2004-03-31-PB-min - Laserfiche WebLink

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PLANNING BOARD MINUTES MEETING OF MARCH 31, 2004 A regular meeting of the Lexington Planning Board held in Room 227, Clarke Middle School, was called to order at 7:00 p.m. by Chairman Harden with members Davies, Galaitsis, Kastorf, Manz and planning staff Garber and McCall - Taylor. Also present were Ms. Liz Smith, Mr. Michael Roberts, Mr. John Connery for AvalonBay Communities, Inc., Mr. Al Levine of the Appropriations Committee, and Mr. Bob Bicknell of the Housing Partnership. ARTICLES FOR 2004 TOWN MEETING * * * * * * * * * * * * * * * * * * * * * ** Article 13, Rezone Met State Hospital Pro John Connery, a consultant to AvalonBay, gave a brief review of his fiscal analysis of the proposed AvalonBay development at the Metropolitan State Hospital site. He focused on the tax revenue projections, explaining the various methodologies that could be used. He used the rents at the Lexington Ridge apartment complex as a basis for determining an assessed value. He assumed an assessed value of $76,000,000. He pointed out that this analysis had been given a peer review by Larry Koff and Associates and that they had found it valid. Mr. Levin who had come on behalf of the Appropriations Committee had some questions about how the value was determined. He asked about how this projected value compared to other existing developments. Mr. Roberts explained that they had made adjustments based on the age of the buildings; generally there is a decrease in income while expenses increase over time. He had also looked at what was happening in AvalonBay's newly constructed project in Newton. The board members expressed their desire to be able to go before Town Meeting being able to say they had confidence in the numbers and in order to do that they may need some more figures. Mr. Galaitsis wondered why it was so difficult for AvalonBay to provide a short-term guarantee of revenue neutrality. He pointed out that a number that might be large for the town would be relatively small for a large company like AvalonBay. If there were a guarantee it would get rid of many of the questions. Mr. Roberts said that the project would be fiscally neutral. Mr. Levin asked if the planning board were willing to put a dollar amount on the benefits. Mr. Harden said that there is a risk framework — there is a good chance the project will be revenue neutral and there are risks to turning it down. The discussion turned to controlling impacts by controlling the number of school -aged children. Mr. Levin said that the number of age - restricted units could be increased but then family housing is lost. Mr.. Kastorf raised the problem of school -aged children "back - filling" units vacated by older residents if there are too many age - restricted units drawing people from existing residences. Mr. Levine said that if an older person or family is going to move out there is no way to ascribe it to this development. Mr. Roberts said his experience is people make the decision to move out first, and then decide where to move. On a motion duly made and seconded, it was voted to adjourn at 7:55 PP ohn L. Davies, Clerk