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2/29/2024 AC Minutes 7 that the Town might have to provide additional funding to support the development in the future, either for initial feasibility or for long-term facility renewal. Mr. Parker replied that this assertion was based on assumptions that do not apply to the kind of all-affordable housing developments be- ing considered. Ms. Yan repeated her earlier concerns about the potential negative impacts for traffic on Lowell St. which has two other dense developments with about 100 units very close by the parcel at Lowell and North Sts. Mr. Michelson reminded the Committee that this would be a private development. The Town’s only contribution will be the land and a one-time cash payment, after which the developer will be respon- sible for arranging the remaining funding. The development will be run by a private corporation, without further subsidies from the Town, and will likely involve state and federal subsidies for rent. Up until now, LexHAB has been operating under a very different financial model, but once they transition to nonprofit status they will be able to access rental subsidies, and they don’t expect to be making recurring requests for rental subsidies from the Town. Mr. Bartenstein asked if the Committee supported his proposal to ask the Select Board to include a time limit in their motion for Article 33. A long discussion ensued, raising some questions about the timeline for the process and the likelihood that developers might not respond to an RFP with a time limit. No consensus was reached on this matter. Mr. Bartenstein asked if the Committee supported his proposal for a resolution from town meeting. Two other members indicated their support. Mr. Parker suggested that Mr. Bartenstein should discuss his proposals privately with Select Board members. Future Meeting Schedule Mr. Parker noted that he would be away next week, and that Mr. Padaki would lead the meeting in his stead. The Committee agreed to meet on Monday, March 11, to give final approval to the report. Mr. Par- ker set a goal of publishing the report on March 13. Minutes of Prior Meetings Minutes from the Committee meeting on February 22 were approved by a vote of 8-0. Adjourn The meeting was adjourned at 10:17 p.m. Respectfully submitted, Glenn P. Parker Approved: March 11, 2024 Exhibits ● Agenda, posted by Mr. Parker