Monday, APRIL 4, 2022
Amey Tucker Spencer Fund Trust 6:30 P.M.
Town Council Sitting in their Capacity as Trustees
Attachments can be found: https://clerkshq.com/barrington-ri
Video: https://vimeo.com/664643898
THIS MEETING WAS HELD VIA ZOOM.
Present: (Town Council sitting as Trustees): President Annelise Conway, Vice President Carl Kustell, Trustee Jacob Brier, Trustee Michael W. Carroll, and Trustee Robert Humm
Also, Present: Town Manager Phil Hervey, Town Solicitor Mike Ursillo, Planning Director Teresa Crean, Spencer Trust Administrator Debra Page -Trim and Town Clerk Meredith J. DeSisto
President Conway called the AMEY TUCKER SPENCER TRUST FUND MEETING to order at 6:30 P.M. President Conway stated that all Trustees are present.
Motion by Vice President Kustell and seconded by Trustee Carroll to approve the Amey Tucker Spencer Trust Fund minutes from January 10, 2022. The motion passed in favor 5-0-0-0, President Conway, Vice President Kustell, Trustee Brier, Trustee Carroll, and Trustee Humm; no one opposed, no recusals and no abstentions.
Town Planner Comments:
A Spencer Trust applicant is seeking Home Repair assistance with little to no equity in the home. There is concern that if the home is sold after improvements, recoup of expenses from a Forgivable Loan Agreement may be problematic. The Town’s Solicitor was consulted and advised that the issue be brought before Town Council to determine whether the Trust should be making loans below the equity threshold. The Solicitor also advised that the Council as Trustees may believe that lack of home equity shouldn’t be a barrier to applying for and receiving assistance from the Trust, but they should be informed of and accept the risk that loans made to properties lacking equity may not be recovered. Phone calls about the status of the application continue to come into the Spencer Trust Administrator.
Planning Director Teresa Crean briefed the Trustees regarding her above memo. Discussion ensued regarding recording a lien against a property. The Town Solicitor Mike Ursillo stated that you could be taking a risk if the property is sold for less than the mortgage. Trustee Carroll said that he is quite comfortable if that were to happen since this fund is for the “poor and unfortunate”. Trustee Brier agreed especially in this housing market if someone does not have equity in the home. We are trying to avoid flipping houses said Trustee Brier. Spencer Administrator Debra Page-Trim said that the homeowner would like to stay in her home.
Motion by Trustee Carroll and seconded by Trustee Brier to approve a homeowner loan of the Spencer Trust funds with little or no equity in the home and allow for simultaneously recording a lien.
Town Solicitor Mike Ursillo commented that if a home was close to a foreclosure that the Spencer Administrator should take note. The motion passed in favor 5-0-0-0, President Conway, Vice President Kustell, Trustee Brier, Trustee Carroll, and Trustee Humm; no one opposed, no recusals and no abstentions.
Town Planner Comments:
Considering the Maple Avenue mother of three who passed away recently, (https://www.golocalprov.com/obituaries/mother-of-three-jessica-lee-sousa-of-barrington-dies-at-44), the Spencer Trust Administrator is seeking guidance on possible parameters for usage of Masiello Estate funds allocated to Spencer Trust. An example from the National Fallen Firefighters Memorial providing scholarships to the kids of fallen firefighters could offer a model to follow with this case.
Planning Director Teresa Crean discussed that in December of 2021 the Town Council made the following motion:
Motion by Councilwoman Conway and Councilman Brier to authorize the deposit of $202,804.20 from the estate of Concetta “Connie” Marie Masiello to the Spencer Trust Fund account to be used by the Trustees towards benefitting bereaved children of Barrington as they see fit.
Planning Director Crean said that there has been no discussion defining as to how the funds could be used.
Town Manager Phil Hervey said that he had spoken with the Finance Director Kathy Raposa and that they discussed if the Trustees should place the principle within the Trust Fund itself versus a special fund.
Trustee Carroll said, if necessary, the principle of the Masiello Estate could be used and suggested that it be in a separate fund. Trustee Brier agreed.
Town Solicitor Mike Ursillo reviewed the motion (see above) and concluded that the Trustees have the power to determine the placement of the funds into a restricted or unrestricted account.
Finance Director Kathy Raposa stated for the best interest of the Town that the fund be kept in a special account where the funds could be restricted. She reiterated that the Spencer Funds, only the interest can be used.
Motion by Trustee Carroll and seconded by Vice President Kustell that the Masiello Estate Funds be held in a separate special revenue fund to be used exclusively for the support of bereaved children and that the restriction can be changed in the future and that fund not only be limited to income, but the principle can be used. The motion passed in favor 5-0-0-0, President Conway, Vice President Kustell, Trustee Brier, Trustee Carroll, and Trustee Humm; no one opposed, no recusals and no abstentions.
Town Planner Comments:
In a partnership with EBCAP, the Spencer Trust rack card went out to over 180 addresses in Barrington as part of the outreach campaign. The Town received one request but has yet to receive a completed application. EBCAP did not receive any requests. Program Manager Raquel Kennedy from RI CDBG office suggested ongoing marketing efforts to assist with the program as an ongoing outreach approach.
Spencer Trust Administrator Debra Page-Trim spoke EBCAP in which they had only received one (1) call from a potential client.
ST Administrator Trim said that she spoke with Raquel Kennedy with the State and discussed marketing strategies that should be conducted on a regular basis by advertising, setting up tables at events or going to the senior center to spread the word.
Discussion ensued regarding the amount of money that was budgeted regarding outreach communications.
Town Planner Comments:
EBCAP recommended that the Spencer Trust Administrator contact Habitat for Humanity's Aging in Place program. The Spencer Trust Administrator discussed this with Family Support Specialist Cindy Sanchez and is coordinating a date and time to discuss specifics.
Spencer Trust Administrator Debra Page-Trim discussed that she reached out to Family Support Specialist Cindy Sanchez and that they will meet and discuss a strategy to get the word out about this program.
There was no one that wished to speak.
Motion by Vice President Kustell to adjourn the Amey Tucker Spencer Trust Fund meeting at 6:49PM. The motion passed in favor 5-0-0-0, President Conway, Vice President Kustell, Trustee Brier, Trustee Carroll, and Trustee Humm; no one opposed, no recusals and no abstentions.
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Meredith J. DeSisto, CMC, Town Clerk