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HomeMy WebLinkAbout1987-09-BOS-min SELECTMEN'S MEETING September 21, 1987 A regular meet ng of the Board of Selectmen was held on Monday, September 21, 1987, in the Selectmen's Meeting Room, Town Office Building, at 7:30 p.m. Chairman Eddison, Mr. Marshall, Mr, Dailey, Mr. McSweeney; Ms. Adler, Acting Town Manager; Mr. Cohen, Town Counsel; Mrs. Snow, Executive Clerk, were present. REVIEW COMMITTEE FOR FEASIBILITY STUDY OF EQUITY SHARING Harvey Lowell and Robert Cushman, Co-chairman of the Human Services Committee, and Steve Baran, Coordinator, were present for discussion of the equity sharing concept and appointment of a committee to advise the Human Servi^es Committee and the Selectmen on the selection of a consultant to develop a study of the feasibility of equity sharing as a device for enhancing the availability of affordable housing i n Lexington. Mr. Lowell referred to an EOCD grant of $31,000 awarded to fund the study. He read a list of candidates for appointment to the committee whom Human Services had considered qualified for the purpose, Mr. Eddison noted the presence of women on the list, which he felt balanced the composition of the membership and asked continued attention to the appointment of women to Town agencies. Mr. Cushman gave a brief explanation of the Equity Sharing Program. For each unit, seven investors and one purchaser would be involved to divide the burden of the purchase price and minimize investment. Upon resale, investors would recover their initial payment and would share with the purchaser in any profit. At this point, the program is geared for Emerson Gardens tenants but could, in the future, be adapated for other such groups. Upon motion duly made and seconded, it was voted to create a Review Committee for Feasibility Study of Equity Sharing and to appoint the following to the Committee: Paul Marshall, Board of Selectmen William Hays, LexHAB Nathan Becker, Tenants' Association, Emerson Gardens Eleanor Klauminzer, Planning Bd. and Housing Advisory Committee Robert Pressman, Fair Housing Committee Gerri Weathers, Fair Housing Committee Richard F. Perry, developer Keith Butters, Professor, Business Analyst Robert Cushman, Human Services Committee (ad hoc) Harvey Lowell, Human Services Committee (ad hoc) The members of the Committee were also appointed as Special Municipal Employees. The Charge to the Committee will be acted upon at the September .,,. 28th meeting. MINUTEMAN BIKEWAY Mr. Eddison reported on a September 11th meeting with the State Minuteman Bikeway Committee, at which Vollmer Associates, the consultants chosen as contractors for the design of the bikeway, announced that they will not have completed the design work until August, 1988.