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RECEIVED 2022 22 I ir, M28 aim MINUTES OF THE COMMUNITY PRESERVATION COMMITTEE MARCH 14, 2022 .) CLERK Remote Zoom Meeting Meeting ID: 814 3929 4143 LEXINGTON Committee Members Present by Roll Call: Marilyn Fenollosa (Chair), Charles Hornig (Vice- Chair), David Horton,Jeanne Krieger David Langseth,Joe Pato, Robert Pressman, Lisah Rhodes, and Melinda Walker Committee Member(s) Absent: None Other Attendees: Bob Burbidge (LexHAB Chair), Carolyn Kosnoff(Assistant Town Manager for Finance), Daniela Kerina, Petar Litchev, and Lin Xu 1. Call to order: Ms. Fenollosa called the meeting to order at 4:00 pm, followed by reading the guidelines for a public meeting and for a meeting via Zoom, and conducting a roll call of the committee members. 2. Update on request by Lexington Housing Assistance Board (LexHAB) - 116 Vine Street Construction Funds— Bob Burbidge; possible vote to Indefinitely Postpone Article 10(k): Mr. Burbidge presented an explanation as to why LexHAB is requesting that Article 10(k) be Indefinitely Postponed (IP). LexHAB hired a professional cost estimator to provide a current estimate on the construction costs; the estimated project cost, $5,655,00.00, would put the price per unit at almost one million dollars. The LexHAB board felt that this cost per unit was too high. Mr. Burbidge reminded the committee that LexHAB, as a Town entity, is subject to prevailing wage and public bidding. These requirements increase labor costs by approximately 30 percent. If LexHAB was not subject to these requirements, the savings (of almost $2 million dollars) could be put to better use by purchasing two small single-homes in Lexington. Mr. Burbidge assured the committee that LexHAB is still interested in completing the Vine Street project, but wants to wait until the costs per unit are sustainable. To that end, LexHAB intends to investigate the possibility of reorganizing as a 501(c)(3) organization. Ms. Walker mentioned some of the financial benefits of non-profit affordable housing development including tax credits and DHCD grants. With respect to a conversion to a 501(c)(3) organization, Mr. Pressman noted that the text of the Special Act creating LexHAB provides that if LexHAB ceases to exist, its property reverts to the Town. He opined that LexHAB will need to work with the Town and counsel regarding this factor. 3. Motion: That the CPC recommend to Town Meeting that the LexHAB request for 116 Vine Street Construction Funds, Article 10(k), be Indefinitely Postponed (moved and seconded by Melinda Walker and Lisah Rhodes, respectively) Approved unanimously by roll call vote: 9-0 1