HomeMy WebLinkAbout2007-10-10-AC-min
October 10, 2007
Minutes
Town of Lexington Appropriation Committee
October 10, 2007
Place and time: Cary Memorial Building, Robbins Room, 6:30 p.m.
Members present: Alan Levine (Chair), Rod Cole (Vice-Chair), John Bartenstein
(Secretary), Deborah Brown, Richard Eurich, Pamela Hoffman, Susan McLeish, Eric
Michelson, Mike Kennealy, Rob Addelson (ex officio, non-voting).
Also present: Susan Yanofsky
The meeting was called to order at 6:38 p.m. with a quorum present.
Discussion of Town Warrant Item 4 – Proposed TIF with Shire
1. . Rob
Addelson started the discussion by indicating that a concern had arisen with respect to the
lot lines in the parcel and it was concluded that it would be prudent to postpone the
Article to give the Town the necessary time to perform its due diligence regarding the
situation. It is not believed that this will have a material impact on the proposed TIF but
the Town needs to be sure.
A group met this morning (representatives from the Town and from Shire) and
worked out a solution whereby instead of 3 parcels and a reconfiguration, Shire will
request the creation of one large parcel for the TIF zone. This will enable the alignment
of the parcels with a base value and will permit one TIF agreement instead of two
agreements. The thinking is that the plot will be subdivided next year. In all likelihood,
the TIF agreement will specify a base value from which the increment will be calculated
(to eliminate any potential for creating value by subdividing). With the creation of one
parcel, the value will be apportioned based on the assessed values.
The new parcel will consist of a realigned 200 parcel, a realigned 300 parcel, and
a portion of the 400 and 500 parcels. In 2008, the value of the parcels will be based on a
value that anticipates the apportionment. Rob will rerun the numbers but the
fundamentals have not changed – we may see slightly different TIF percentages but the
total value of the proposed TIF will not change.
A question was raised regarding the timing of this discussion, and Rob responded
that all conversations had been about creating the 400 parcel but it was only recently that
the Town realized that the lot lines were different. This would have created problems
when the agreement was taken to the State. The goal of the reconfiguration is to overlay
where Shire intends to locate the buildings with the lot lines. If Shire or Patriot Partners
ever wanted to sell a specific building, it would be a problem as the lot lines exist now.
The plan is to create one taxable parcel each for the potential 200 building, the existing
300 building, and the potential 400 building. The property will then be subdivided
accordingly, and the TIF will follow. It was noted that the subdivision will not occur if
there is no TIF.
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October 10, 2007
Rob also addressed the fact that the town must meet deadlines for filing the
infrastructure requests with the state. If the Town does not submit the requests on a
timely basis, Shire will not be obligated for the potential shortfall of $2.6 million. Rob
indicated that he thought all requests would be in by 2009. One item that will have to be
addressed prior to submission is concerns of the nearby residents.
The meeting was adjourned at 7:25 p.m.
Respectfully submitted,
Susan A. McLeish
Approved October 30, 2007
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