2006-03-06-CCB-min - Laserfiche WebLink

Browse Search

Lexington Condo Conversion Board Minutes. of Meeting 31G106 Present-Members- J,Mcweeney, M. Derby, A.Zabin, J.Hawkinson, Town Counsel Ryan Pace, Representatives ofHamilton Atty B. Shadrawy, C. Valeri, President of Hamilton. Location: DPw lunch room The mtg was posted by Town Clerk. The meeting was opened at 8:30 AM. The Board advised the representatives that it was active and was the sole license authority. The Board indicated that its mission was to work to insure that existing tenants especially aged or financially limited were given consideration: and the Board encouraged rental unit diversity in its housing stock by fostering the purchase of same units for rental .J. Hawkinson provided demographic info from the Street List of Residents Book. The Hamilton representatives indicated that they have a good reputation in conversions -that residents are treated fairly and with concern for their welfare. They indicated this was a process that would take place over time-a number of years. They view Lexington as a community with continuing appreciation. Rent increases, since their purchase, have been modest in the range of $251 mo, The units are in goad shape- modest remodeling would take place-fixture and possible cabinet replacement. Estimated market prices at this time would be $350-400,000 range. The garden units would be less than the upper floors, Upon question, Mr. Valeri said existing rents were approximately$1 ~OOlmo. Mr. Valeri said he would forward to the Board a sample notice letter which would illustrate the straightforward direct and clear language they use to explain the process to existing residents. The goal of the company was to work with the Board. Mr. Derby provided a worksheet of what a moderate income household might be able to pay for a unit as a discussion piece. Mr. Derby also provided background of Lexhab and indicated they could be a potential purchaser of units. Mr. Valeri said he had no problem integrating rental units into condo project, that there was na bias against it. Subsequent to the discussion, the Board voted to approve the draft Application Forms prepared by Counsel and to request him to forward them to Mr. Shadrawy. The Board also designated a sub-committee of Messrs Zabin and Derby to continue discussions with Mr. Valeri. Mr. Derby indicated that the Lexhab Board had an upcoming mtg and he would speak to them and report back. The meeting was adjourned sine die at 10:00 AM. Respectfully, Jahn. J. Nlcweeney, Chair