2024-04-01 SB Packet - Released - Laserfiche WebLink

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AGENDA ITEM SUMMARY LEXINGTON SELECT BOARD MEETING AGENDAITEM TITLE: Approve Lexington Housing Assistance Board (LexHAB) Purcha.se of Property - 50 Valleyfield Street PRE E TER• ITEM S N . NUMBER: Joe Pato, Select Board Chair C.3 S UMMARY: Category:Decision-Making At the S elect Board's meeting on March 11, 2024, in Executive S ession, the Board discussed and was in favor of LexHAB's request to purchase 50 Valleyfield Street for affordable housing purposes. In accordance with the Special Acts, at tonight's meeting the S elect Board is publicly voting their approval of LexHAB purchase o f 50 Valleyfield S treet. Chapter 521 of 1983, the (LexHAB Special Act)requires that the S elect Board approve the acquisition of real p ro p erty, the wo rd ing o f the Ac t is as fo llo ws: "W ith the ap p ro val o f the b o ard o f s e lec tmen, to ac quire o r leas e, b y p urc has e o r o therwis e, and to own, hold and use, on such terms and conditions and in such manner as it may deem proper, and to exc hange, grant o p tio ns o n, s ell, trans fer, c o nvey, as s ign, leas e, p led ge, mo rtgage, enc umb er, grant liens on and security interests in, or otherwise dispose of, on such terms and conditions as it may deem p ro p er, real, p ers o nal o r rrii��ed real and p ers o nal p ro p erty o r any intere s t, eas ements o r rights therein, and any as s ets o r revenue s o f s aid b o ard, as may b e nec e s s ary o r ap p ro p riate to c arry o ut its purposes." T he Ac t als o require s that To wn C o uns el reviews all do c uments as to fo rm as fo llo ws: W ith the ap p ro val o f the b o ard o f s e lec tmen, to make and exec ute all c o ntrac ts and all o ther ins truments nec es sary or convenient for the exercis e o f its p ower and functions, subject to approval o f the town counsel of the town of Lexington as to form." SUGGESTED MOTION: To approve Le�IAB's acquisition of 50 Ualleyfield Street for affordable housing purposes for the purchase price of$760,000 plus closing costs, and subject to any comments f�om Town Counsel on the closing documents being satisfacto�i ly add�essed. Move to approve the consent.