2020-05-14-LEXHAB-min - Laserfiche WebLink

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LexHAB Board Meeting May 14, 2020 3:30 PM—HELD BY Remote Connection Open to Public Minutes of the meeting held virtually due to COVID—19 on May 14, 2020 at 3:30 pm Members present were Bob Burbidge, Bill Kennedy, Les Savage, Bob Phelan, Donna Leary, Gerry Howell, Henry Liu and Bill Hays. Also present were Pearlene Varjabedian, Housing Manager and Karen Iverson, Financial Administrator, Patricia S. Nelson, counsel to LexHAB and Sue Barry, Selectwoman, Bob Pressman of the Lexington Housing Partnership, Tara Mizrahi of Affirmative Investments. Absent was Martha Wood. The Chairman, Bob Burbidge presided. Minutes from the April 2, 2020 meeting were reviewed and accepted as amended. All in favor by Roll Call. REFINANCE OF 300 Woburn Pat Nelson discussed. • Working with Patriot Bank. 5% 15 year fixed rate. Amount of new loan to be$600K • Paying off$357K as of March 2, 2020 Need to take appropriate votes as lender is requiring for proper authorization. Motions made: To Approve a loan from Patriot Community Bank in the amount of $600,000.00 at 5% interest for a term of 15 years That LexHAB enter into a financing arrangement with Patiot Community Bank that includes a mortgage on 300 Woburn Street, Lexington and other security agreements That LexHAB authorize Robert Burbidge, its President and Chair, to execute a promissory note, mortgage and other financing documents as required by the lender,with such terms and conditions as he determines in his discretion to carry out the financing arrangement; That the signing and delivery of any financing documents by Robert Burbidge on behalf of LexHAB shall be conclusive evidence that same have been approved by the LexHAB boa rd. All four motions made, all in favor by Roll Call 18 Range way was discussed.It was reported that the Town executed a deed to transfer the property to LexHAB. Lexington Code The Task Force reported that they are working on a revision of LexHAB's page in the Lexington Code to update its provisions and provide for new programs such as the new Employee Housing program. They expect to bring the revised version to the Board for approval at the Board's next meeting.