2011-03-14 Special MeetingSpecial Meeting
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Beverly Meeting Minutes
From: Kathy Connolly [kconnolly @beverlyma.gov]
Sent: Wednesday, March 16, 2011 3 :17 PM
To: minutes @beverlyma.gov; caugulewicz @beverlyma.gov
Subject: Special Meeting3- 14- 1 1.doc
Special Meeting
Beverly City Council 7:00 PM
Monday March 14,2011
Rolf Call: Councilors Present: Judith A. Cronin, Patricia A. Grimes, Paul M. Guanci, Donald Martin, D. Wesley Slate, Jr.,
Maureen Troubetaris, Michael P. Cahill, Kevin F. Hobin, James F. Latter
Pledge Of Allegiance t0 the Flag: Led by Councilor Troubetaris
Public Hearings:
Presentations:
Mike Collins — Commissioner of Public Services
(Paving Plan 2011/2012)
Communications from His Honor the Mayor:
Communications from Other City Officers and Boards:
#46
Call for Special Meeting of March 14, 2011
Reports from Committee:
#36
The Committee on Finance and Property to whom was referred the matter of Modification of Mortgage request by Holcroft
Homes LLCYMCA of the North Shore and the City of Beverly have considered said matter and beg leave to report as follows, to
wit:
Submit the accompanying amended order and recommend its adoption
ORDERED: That His Honor the Mayor be, and the same is hereby authorized to execute and deliver to
Holcroft Park Homes, LLC the DISCHARGE OF MORTGAGE attached hereto which mortgage relates to real
estate owned by Holcroft Park Homes, LLC and which real estate is located at 25 and 37 Mill Street, Beverly, first
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Special Meeting
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having received from Holcroft Park Homes, LLC a blanket mortgage for 5 - 9 Mill Street and 10, 28 - 30 Grant Street in the
amount of $250,000 and in a form acceptable to the Director of Planning and Development or her designee and the Office of
the City Solicitor. Said blanket mortgage is to be part of a Master Subordination Agreement by all Holcroft Park Homes,
LLC lenders, with the City of Beverly having a pari passu position of no more than $4,100,000 in secured debt junior to a
permanent first mortgage not to exceed $850,000, and a secured construction loan during Holcroft Park Homes LLC's phase
one construction period not to exceed $3,900,000, and it is further
ORDERED that His Honor the Mayor be, and the same is hereby authorized to execute on behalf of the City a Master
Subordination Agreement containing such terms, the form of such Master Subordination Agreement first having been
approved by the Director of Planning and Development or her designee and the Office of the City Solicitor.
Meeting Adjourned: 8:55 PM
Attest: Kathleen P. Connolly, City Clerk
4/14/2011