Conshohocken Borough

AUGUST 27, 2008

Meeting called to order by the President of Council Mrs. Sandra Caterbone. The Prayer of Council and The Pledge of Allegiance were said. Members of Council present at the meeting were Mr. Jason Salus, Mr. Paul McConnell, Mr. Tony Tucci, Mr. James Griffin, Mr. Robert Stokley and Mrs. Sandra Caterbone. Mr. Edward Phipps was excused from the meeting.

A discussion was held on the Tax Increment Financing.

Mr. Savona explained the Tax Increment Financing and the Ordinance.

A motion by Mr. Stokley to approve ORDINANCE 5-2008 AN ORDINANCE OF THE BOROUGH OF CONSHOHOCKEN, COUNTY OF MONTGOMERY, COMMONWEALTH OF PENNSYLVANIA, PROVIDING FOR THE CREATION OF THE SEVEN TOWER BRIDGE TAX INCREMENT FINANCING DISTRICT WITHIN THE BOROUGH OF CONSHOHOCKEN APPROVING A PROJECT PLAN FOR THE TAX INCREMENT FINANCING DISTRICT; ALLOCATING APPOPRIATE TAX INCREMENTS FROM THE POSITIVE REAL PROPERTY TAXES OF THE DISTRICT TO FUND THE PROJECT PLAN; REPEALLING ANY INCONSISTENT ORDINANCES OR PARTS OF ORDINANCES; AND PROVIDING FOR AN EFFECTIVE DATE.

Seconded by Mr. Tucci. A Roll Call Vote was taken. All members of Council voted in favor. Motion passed by 5-0. Mr. Griffin was late and did not vote on this motion.

A motion by Mr. Salus to approve RESOLUTION 14-2008 RE: AMEND LAND DEVELOPMENT For: SEVEN TOWER BRIDGE 110 WASHINGTON STREET, CONSHOHOCKEN, PENNSYLVANIA, 19428. Seconded by Mr. Tucci. All voted in favor. Motion passed.

A motion by Mr. Salus to send letter to the Montgomery County Redevelopment Authority in reference to the Conshohocken Revolving Loan Fund as follows:

On August 27, 2008 Council voted unanimously to recommend that the Redevelopment Authority approve the $2,000,000.00 loan outlined in the letter from Mr. Pulver to Paul Bartle, dated July 2, 2008, subject to the following conditions being made a part of the terms of the loan:

1. That the loan will be repaid in full in three (3) years.

2. That the loan be subject to interest at a DCED approved rate for Montgomery County, or as otherwise may be recommended by the Borough and the Redevelopment Authority.

3. That the loan be subject to annual payments of not less than $500,000.00 plus interest during the first two (2) years, and the balance of $1,000,000.00 plus interest be paid no later than the third anniversary of the date of the original loan.

Seconded by Mr. McConnell. A Roll Call vote was taken. All members of Council voted in favor. Motion passed 5-0 vote. Mr. Griffin was late and did not vote on this motion.

A motion by Mr.Stokley to authorize the Borough Manager to direct a letter to Mr. Ross Weiss in reference to the Matsonford Bridge Traffic Improvements. Seconded by Mr. McConnell. All voted in favor. Motion passed.

A motion by Mr. Stokley to appoint Mrs. Caterbone, Mr. McConnell, and Mr. Marabella to the Conshohocken Economic Development Authority Board. Seconded by Mr. Salus. All voted in favor. Motion passed.

A motion by Mr. Stokley to approve Change Order # 2 for the Streetscape Project in the amount of $32,836.00. A Roll Call Vote was taken. All members of Council voted in favor. Motion passed by 6-0 vote.

A motion by Mr. Griffin to adjourn meeting. Meeting adjourned 7:20 P.M.

Pearl Duckett,

Assistant Borough Secretary