Burlington Community Development Corporation — Burlington, VT
Date: 2014-05-28
Time: 17:30

May 28, 2014
 Burlington Community Development Corporation - Special Meeting


@ Click here to view the minutes for this meeting
3. For BCDC Action

 3.01 Approve Transfer of BCDC Owned Property at 82-92 South Winooski Ave.

 Type: Action
 Recommended Action: Approve the Property Transfer


 2 Resolution of Directors transfer of real
 estate.pdf



4. Expected Executive Session

 4.01 Westlake Lease Agreement




City of Burlington, Vermont Page 1 of 1

Burlington Community Development Corporation - Special
 Meeting
 5/28/2014


Burlington Community Development Corporation - Special Meeting (Wednesday, May 28, 2014)

Generated by Amy Bovee on Thursday, May 29, 2014



Present: Miro Weinberger, President; Joan Shannon, Vice President; BCDC Members, Jane Knodell, and Sharon Bushor;
BCDC Member Karen Paul (arrived late); Secretary/Treasurer Bob Rusten



Also Present: Kathy Boe, English, Carroll, and Boe



1. Approve/Amend the Agenda

Approve the agenda



Motion by Joan Shannon, second by Jane Knodell

Final Resolution: Motion passes

Ayes: Miro Weinberger, Joan Shannon, Sharon Bushor, Jane Knodell



2. Public Forum

No one came forward to speak.

3. For BCDC Action

Action: 3.01 Approve Transfer of BCDC Owned Property at 82-92 South Winooski Ave.

CAO Rusten stated BCDC needs to publically affirm the transfer of BCDC Property. The resolution authorizes the secretary
to sign the transfer because the Mayor will be signing for the City. They will not be signing the transfer until right before
they are going to close on the property to prevent confusion about who owns what when.



Joan Shannon, Vice President, stated the resolution reads that BCDC executed a mortgage on the property in favor of HUD.
She inquired what that means. Kathy Boe, English, Carroll, and Boe, stated the property was used as collateral for the loan
from HUD to the City. BCDC pledged its property to help secure that loan. If the City had defaulted on a loan, the property
would have been at risk.



Sharon Bushor, BCDC Member, stated this transaction will transfer property from BCDC to the City. She inquired if the
Council will need to approve this. Mr. Rusten stated the Council will not approve this. It is the action that BCDC is taking to

 Page 1 of 2
 Burlington Community Development Corporation - Special
 Meeting
 5/28/2014

approve transferring the property to the City. The City Council resolution approved them accepting the transfer of
property. Ms. Bushor inquired why they will not be signing this until the time of the sale. Ms. Boe stated if they approve the
resolution tonight, they are authorizing the transfer of property through a warranty deed that Mr. Rusten would sign. That
deed would transfer property to the City, and they would record it in the land records. The City is planning to then sell the
land to City Market. They feel it is best for both transfers to occur on the same day.



Approve transfer of BCDC Owned Property at 82-92 South Winooski Ave.



Motion by Jane Knodell, second by Joan Shannon

Final Resolution: Motion passes

Ayes: Miro Weinberger, Joan Shannon, Sharon Bushor, Jane Knodell



More information: https://www.boarddocs.com/vt/burlingtonvt/Board.nsf/files/9KHNEC5EDD66/$file/Resolution%20of
%20Directors%20transfer%20of%20real%20estate.pdf



4. Expected Executive Session

Enter Executive Session to Discuss a Contract Negotiation. Premature disclosure would put the City at a substantial
disadvantage.

Motion by Joan Shannon, second by Jane Knodell

Final Resolution: Motion passes

Ayes: Miro Weinberger, Joan Shannon, Sharon Bushor, Jane Knodell



BDCD Member Karen Paul arrived.



The Burlington Community Development Corporation left executive session.



5. Adjournment

Without objection, BCDC President Miro Weinberger adjourned the meeting.




 Page 2 of 2