HomeMy WebLinkAbout1918-05-20-DEVEL-min.pdf 1
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MINUTES OF MEETING
Of Committee Appointed by Chairman of the Selectmen,
Town of Lexington.
Date and place May 20, 1918, 8 P.M. , Lexington, Mass.
present: Messrs. Blake, Briggs, Burgess, Gilmore,
Preston and Wheeler.
Absent : Mr. Fairbanks.
Officers Mr. Briggs was elected Chairman, and
NT. Wheeler Secretary, pro tem.
Purpose:
As reported by MT. Preston, the General Meeting •
os Sunday, May 19th, emphasized the very urgent need
of investigation into and report upon the real estate
problems involving the development and promotion of
certain tracts of vacant land surrounding and adjacent
to the Town of Lexington. Certain properties are
being offered for sale, and certain vacant tracts are
being systematically boomed by various real estate
promotors in a manner which may result in conditions not
entirely beneficial to the community as a whole.
Therefore this Committee was appointed to investigate,
consider, and recommend ways and means of checking or
dir.:cting local real estate developments in a way which
will conserve and promote the best interests of the
entire community.
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Absolute Control
The first remedy discussed was the purchase and
development of certain properties now held by
boomers. ` bile this method would insure the absolute
control of the properties held, it was not considered
practicable at this time for various reasons
First: Because such a proposed company must eventually
control most if not all of the tracts, and thus would
inevitably develop into a real estate trust, involving
the investment of a very cnnsiderable sum of money.
Second: Because as soon as the purpose of such an
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organization became known,. it would be open to all kinds
of attack from unscrupulous individuals who might acquire
vera undesirable properties and start booms with the sole
purpose of forcing the "trust" to buy them off.
Third: Because the probable growth and consequent cost
of maintaining an organization large enough to accomplish
the purpose intended, would probably be so considerable as
to outweigh the advantages to be gained.
practical Control
It was decided therefore to only such methods
as would result immediately in checking or at least
partially controlling the more undesirable real estate
developments. After discussion of possible ways and
means, it was the vote of the Committee to report the
above facts to the General Meeting, together with the
following suggestions:
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PracticalControl ( continued )
First Ask the Selectmen, under advice of the
lil
Town Counsel, to send a letter to all the Savings Banks,
Trust Companies, and Co-operative Banks in Massachusetts
east of Worcester, stating very clearly the laws of the
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Town regarding the laying out of streets, extension of
water mains, etc. on any tracts of land which might be
opened up for future development.
Second: See to it that all the approaches to the
existing developments be prominently posted with placards,
as was done in East Lexington, calling to the attention of
prospective purchasers just what might be expected in the
way of new streets, water, mains, etc.
Third: Suggest to the Board of Assessors that,
perhaps with the advice and assistance of the existing
special committee on assessing, they re-assess all this
undeveloped land, not on the basis of the value of
farming land, but more on the basis of values as adver-
tised by the various land boomers.
Respectfully submitted for your Committee,
Secretary.