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HomeMy WebLinkAboutBOS EXEC. MINUTES 9-10-1997Board of Selectmen Executive Session Minutes September 10, 1997 CON.Fl-DENTIAL 7:30 PM ©`' !„ -r . Present: Acting Chairman Royle, Acting Clerk Colella, Selectmen Mahana and Robinson b' Acting Town Manager Boucher; Robert Morrison, Assistant DPW Director; Lee Azinheira, Town Engineer; Town Counsel Robert Mangiaratti; Special Counsel Joseph Dalton Special Counsel Dalton gave an update on the Ash Property. While in court this date, a settlement of $1.2 million was suggested by the Judge. This amount would be over and above the amount already paid the Ashes. Selectmen reviewed a chart of four scenarios as follows: Original Offer Original Offer $1,700,000.00 Payment 1,060,000.00 Balance $640,000.00 Interest at 10% (set by 544,000.00 State Law) at 8.5 Years: Total $1,184,000.00 Town's Best Case Our Assessed Value $1,400,000.00 Payment 1,060,000.00 Balance $340,000.00 Interest at 10% (set by 289 000.00 Slate Law) at 8.5 Years. Total $629,000.00 't'own's Worst Case Their Assessed Value $2,800,000.00 Payment 1,060,000.00 Balance $1,740,000.00 Interest at 10% (set by 1,479,000.00 State Law) at 8.5 Years. Total $3,219,000.00 Average of Vahies If Jury Averages Values $2,100,000.00 Payment 1,060,000 Balance $1,040,000.00 Interest at 10% (set by 884.000.00 State Lau) at 8.5 Years. Total $1,924,000.00 *!filling to settle for $1.211jilion no additional interest allolving its 90 days to make payment. This would allow its to go to T o)vn Meeting for authorization to borroiv. Selectmen questioned the original offer amount, available funds for the settlement, and requested additional time to think about what action should be taken. Attorney Dalton informed the Selectmen that lie must tell the Judge whether or not the Town is willing to settle on $1.2 million tomorrow. Attorney Dalton recommended the Board settle for the $1.2 million. Motion: Not to go ahead with the settlement of $1.2 million and go forward with the trial. (Colella- Robinson for discussion) WITHDRAWN by Selectman Colella. Members of the Board expressed concern of the amount the Town would have to pay should the case go to a jury. The worst case scenario could occur. Selectmen also expressed concern of additional interest to be paid as well as additional legal fees if the case is prolonged, which could be for another three to four years. Acting Manager Boucher also recommended the Board of Selectmen settle for $1.2 million suggesting the Town may end up paying more if a settlement is not reached. Motion: To go ahead with the project $1.2 million settlement. (Colella- Robinson) All in favor. PASSES. Attorney Dalton stated that he would be willing to attend and explain the funding request to Town Meeting. 8:35 PM Motion: To adjourn to open session (Mahana - Robinson) Selectman Robinson Aye. Selectman Mahana Aye. Acting Clerk Colella Aye. Acting Chairman Rbyle Aye. Clerk's Signature Clerk's Signature f Date of Approval f -+ Date of Release