MINUTES OF A REGULAR MEETING

Minutes Of A Regular Meeting

Of The Board Of The

Redevelopment Authority Of The County Of Lancaster

March 23, 2004

Immediately Following The 5:00 P.M. Meeting Of The

Lancaster County Housing Authority

150 North Queen Street, Suite 120

Lancaster, PA 17603

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The members of the Board of the Redevelopment Authority of the County of Lancaster met Tuesday, March 23, 2004. The meeting was held at the offices of the Lancaster County Housing and Redevelopment Authority, 150 North Queen Street, Suite 120. Cindy Stewart, Chairman called the meeting to order at 5:40 pm.

Members of the Board in attendance were Cindy Stewart, Chairman, Ralph Murray, Treasurer, Neil Kinsey, Assistant Treasurer and Miriam Fletcher. Ed Hollinger was absent.

Staff members present were Randy S. Patterson, Executive Director, David Brazina, Director of Community Development, William Fountain, Director of Technical Services, and Diana Hess, Secretary.

Others present were Mike Uronovitch and Ken Smith from Community Basics, Inc., Tom Eisemann and Dee Stinson-Wolf from Lodge, Inc. and Tom Beckett from Fairmount Capital Advisors.

Public Comment - None

Minutes of the February 24, 2004 meeting were accepted with one correction on a motion by Ms. Fletcher, second by Mr. Kinsey and unanimously carried. The correction was in New Business and should state, "The Board approved the purchase of properties located at 702 (not 720) through 732 North Prince Street, Lancaster, commonly known as 720 North Prince Street.

Treasurer’s Report for the month of February 2004 was approved following a motion by Mr. Kinsey, second by Mr. Murray and unanimously carried.

Report of the Executive Director is attached hereto, made a part hereof.

Correspondence or Communications - None

Committee Reports - None

Old Business - None

New Business

Because the Board Meeting started later and some of the people present had time constraints, the Agenda was rearranged slightly to better accommodate them.

1. The Board adopted a resolution reserving funding for the Golden Triangle Apartments project on a motion by Ms. Fletcher, seconded by Mr. Kinsey, and unanimously carried.

Now, Therefore, Be It Resolved by the Board of the Redevelopment Authority of the County of Lancaster to authorize issuance of a Reservation of Funds letter reserving HOME Investment Partnerships Program funds in an amount not to exceed $1,200,000 for the Golden Triangle Apartments Project;

Be It Further Resolved by the Board of the Redevelopment Authority of the County of Lancaster to authorize the Executive Director or the Director of Community Development to execute all documents related to the transactions contemplated herein.

2. The Board adopted a Resolution reserving funding for the Fordney Road Single Room Occupancy Project on a motion by Mr. Kinsey, seconded by Ms. Fletcher, and unanimously carried.

Now, Therefore, Be It Resolved by the Board of the Redevelopment Authority of the County of Lancaster to authorize issuance of a Reservation of Funds letter reserving HOME Investment Partnerships Program or Community Development Block Grant Program funds in an amount not to exceed $375,000 for the Fordney Road Single Room Occupancy Project; and

3. The Board adopted a Resolution approving a contract with Community Action Program of Lancaster County, Inc. for the operation of the Energy Conservation Center on a motion by Ms. Fletcher, seconded by Mr. Kinsey, and unanimously carried.

Now, Therefore, Be It Resolved by the Board of the Redevelopment Authority of the County of Lancaster to approve the execution of a contract with the Community Action Program of Lancaster County, Inc. for the operation of the ENERGY CONSERVATION CENTER to provide weatherization services for approximately 80 low and moderate income homeowners for a period beginning March 23, 2004 and terminating on March 1, 2005 in and amount not to exceed ONE HUNDRED FIFTY THOUSAND AND 00/100 ($150,000.00) DOLLARS of Fiscal Year 2004 Community Development Block Grant Funds.

4. The Board adopted a Resolution to procure the services of an Investment Banking Firm to serve as managing underwriter for The Multi-Purpose Stadium Revenue Lease Bond on a motion by Mr. Kinsey, seconded by Mr. Murray, and unanimously carried.

NOW, THEREFORE, BE IT RESOLVED by the Board of the Redevelopment Authority of the County of Lancaster to appoint RBC Daine Rauscher as senior managing underwriter with Arthurs, Lestrange and Co., Inc. and Legg Mason Wood Walker, Inc. as co-managers for the proposed issuance of the estimated $13.44 million revenue lease bonds for the construction of the Lancaster Multi-purpose Stadium.

BE IT FURTHER RESOLVED, that the Board authorizes the Executive Director to negotiate the final agreement for services based upon the proposals received on March 12, 2004 and execute said agreement on behalf of the Board of Directors.

5. The Board adopted a Resolution to procure the services of a Bank to serve as trustee, registrar, paying agent and continuing disclosure agent for the multi-purpose stadium revenue lease bond on a motion by Ms. Fletcher, seconded by Mr. Murray, and unanimously carried.

NOW, THEREFORE, BE IT RESOLVED by the Board of the Redevelopment Authority of the County of Lancaster to enter into an agreement with Fulton Bank to serve as trustee, registrar, paying agent and continuing disclosure agent for the proposed issuance of an estimated $13.44 million revenue lease bonds for the construction of the Lancaster Multi-purpose Stadium.

BE IT FURTHER RESOLVED, that the Board authorizes the Executive Director to negotiate the final agreement for services based upon the proposal received on March 8, 2004 and execute said agreement on behalf of the Board of Directors.

Other Business

Cindy Stewart announced that the next meeting of the Board of the Redevelopment Authority of the County of Lancaster would be held Tuesday, April 27, 2004 at the offices of the Lancaster County Housing and Redevelopment Authorities, 150 North Queen Street, Suite 120, immediately following the 5:00 p.m. meeting of the Lancaster County Housing Authority.

The meeting was adjourned at 6:40 p.m.

Diana R. Hess, Secretary