1983-02-14-STM-min - Laserfiche WebLink

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(Special Town Meeting - February 14, 1983.)` Article 2. Memorandum of Understanding (Cont.) (Cont.) 1. Purcha and Sale. The Town agrees to sell the Property to the Developer and the Developer agrees to purchase the Property upon the terms and conditions set forth herein. 2. Price. The Developer agrees to pay the Town a sum equal to the product of $6,100 per dwelling unit built times the number of dwelling units built, less one (the manager's apartment). Such sum less any credit for the Senior Center as hereinafter described (the Price) shall be paid in full on or before the Commencement of Construction, which shall be defined as the issuance of a building permit, purchase of the Property and the delivery of the deed. 3. Below market Price. The Developer acknowledges that the Price is below the market value of the Property if it were not restricted as hereinafter provided and that such restrictions are designed to allow the Town and the Developer to provide affordable housing. 4. Condominium. The Developer agrees to convert the Property to a residential condominium consistent with this Agreement (the Condominium). 5. Number of Units and Unit Sizes. The Developer agrees to convert the building located on the Property (the Building) into not less than 65 dwelling units nor more than 71 dwelling units including the manager's unit. The final number and types of units shall be determined prior to the application for a Special Permit from the Board of Selectmen. The final unit composition shall include a variety of units including, but not limited to, one, two, and three bedroom units, and the area of these units shall not be less than 500 square feet nor more than 1400 square feet. 6. Selling Prices of Units. Subject to Sections 8 and 11, the Developer agrees to offer units in the Condominium for sale at prices based on the following schedule: (a) Pre -Sold Units. At least 30% of the dwelling units other than the manager's unit will be offered at an average base selling price of $54,750 prior to the Commencement of Construction. Such offering shall commence no later than two weeks after the issuance of the Special Permit. Any units conveyed pursuant to a purchase and sale agreement entered into prior to the Commencement of Construction will be sold subject to the Deed Restrictions (as hereinafter defined) and for the sake of calculating resale value under the Deed Restrictions will be assumed to have sold for the prices outlined under paragraph 6(b) hereof if the Buyer owns and occupies the unit for at least three years, and if such Buyer owns and occupies the unit for less than three years, the difference between such prices shall be pro -rated on a daily basis and added to the Buyer's actual purchase price. (b) Units S old D C ons tr uction. After the Commencement of Construction and prior to the Completion of Construction, which shall be defined as the issuance of the first certificate of occupancy by the Building Commissioner, any unit not previously under purchase and sale agreement that culminates in a conveyance shall be offered for sale at a average base selling price of $59,750. All units sold during said period shall be subject to the Deed Restrictions. (c) Units Sold.Within 90 days of Completion of Construction. After the Completion of Construction and prior to the expiration of 90 days from the Completion of Construction any units not previously under purchase and sale agreements that culminate in a conveyance may be increased in base selling price by an additional $5,000 per unit for an average price of $64,750. All units sold during said period shall be subject to the Deed Restrictions. (d) Unit Sold After the Expiration of 90 days from Completion of Construction. After the expiration of 90 days from the Com- pletion of Construction, any units not previously conveyed or not then under purchase and sale agreements which culminate in a con- veyance, may have an increase in the base selling price of an _.. ..... .. -.. ..-