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4. Jim Goell, 6 Fox Run Lane, stated that he agreed with a program for first-time homebuyers but also questioned if this was too expensive of an option? Tom Harden replied that they had looked at different ways and they feel this is a more efficient means saying that it leverages the State’s “SoftSecond” program and lower interest rates. Chris Kluchman also replied that they had looked into programs such as deed restrictions and deed buydowns but they are very cumbersome to maintain. She also offered that last spring, they were told “No” at Town Meeting and therefore, this program is the result of further thinking and would not encumber the Town as a manager of properties. Jim Goell’s opinion was that it was an inefficient use of money and suggested it was similar to rent controlled apartments where people get in and are then apt to stay for years, if not life. 5. Gloria Bloom, TMM, Precinct 4, asked about furnace, heating and electric maintenance expenses. How do you make sure these houses do not deteriorate? Chris Kluchman responded that the bank would be risking the majority of money and they would have a process in place to ensure that the owners meet criteria, attend home ownership class, etc. She also offered that default rates are typically lower in the “SoftSecond” program. 6. Alan Levine, TMM, Precinct 8 and Chair of the Appropriations Committee, stated that he saw two goals being (1) to diversify the population (income range) and (2) as a subsidy to people who need housing. He asked for clarification of goals and priority. Tom Harden stated that the first goal is most aligned. Alan responded that it suggests to him that the main goal is “changing the town” versus assisting people who need it. Tom responded that the two go hand-in-hand. Alan further stated that if the goal is to help people, this plan, to him, doesn’t seem to accomplish it. He asked if the numbers actually work. Tom stated the numbers should work and Alan suggested they look closer at long-term payments over 30 years. Alan asked what the value of the subsidy is to people taking the loans versus a market-rate loan for 5 years and/or 30 years. Lastly, Alan questioned what would happen if the market declined in the long term along with a property mortgaged to 95%. What happens then? 7. Edith Sandy, TMM, Precinct 6 asked how many households in Lexington earn less than the median income. She questioned if there is an unethical piece to this arrangement and advised one to carefully consider all issues. 8. Mary Haskell questioned if this program, while in effect, would prevent “mansionization.” 2. Belfry Hill Tree Restoration (Tree Committee) $9,850 – presented by John Frey and Ann Senning John Frey, Chairman of the Tree Committee, briefly outlined this project, which is to remove the infestation of Norway maples located on the north and northwest side of Belfry Hill, and to replace them with more widely spaced native trees. This project will also open the view between the Belfry Tower, the Town Green and the Buckman Tavern. John held up a diagram for Belfry Hill pointing out that the area targeted for tree restoration is on the “other” side of the hill – the area that people do not typically see. Ann Senning described the area as the North Slope, stating that the Tree Committee completed a tree inventory in the summer of 2006. This was a stem-by-stem inventory of all trees on Belfry Hill. The backside is a “much infested, jammed-up, tight, wooded area.” The proposed goal is to remove the Norway Maples, a highly invasive species. John Frey further stated that another goal of the proposal is to open the vista from Buckman Tavern to the Belfry and to preserve the view (a clear picture can be seen on the town website). Ann shared that in January Public Meeting 12.6.07 Minutes – FINAL 1.16.08 2