1988-07-BOS-min - Laserfiche WebLink

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-4-- Regarding future individual requests, as mentioned by L.'r. Hays, he saw the possibility of defects, such as asbestos, being discovered, and which are not covered in the proposal. William Sullivan, Vice Chairman of the Trustees, voiced opposition to retaining the resale cap which he`felt denied owners the flexibility to deal with the needed repairs on their own. He felt that the owners had been placed in an unfair situation, that the building had many serious problems throughout and was not what the buyers had been led to expect in a new development. He saw a worst scenario figure of $1,500,000 for repairs. Mr. Marshall pointed out that owners do have the option of selling their units if they are unwilling or unable to share in the repair costs. Darryl Battin noted that financial impacts would vary depending on the number of members in a family and that the option of moving would not be possible for some who would have no place to go if they sell. She felt that some owners may have bought elsewhere if the amount of the additional assessment had been foreseen. Kristin Sumner said she had known about the 4% cap when she purchased her unit and realized that it cannot be lifted in the interest of keeping Muzzey affordable. She supported the LexHAB proposal but was concerned about interest charges which are not included as recoverable. Mr. Marshall referred to the experience with sale and resale procedures for the Hancock School condo units on which there had been no resale price cap and which very quickly escalated in price, removing them from the "affordable" range. He said that the Town is committed to •r keeping Muzzey affordable and retaining the resale price cap. Mr. Hays suggested and addition to the proposal in view of the fact that costs involved for some items are still unknown or not firm. He asked that the phrase "subject to the approval of LexHAB or the Board of Selectmen" be added to items I -A and I -C through I -F. Upon motion duly made and seconded, it was voted to approve adjustment of the resale price formula for Muzzey condominium units as proposed by the Lexington Housing Assistance Board, and as amended by Mr. Hays. Mr. Hays agreed, in response to a question from the Board, that in most cases, adjustments for defects peculiar to individual units would be addressed by LexHAB. Mrs. Smith observed that the need for future discussions on Muzzey problems was obvious since that night's action by the Selectmen did not solve all problems and concerns, and that further meetings would be scheduled. She asked that unit owners remember that LexHAB and the Selectmen will continue to work as a team and give their best efforts to resolving the concerns of the residents. Mrs. Smith thanked LexHAB members for their untiring efforts through the years to fulfill their responsibilities regarding Muzzey and address problems which have developed there. Mr. Marshall saw the Board's action as a first step in that direction, In individual cases where the financial structure of the assessment would impose hardship, he felt that assistance would be available, however, he saw the possible requirement for asset tests, which had not been included at the time of original purchase.