2015-11-02-CEC-STM#2-rpt - Laserfiche WebLink

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CAPITAL EXPENDITURES COMMITTEE REPORT TO NOVEMBER 2,2015, STM#2 Warrant-Article Explanations and Recommendations Cites of the "Town Warrant"refer to the "Town of Lexington Warrant for the 2015 Special Town Meeting #2", November 2, 2015. Abbreviations: CPF = Community Preservation Fund; GF = General Fund; SF =Stabilization Fund; TBD = To Be Determined;ATM=Annual Town Meeting; STM=Special Town Meeting TM#2 Article 3: Transfer of Amount Funding Property to LexHAB Requested Source Committee Recommends N/A N/A Approval(5-0) "To see if the Town will vote to authorize the Board of Selectmen to transfer the land known as 34 Lowell Street...to the Lexington Housing Assistance Board, Inc. ("LexHAB") for nominal consideration, or act in any other manner in relation thereto." [Town Warrant] The Town owns this parcel as it was part of the purchase of the Busa Farm land (May 6, 2009, Special Town Meeting, Article 6); however, in order for LexHAB to participate in the State's Local Initiative Program (LIP) "that encourages the creation of affordable housing by providing technical assistance to communities and developers who are working together to create affordable rental opportunities for low-and moderate-income households"1, LexHAB needs to own the property. The requested authorization will permit the transfer to LexHAB—which can then complete the approval process required by the State's Department of Housing and Community Development. That approval will allow the units to be built on the site to be included in the State's Subsidized Housing Inventory (SHI). It is the SHI that determines whether a municipality has met the 10% affordable-housing-unit threshold specified in the State's Chapter 40B and, thereby, be protected from developments that don't have to comply with the municipality's zoning provisions. At the time of this report and using the State's current method for counting units for the SHI, Lexington has 11.19% of its housing units on the SHI, but must continually add new SHI-eligible units to help ensure the Town does not fall below the 10% threshold when that percentage is recalculated after each Federal Census. TM#2 Article 4: Amount Funding Appropriate For Water Requested Source Committee Recommends System Improvement $2,500,000 Water Enterprise Approval(5-0) Fund(Debt) "To see if the Town will vote to make water distribution system improvements, including the installation of new water mains and replace or clean and line existing water mains and standpipes, conduct engineering studies and purchase and install equipment in connection therewith, in such accepted or unaccepted streets or other land as the Selectmen may determine, subject to the assessment of betterments or otherwise; and to take by eminent domain, purchase or otherwise acquire any fee, easement or other interest in land necessary therefor; appropriate money for such improvements and land acquisition...; to 1 http://www.mass.gov/hed/community/40b-plan/local-initiative-program-lip.html 1