Selectboard Meeting

December 13, 2004

Attending the meeting: Lynn Gardner, Andrea Morgante, Jon Trefry, Randy Volk, Rob Bast, Jeanne Wilson, Rocky Martin and Dominic Cloud.

Lynn called the meeting to order at 6:03 pm.

HFI Loan Subordination Agreement: The Housing Foundation, Inc. (HFI) is seeking to refinance a mortgage in the amount of $695,000 with Banknorth, N.A. (This is the original mortgage with Sherman Taylor on the Mountain View property). The Town of Hinesburg currently has a mortgage lien on the property (recorded in Book 120, Page 490 of the Hinesburg Land Records). Banknorth, N.A. will agree to the mortgage on the condition that the Town of Hinesburg subordinates its mortgage interest in the property. In 2001 the Town signed a subordination agreement in order for HFI to obtain additional financing through the Vermont Economic Development Authority. Randy moved that the Board vote to authorize the chairman to sign the Subordination Agreement dated December 13, 2004 between the Town of Hinesburg and Banknorth, N.A., which will subordinate the Town’s lien on the Mountain View Mobile Home Park to Banknorth, N.A. Seconded by Jon and approved. The Board requested that Jeanne look into why the Town has a lien on the property prior to mailing the agreement.

Andrea moved that the Board go into executive session with Jeanne and Dominic for a discussion of personnel issues (Rocky joined the executive session from 7:25 pm to 7:35 pm). Seconded by Rob and approved.

Randy made a motion to come out of executive session. Seconded by Jon and approved.

At 8:15 pm Randy made a motion to adjourn. Seconded by Jon and approved.

Respectfully Submitted,

Jeanne Kundell Wilson

Hinesburg Town Administrator