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Board of Selectmen <br /> Minutes <br /> June M, 2014 <br /> OLD BUSINESS: <br /> The Com muni Builders—New 2014 Affordable Housing Restriction: <br /> (continued) <br /> At their last meeting, the Board of Selectmen met with Janes Perrine of The <br /> Community Builders to review the final-phase of renovation.planned for the <br /> Mashpee village Apartments. The Selectmen were requested to exercise the roll- <br /> over of the $500,000 Promissory Note issued by the Town of Mashpee for the <br /> initial construction of the Mashpee Village project in 1994. <br /> After review, it was agreed that representing counsels would confer with respect <br /> to the final disposition of this loan. Correspondence was received from Town <br /> Counsel dated June 16, 2014 with respect to this regard. <br /> Since the Board has ixdtiated the concept of the Town's forgiveness and release of <br /> the 1994 loan Town Counsel prepared a recommended motion for the <br /> Selectmen's consideration. It was noted the subject property is heavily subsidized <br /> by other grants and government loans and secured by enforceable restrictions. As <br /> a result,the affordability of the Mashpee village units is essentially guaranteed. <br /> Mr, perrine was attendance to review this matter with the Beard of Selectmen. <br /> Mr, perrine indicated that he is comfortable with the proposed action. In addition <br /> to TCB's attorney reviewing this issue,the counsel for MassHousing has been <br /> briefed on this matter. <br /> Mein made h 'Selectman Gottlieb to.move that the Board vote to authorize <br /> the release and forgiveness of any further performance by TCB Mashpee <br /> Village Limited Partnership,its successors and assigns, under the Doan <br /> Agreement,gated October 21, 1994,in consideration of the execution and <br /> recording of a long term Affordable Housing Restriction by the New <br /> Mashpee village Limited Partnership,the current owner,in substantially the <br /> foam presented to the Board tonight; subject to Town Counsel's review and <br /> approval of the legality of this transaction. Further,/ move that the Board <br /> authorize the Town Manager to execrate on its behalf any documents <br /> necessary to affect the release or forgiveness of the subject Loan and/or the <br /> Affordable Housing Restriction. <br /> Motion seconded by Selectman Cahalane, <br /> VOTE: Unanimous. -o. <br /> Roll Call vote: <br /> Selectman Richardson,yes Selectman Sherman,yes <br /> Selectman Cahalane,yes Selectman Gottlieb,yes <br />