DRAFTED / 2-25-2009

TOWN OF ENFIELD

LOAN REVIEW COMMITTEE

MINUTES OF DECEMBER 8, 2009

VILLAGE CENTER / CONFERENCE ROOM

________________________________________________________________________

ADMINISTRATIVE ITEMS

Members Present:    

Jason Jones

Paul Coffey

Jennifer Casalone

Staff Members:         

Peter Bryanton, Director of Community Development

Richard Metcalf, Housing Code Inspector

Roll Call:

The meeting opened at 5:35 p.m.

OLD BUSINESS

1 South Street: 

The property owner Barbara Eaton was present for the meeting and provided the committee with a break down of her expenses.  Ms. Eaton stated that she expected to file for bankruptcy in order to get out for debt.  The house will not be part of the bankruptcy and therefore the Town's loan will not be affected.  After a discussion about Ms. Eaton's ability to repay the loan, Mr. Coffey made a motion to restructure the loan, half deferred and half as monthly payments of $277.67.  The motion was seconded by Ms. Casalone and passed unanimously.  Mr. Bryanton explained that Ms. Eaton must complete a new loan application to qualify for the deferment.  The OCD will contact Ms. Eaton concerning the details of the payment changes.

37 & 52 Lincoln Street: 

The property owner Chris Nai was present for the meeting and provided the committee with his income and financial information.  He stated that due to a decrease in pay from his job, he has been unable to make his loan payments.  Mr. Nai is renting all 4 of his units and is still struggling to make his mortgages payments.  Mr. Bryanton asked if Mr. Nai had considered selling one of the properties.  Mr. Nai indicated that he had considered it, but would rather try to restructure his debt and maintain both properties in which he has invested a lot of time and money.  Mr. Metcalf suggested that the owner increase his rents by a nominal amount, $25 for example.  Mr. Nai does not want to lose his tenants, however did agree that he could probably raise the rents in small increments.  Ms. Casalone made a motion to allow Mr. Nai to make interest only payments for 6 months to help his situation.  The payments would be approximately $45 per month.  The motion was seconded by Mr. Coffey and passed unanimously.  The OCD will contact Mr. Nai concerning the details of the payment changes.

A motion was made to enter Executive Session by Mr. Coffey, seconded by Ms. Casalone and passed unanimously.  No votes were taken and no decisions were made during Executive Session.  A motion to end Executive Session was made by Mr. Coffey, seconded by Ms. Casalone and passed unanimously.

ADMINISTRATIVE

Minutes: 

A motion to approve the minutes of October 14th was made by Mr. Coffey with minor revisions.  The motion was seconded by Ms. Casalone and passed unanimously.  A motion to approve the minutes of November 17th was made by Ms. Casalone, seconded by Mr. Coffey and passed unanimously.

Project Update: 

Staff provided the members with a progress report of current loan projects.  Mr. Metcalf mentioned that the Town is working with Americares to prepare a few new projects for the spring.  More information will be forthcoming.

46 High Street: 

The committee discussed its options for collecting on a defaulted loan for the subject property based on information obtained from the Town Attorney's office.  Mr. Coffey made a motion for the Town to file a collection action in Superior Court against the Thompsonville Creamery LLC.  The motion was seconded by Ms. Casalone and passed unanimously. 

Adjournment: 

A motion to adjourn the meeting was made by Mr. Coffey, seconded by Ms. Casalone and passed unanimously.  Meeting adjourned at 6:50 p.m.

Submitted by:

Peter Bryanton, Director of Community Development

Approved by:

Jason Jones, LRC Chairman

Signature: _______________________________________  Date: __________________