HomeMy WebLinkAboutIDFA MEMORANDUM
TO: INDUSTRIAL DEVELOPMENT FINANCING AUTHORITY
FROM: MELISSA POWERS, ADMINISTRATIVE SECRETARY
DATE: AUGUST 15, 1995
RE: EDGEWOOD RETIREMENT COMMUNITY, INC.
Enclosed please find a copy of the minutes from the July 12, 1995 Industrial Development
Financing Authority Meeting,regarding the Edgewood Retirement Community, Inc.
cc: Clifford Elias,Esquire
TOWN OF NORTH ANDOVER
INDUSTRIAL DEVELOPMENT FINANCING AUTHORITY
Meeting on July 12, 1995
There was a meeting of the Industrial Development Financing
Authority of the Town of North Andover ("Authority") held on July 12, 1995.
The meeting was called to order at 3:05 P.M. All members of the Authority
were present and voting throughout. The Chairman of the Authority, George
H. Schruender, Jr. , presided. Mr. Schruender noted that there was a notice
posted in the Town Hall and mailed to each member of the Authority and the
meeting was being conducted in accordance with law.
Mr. Schruender announced that the meeting was called to consider a
request that the Authority waive its role in a bond issue ("bonds") in
connection with the construction of a Continuing Care Retirement Community
by Edgewood Retirement Community, Inc. ("Edgewood") , in accordance with
Chapter 23A of the General Laws of the Commonwealth of Massachusetts.
Present by invitation were the following: Clifford E. Elias,
counsel to Edgewood; Roderic L. Rolett, Senior Vice President, Herbert J.
Sims & Co. , Inc. , the investment house which will arrange for the sale of
the bonds in the open market; Diane Benoit, Financial Project Manager for
Edgewood; Judith Sklare, Executive Director, Massachusetts Industrial
Finance Agency ("Agency") .
Mr. Schruender asked for presentations relating to the reasons to
justify the waiver of the Authority in this matter. Presentations were
made by Ms. Benoit, Mr. Rolett, Ms. Sklare and Mr. Elias. Questions were
asked by the members of the Authority and answers were given by the
invitees. After extensive discussion, and upon motion duly made and
seconded, a resolution was unanimously adopted, in the form of the document
attached hereto and made a part of these minutes. The document is dated
July 12, 1995, is signed by the Chairman, and is entitled as follows:
TOWN OF NORTH ANDOVER
INDUSTRIAL DEVELOPMENT FINANCING AUTHORITY
Resolution Requesting the Massachusetts Industrial
Finance Agency to Assume the Role of an Industrial
Development Financing Authority for a Financing
The members of the Authority wanted it known that no precedent was
being established by this action, but this would not become a part of the
resolution. There being no further business to come before the meeting,
upon motion duly made and seconded, the Authority voted unanimously to
adjourn.
George H. Schruender, Jr.
Chairman