2011-10-24-CPC-min - Laserfiche WebLink

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6.LexHAB - Update on FY12 Project - Bill Hays, Vice Chair of LexHAB, met with the Committee to discuss the use of FY12 funds for the purchase of a home at 1 Wilson Road. The purchase price of the home is $370,000 and Mr. Hays noted that it needed $30,000 to $40,000 in renovations and repairs. Upon completion of these renovations, the house would be rented to a qualifying low or moderate income family, and become a permanent addition to the Subsidized Housing Inventory (SHI). Mr. Hays reviewed the conditions of the CPC Guidelines, which were accepted at the 2011 Annual Town Meeting with Article 8d – the proposal for $450,000 in CPA funds for “Set-Aside” Funds. Mr. Hays said LexHAB adhered to the Guidelines set forth by the CPC in selecting the Wilson Road home, though he noted the building did not have an energy efficient heating system. This prompted a discussion of the system, which Mr. Hayes said would need replacement in the near future. Ms. Krieger suggested that the replacement of the boiler could be done with CPA funds. There was a discussion of the $30,000 to$40,000 needed in renovations, and Mr. Hays requested to be able to pay for these costs out of the funds in the CPA account. There was a question regarding LexHAB’s financial investment in the project, to which Mr. Hays responded that LexHAB would be paying the closing costs associated with the purchase. He added that LexHAB had recently purchased a $400,000 home on Fairview Avenue with its own funds, and will construct an addition to the building, again at LexHAB’s expense. th Mr. Hays noted that he would be meeting with the Selectmen on October 26 to seek their approval of the purchase, but that the CEC would not meet until th Friday, the 28. (Mr. Kanter, who was present at the CPC meeting, will update the Capital Expenditures Committee.) Mr. Hays said the closing for th . the Wilson Road home was planned for December 5 The CPC voted (8-0) to approve the purchase price of $370,000 and the renovation costs of $40,000 for the home at 1 Wilson Road,. with the understanding that LexHAB would pay the closing costs for the acquisition, and that it would consider updating the utilities in the home to make them more energy efficient. 7. Executive Session – The CPC took a roll call vote (8-0) and entered into Executive Session for the purposes of considering the purchase, exchange, lease or value of real property, the discussion of which in open session might have a detrimental effect on the negotiating position of the Town. The CPC vote included the provision to reconvene in open session only for the purposes of adjourning. 4