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16,41r. Butler would like to sub--n:i t a copy to Joe Reardon. <br />1•1r . Butler' stated that they will have a s � e L i f i 1pr o:-s%_0 A- for <br />Dhasing schedule. <br />'?'hey : i31 i e -urn before the Boar- d on 1-)e eya}b:z�r 1; th at 5 : �.5 . <br />�����IT3 ATTORNEY �CNAL �eaDiSCJSSION REGARDING WILLCwBEND +1:D <br />MR. WELCH :"F SENTRY BANK. <br />Sentry Bank/Resolution Trust canceled thhis m.eetiwig. They �:�ave been <br />rescheduled for December 5th at 7:00. <br />Is . Ji.li an +�?ewton andr . Brett Dean were t�3 es e�� t r epr esez+t:l�1t ?xr . <br />J on Baker . <br />Judy explained that Town Counsel has advised the Board to hold <br />J..11owbend discussions in executive session from this paint :ln . <br />The Board received a letter from Attorney Kirrane ash i�ig that i-his <br />discussion be postponed. <br />DISCUSSIO WITH ATTORNEY MICIHAEL DUNI -1-N, RED' RR's?w : S�uT T <br />R.EVEGETAT?0N SECURITY . <br />Judv Mills and Louise Behrnan stepped down. This Pat <br />Coffey to hear this discussion. <br />Attorney Dunning and Mr. . Ron Bonvi a were present. <br />Mr. Dunning sent a letter to the Board outlining their explanation <br />of the issues. <br />"y1r. Dunning explained that they were present this evening to <br />request the Board extend the deadline which had previously been set <br />relating to the approval of Phase II but because of scheduling <br />problems it appears the Board is unable to consider the r egue s t <br />th+s even.A n but they would li ke to formally present their request <br />to the Board and would like the record to show that they ere <br />present and did present their request to extend that administrative <br />deadline. They also would like the record to reflect the existence <br />of Mr. Dunning's letter of November 7, 1990 as received by the <br />Board. <br />Mr. Dunning outlined their situation and the history of f inane.{ ing <br />of the project. It was originally financed through Citysavinas of <br />New Jersey for $18 million. They were taken over by Resolution <br />Trust. They are re --evaluating all Citysaving's projects. ks a <br />result of tl+e re-evaluation Mr . Dunning quoted f rolp. a letter f rcm <br />RTC dated June 20, 1990 they "have approved the c;antinued fundina <br />of Southport p.roj ec t" . That approval is part of earlier 1�t ter <br />,lay 15th) and on Aug Loth wrote 'letter stating they were wr:_ i-� no <br />expedisous ly and would have the re-wrJ. to of the loan reY it .1, in a <br />couple of weeks. It is based on those representation and oral, <br />repr eser t at ion that the applicant was Knee t is+g the ?la �:;,ing Board <br />and ZB A and diving goes s t incates of when funding would e in o coa �. -ace . <br />IRT C still <br />�' �.l has not- completed review ty�e �a�.�er = �.t� � �� �s� Asti �� a' V <br />4o aet this back on but they were told ca ain t���t yt is _cu�:t <br />a+ ?y1;.:nd the co r�ier . Given the Mature of t?�i s pr o j e e t �y�wat <br />ur+yts are cori,piete, once RTC does approve release of add:its.o.-,2.a1 <br />5 <br />