1988-07-BOS-min - Laserfiche WebLink

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4p oem Selectmen's Meeting -3- July 25, 1988 He also requested that the potential for central stores be explored. New and local area vendors will be contacted and informed of the new process to encourage their participation. Ms. Maguire and Mr. McLaughlin, who were present, reviewed the "Formal Basis of Operation ". "Purchasing Procedures" and "Bidding Procedures" as set forth in the Manual. Mr. White commended them for their work in the setting up of the system and the preparation of the Manual. EXECUTIVE SESSION P. Upon motion duly made and seconded, it was voted 5 - 4 by roll call vote, Mrs. Smith, Mr. Marshall, Mr. Eddison, Mr. Dailey, Mr. McSweeney, to go into Executive Session for discussion of negotiations relative to real estate, with the intent to resume open session. Chairman Hays, and LexHAB members Derby, Eagle and Wilson were invited to stay for the discussion. Upon motion duly made and seconded, it was voted to return to open session at 9:10 p.m. MUZZEY CONDOMINIUMS Mr. Hays, LexHAB Chairman, reviewed a July 1st letter to the Selectmen which contained a series of proposals for adjustment to the resale price ceiling as it now appears in deeds for Muzzey condos. The adjustment to the 4% annual resale price increase would allow for recouping of costs to repair design faults, repairs and certain restoration projects. He noted that LexHAB had met with the owners in June for discussion of draft recommendations on the subject. Final recommendations to the Selectmen, including some as suggested by the owners, were then prepared and copies distributed to the owners. Many of the owners were present for review, with the Selectmen, of the recommendations. Mr. Hays reviewed the proposed adjustment formula and outlined the types of work and expenses which it would cover, including roof repairs, heating system defects and sealing of windows, mortgage charges and fees, engineering fees and costs, legal charges and fees, and, on a case -by --case basis. heat pump components, design or structural defects in the envelope of units; water damage from roof leaks. Eric Michelson, Chairman of the Muzzey Condominium Trustees, was asked for an estimate of the total amount necessary to complete the repair work. He listed the various projects which would cost in the range of $800,000. Mr. Hays estimated an approximate amount of $2,350 over the resale cap for 1-- bedroom units and about $3,500 for larger units. Mr. Dailey calculated that about 1% for every $50,000 in costs incurred, would be added to the original purchase price. Mr. Michelson referred to individual concerns of unit owners and the efforts of LexHAB and the Trustees to work with them. He noted that the final paragraph in the draft document would cover defects which may be discovered at a later time and, in that case, that the Selectmen may be asked for further relief for the owners. Mr. Michelson reported on the efforts of the trustees in exploring financing options with the owners and with banks.