that the agenda on the next meeting include the sale price for Yetter Court.

NEXT MEETING OF THE DEVELOPMENT AUTHORITY

The next meeting of the Development Authority is scheduled for Monday, September 17, 2018 at 6:00pm. In addition, there may be a special meeting called prior to the scheduled meeting.

ADJOURNMENT

Mr. MARONE made a motion to adjourn the meeting. Mr. EBY seconded the motion. Motion carried, 5-0. Meeting adjourned at 7:14pm.