MINUTES

 DEVELOPMENT AUTHORITY                              LOWER ALLEN TOWNSHIP

 REGULAR MEETING                                              DECEMBER 19, 2022

The following were in ATTENDANCE:

AUTHORITY MEMBERS	TOWNSHIP PERSONNEL
H. Edward Black, Vice Chairman	Erin Trone, Township Assistant Manager
John Eby, Secretary	Steven Miner, Solicitor
Salvatore Marone, Treasurer	Mary Ellen Banks, Recording Secretary
Mark O’Shea

H. Edward Black, Vice Chairman called the meeting of the Lower Allen Township Development Authority to order at 6:00pm and announced Proof of Publication was available for review.

Max Stoner, Chairman, was absent with excuse.

APPROVAL OF MINUTES OF NOVEMBER 21, 2022
Mr. EBY made a motion to approve the minutes of the November 21, 2022 meeting. Mr. O’SHEA seconded the motion. Motion carried, 4-0.

PUBLIC COMMENT – THERE WAS NONE.

ACTION: APPROVE PAYMENTS FROM NOVEMBER 21, 2022 TO DECEMBER 19, 2022 IN THE AMOUNT OF $1,005,195.27
Mrs. Trone explained to the Board the Fed Ex check listed does not have a check number because it was issued through the Township account rather than thru the account at F&M. She also stated the large payment to Lower Allen Township was the Authority’s initial loan and all of the interest for the Lower Allen Commons project. Mr. MARONE made a motion to approve payments from November 21, 2022 to December 19, 2022 in the amount of $1,005,195.27. Mr. EBY seconded the motion. Motion carried, 4-0.

DISCUSSION & ACTION: APPROVE QUOTE FROM PHILADELPHIA INSURANCE COMPANIES FOR $1,150.00 FOR DIRECTORS AND OFFICERS LIABILITY INSURANCE.
Mr. EBY made a motion to approve quote from Philadelphia Insurance Companies for $1,150.00 for Directors and Officers liability insurance. Mr. MARONE seconded the motion. Motion carried, 4-0.
Mr. Eby asked the Solicitor to clarity the part of this insurance that discusses terrorism. Solicitor Miner explained it is asking if you want to opt out of the terrorism coverage; the terrorism coverage gives you a layer of protection and allows you to turn into the insurance company any act of terrorism. The Federal Government covers the first $100 Billion. Solicitor Miner sees no reason to opt out of this coverage. Mrs. Trone stated they did opt out once; she stated you took this one year and one year you didn’t. She also explained we did have another quote of $4,000 with Selective; however, they wanted us to also carry general liability insurance which wouldn’t be necessary since the Board no longer owns any property. Mrs. Trone explained the broker then went out and found this quote that will not require you to carry general liability insurance.

DISCUSSION: BON-TON PROJECT FINANCIALS
Mrs. Trone explained there are a few final payments that have not yet been paid, such as York Excavation whose final bill is going to come in, Eastern PCM will probably have another bill and we will still probably have another legal bill; however, we are getting much closer to being complete. It looks like it will come in to around $1.55 million.
Mrs. Trone informed the Board they have around $150,000 on the obligation to F & M. Last month the Board discussed paying it down to a significant amount. This included paying the December interest payment, so this is paid until June; there is still the line of credit with them for 3% which expires in February, 2024. There is some potential if the Board wants to reinvest it in a money market; the way it works is you were eligible for up to $14.2 million, but you used over $8 million of it and then you paid some of it back. Basically, your total amount of withdrawals can’t be more than $14.2 million, so what you have left is just shy of $5 million. Discussion ensued.
Mr. MARONE made a motion for Mrs. Trone to do due diligence over the Board’s financial/investment choices. Mr. O’SHEA seconded the motion. Motion carried, 4-0.

RECESS TO EXECUTIVE SESSION
The Regular Meeting of the Development Authority recessed into Executive Session to discuss real estate matters; proposal from Crossroads @ 6:17pm.

RECONVENE REGULAR MEETING
The Regular Meeting of the Development Authority reconvened @ 7:08pm.

The Board took no action on the real estate matter.

NEXT MEETING OF THE DEVELOPMENT AUTHORITY
The next meeting of the Development Authority is scheduled for Monday, January 16, 2023 for Reorganization Meeting at 6:00pm.

ADJOURNMENT
Mr. EBY made a motion to adjourn. Mr. MARONE seconded the motion. Motion carried, 5-0. Meeting adjourned at 7:09pm.