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2007-03-00-CPC-AMT-rpt
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2007-03-00-CPC-AMT-rpt
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Minutes - CPC - Community Preservation Committee
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Muzzey High Condominium Association <br />Muzzey Condominium Building Study <br />The Muzzey High Condominium Association is requesting $53,500 in funding for a <br />comprehensive building and accessibility study under the affordable housing and historic <br />preservation provisions of the Community Preservation Act. These funds, in addition to $6,000 <br />from the condominium association, will be used to hire TBA Architects of Waltham to conduct a <br />full evaluation of the Muzzey High Condominiums located at 1475 Massachusetts Avenue. <br />The Muzzey High Condominiums were first opened in 1985. The building provides 70 units of <br />affordable homes to qualified buyers or individuals and families, including 12 rental units owned <br />by LexHAB. In addition, Muzzey is home to Lexington's Senior Center. <br />A gateway to Lexington Center, the building was originally the site of the high school and junior <br />high school, and parts of the building are over 100 years old. Although Muzzey received a <br />partial restoration in 1984 and 1985, when the building was sold by the Town to a private <br />developer for conversion to affordable housing and the Senior Center, many parts of the building <br />are deteriorating and need urgent attention. In addition, many owners are faced with exorbitant <br />energy costs, some paying over $500 a month in electricity bills during the heating season for <br />575 -1465 square foot - units. <br />In order to maintain the affordability of the condominium units at Muzzey, the Town set re -sale <br />restrictions on the units in the building's Master Deed conveyed to the developer. Owners <br />cannot sell their units for more than 5% of their purchase price compounded annually. In <br />addition to this re -sale restriction, the Town does not allow owners to pass the costs of building <br />repairs and renovations onto buyers. The 5% re -sale cap was increased from 4% in 1993 with <br />the understanding that the extra funds generated by this I% increase in the re -sale value would <br />cover costs of repairs incurred by owners. <br />Owners frilly understand that they are ultimately responsible for all repairs and renovations to <br />Muzzey. Over the last 21 years Muzzey owners have paid for $710,000 in repairs that include <br />replacing the buildings' pitched and flat roofs, de- leading and painting the exterior windows, re- <br />pointing bricks, and replacing walkways. In 2007, Muzzey owners will be assessed $174,000 in <br />fees that the condominium association will use for building repair and maintenance (24% of <br />budget), landscaping and snow removal (21% of budget), utilities (20% of budget), taxes (3% of <br />budget), management company fees (15% of budget), accounting and legal services (4% of <br />budget), insurance (12% of budget), and supplies (1% of budget). Each year an attempt is made <br />to develop a budget with a surplus of $15,000 that is moved to the reserve account once that <br />year's books are closed, but in recent years the association has fallen short of this goal. In order <br />to maintain affordability for owners, the condominium association has made an effort to keep fee <br />increases to a minimum, rising a total of about 55% since 1985. <br />Given the fact that the building was not fully restored at the time the first condominium units <br />were sold, the owners (some of whom have annual incomes of $20,000) are now faced with <br />undertaking a major restoration of the building without adequate resources for such an expensive <br />project. This study will be the first step in developing a long -term plan to preserve the building. <br />The Community Preservation Committee recommends funding this request. <br />
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