Middletown council approves lease and assignment agreements ahead of tax-credit closing
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Summary
Middletown aldermen approved three resolutions to finalize lease and assignment documents tied to a New Markets Tax Credit closing scheduled for Friday. Sponsors said the measures were minor lease cleanups and capital-improvement recaps required to complete the financing.
MIDDLETOWN — The Middletown City Council approved three resolutions on Tuesday to finalize lease and development documents the mayor’s office said are required for a New Markets Tax Credit (NMTC) closing set for Friday.
An unidentified official who spoke at the meeting said the measures were largely housekeeping items: “There were some minor changes to some of the lease… We have some recap, the capital improvement agreement. There’s 3 of them total… But we need to have it passed today so that it could be in place for Friday’s closing,” the speaker said.
All three resolutions were introduced, seconded and recorded as carrying during the meeting. The first, sponsored by Alderman Kleiner, authorized an amended and restated lease agreement with the Regional Economic Community Action (transcript phrasing: “Grama, Inc.”). Kleiner was identified as sponsor and Alderman Green seconded the motion; the presiding officer announced the motion “carries.”
The second resolution, sponsored by Alderman Green and seconded by Alderman Ray, authorized an amended and restated agreement with the Regional Economic Community Action Program Inc. Council members called in support by voice/roll-call style responses (members present voiced “Aye”) and the presiding officer declared the motion carried.
The third resolution, sponsored by Alderman Witt and seconded by Alderman Massey, authorized an assignment and assumption agreement with the Middletown O and W Local Development Corporation (LDC). Recorded responses again indicated support and the presiding officer announced the motion carried.
The meeting transcript does not include detailed debate over the merits of the agreements, and no substantive amendments or oppositions were recorded in the provided excerpt. The unidentified official said the changes were minor cleanup items and that three capital improvement agreements were part of the package of documents needing approval before the NMTC closing.
No additional business is recorded in the provided portion of the transcript.
