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3 - Ms. Walker reemphasized that the AHT would be a strictly financing organization, not a builder, so public bidding laws would not be applicable (although she noted that other towns do have development powers in their AHT bylaws). She then stated that an affordable housing development corporation (AHDC) model need not be limited to single family homes- that an AHDC can build multi-family housing, acquiring land, building homes and seeking financing from sources other than the related AHT. - Mr. Pressman asked if the AHTSC was setting aside plans for establishment of an HDC, and was assured that it was not. He also noted that in towns where the AHT has development powers, the AHT is subject to public bidding laws. He suggested that in comparing any proposed AHT for Lexington with those in other towns, the AHTSC should recognize that very little developable land exists in Lexington; that developers are willing to pay very high prices when properties come on the market because of the expected earnings from the sale of new housing developed on the site; and that many town bylaws have exempted funding requests from Select Board review if below a certain threshold. Finally, he stated that if the town chooses to impose a project - oriented approach, it will lose out to developers. - Mr. Horton requested that examples be given of how the AHTs have been successful in other towns, as well as examples of what problems have arisen. He expressed some confusion about the application of prevailing wage laws, which was later clarified by Ms. Walker, and finally, thanked the AHTSC for their hard work. - Mr. Creech commented that Slide 3 would be more effective if additional details could be provided about the advantages of an AHT over the existing framework with LexHAB and CPA funding. The current Town Meeting process is not a competitive process. It would be more effective to add a slide after Slide 3 in order to visually contrast the processes of those competing for properties. He suggested using process flowcharts. The process charts should show roughly the number of steps in each competing process and the elapsed time associated with each process. Competing Processes: • the Builder/Investor/Venture Capital Process, • the Affordable Housing Trust Process, • the Town Meeting Process Ms. Roy then asked for a straw poll of the CEC and CPC as to their support of the concept. The CEC was unanimously in favor, but still had questions about integration with any AHDC, issues regarding debt financing, the use of mitigation funds from developers for financing projects, and the exclusion of projects from Town Meeting review. The CPC was then polled, as follows: