Economic Development Commission

City of Middletown, CT Economic Development Committee Minutes from the Economic Development Committee Special Meeting July 12, 2022 Meeting was conducted both via video conference call and in person in Room 208 Present: Vinnie Loffredo, Tony Gennaro, Jeanette Blackwell, Ed McKeon, Phil Pessina, Bobbye Peterson, Attorney Brig Smith, Attorney Timothy Lee, Absent: Staff: Bobbye Knoll Peterson Meeting Minutes 1. Call to Order: Chairman V. Loffredo called the meeting to order 2. Minutes Special Meeting of July 12th, 2022: None. 3. Public Session: No members of the public spoke. V. Loffredo closed the Public Meeting 4. Communications: B. None. 5. Old Business i. The bond: no updates ii. Arcade development: they interviewed 3/5 developers and it was insightful iii. 8o Harbor drive is going well: secured a structural engineer; exterior work beginning now iv. Riverfront master plan: a successful event Saturday; the plan has been unveiled and people are excited to participate. We have gotten good press about it. v. Historical structure rehabilitation tax stabilization agreement for 135 High Street: pushed back again; waiting for Design Review Preservation commission to be able to meet vi. Brown street acquisition by the city; Attorney Brig: involves a transaction. Brad and Debbie Baker were looking to acquire parts of Brown Street (about ¾ of an acre). They were informed there was no wetlands, so they acquired the property, however, they found that is actually is wetlands after purchase OGC worked with Baker’s  attorney and have come up with proposed deal to settle potential claims against the city and acquire the property. i. The deal: authorizes us to acquire the property for $35k ii. V. Loffredo made a motion Seconded by Phil Pessina to move this matter to finance for funding iii. Vote to move this forward: unanimous. 6. New Business i. 206 Inc. proposal by David Roane i. Asking the city for 260k to help purchase property at 825 Saybrook road; will be used as a kitchen, meeting, and banquet facility for veterans. ii. Tax abatement proposal i. Attorney Brig Smith: presented a resolution that would authorize the assignment of the assessment fixing agreements we just entered into with Glenn Russo’s solely-owned company (“Newfield Street of Middletown LLC”) for the Newfield Street phase one and phase two project. 1. The assignment would be to form a company called “Newfield Residential LLC” (including Glenn Russo as an investor, including Mr. Dale, and including other investors) and this new company would become the new owners of the property and therefore qualify for the tax abatement that was given to the former LLC, “Newfield Street of Middletown LLC.” 2. In order for the bank to lend them money for the project, the bank wants a fresh LLC to be created that has no baggage and they want that LLC to be a single asset LLC, the single asset being the property and development rights. Adjournment: V. Loffredo made a motion to adjourn the meeting. Vote: Unanimous in favor of the motion Chairman Loffredo adjourned the meeting.