Busa Land Use Proposal Committee Report 03-14-2011

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1.2 acres (^'15% of the land) would be devoted to affordable housing and parking. The plan proposes to cluster the residential buildings in the northeast portion of the site, adjacent to Lowell Street for access to utilities and a level development site. It shows two farmhouse -style multifamily buildings with 6 units (apartments) in each for a total of 12 rental units, all of which would be affordable, and rented to applicants that meet certain income guidelines. (NB: In discussion with the LHP, up to 14 units were mentioned, depending on the number of bedrooms /unit. 12 units are written here because the financials in the proposal are based on that number.) The plan also proposes that 1.9 acres (^'24% of the land) be utilized for a multiuse recreation field for soccer and lacrosse, sized to meet National Collegiate Athletic Association (NCAA) standards for a soccer field, and associated parking. Access to the playing field would be from Lowell Street, just south of 36 Lowell Street (Assessor's Map 20, Lot 39). It further proposes to set aside 4.8 acres (^'61% of the land) for a community farm and shared parking that would be contiguous to views of the working landscape and adjacent to natural areas to the south, while preserving the existing structures (greenhouse and well). This is all the land not allocated for housing or recreational use /parking under the plan. It includes some land for vehicular circulation and access from the south. The total cost of erecting 12 units is estimated to be $3,617,679. Development costs per unit are estimated at $300,000. LHP indicates that financing for the project would likely come from a variety of sources such as: a mortgage loan, capital cost funding from the state through the Department of Housing and Community Development (DHCD), possibly federal funding from the federal program for Low Income Housing Tax Credits (LIHTC), and Town funds from the HOME Investment Partnerships Program (HOME) and /or the Community Preservation Act (CPA). LHP projects the mortgage to be in the order of $63,000 /unit, with $100,000 /unit provided by DHCD, leaving about $137,000 /unit to be funded by a combination of federal and Town dollars. If there are a sufficient number of units to attract federal funding in the form of low- income housing tax credits, enough capital investment might be realized to reduce the Town contribution to $38,000 /unit. On this basis, a 12 -unit project would need $485,000 from the Town, which could possibly be a combination of Metro West HOME consortium funds (the Town receives approximately $50,000 /year) and CPA funds. 4.3 Lexington Recreation Committee The Lexington Recreation Committee (LRC) proposes to convert the Busa land into a multiuse neighborhood park consisting of recreational space, affordable housing, and community gardens (NB: a different concept than a community farm). LRC would issue permits for the use of the field to youth sports organizations, primarily for the spring and fall seasons, on weeknights from 5:30 p.m. — 7:30 p.m., Saturdays, and Sunday afternoons. Busa Land Use Proposal Committee Report Page 18 / 52