HomeMy WebLinkAbout2024-11-07-AHTBT-min-exe
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Affordable Housing Trust
Meeting Minutes of November 7, 2024 10:00 am, Executive Session
Hybrid meeting on Zoom and attended in-person in Select Board Meeting Room,
Town Office Building
Affordable Housing Trust Board Members present: Elaine Tung, Chair; William Erickson, Mark
Sandeen, Tiffany Payne, Linda Prosnitz
Staff present: Ragi Ramachandran, Administrative Assistant; Mina Makarious, Jillian Barger,
Town Counsel
Ms. Tung chaired the Executive session that started at 10:45 am.
Executive Session
Exemption 6: To consider the Value of Real Property – Parcel 68-44.
Ms. Tung requested a motion to go into Executive session under Exemption 6 to discuss the
value of Parcel 68-44. The Affordable Housing Trust Chair stated that an open session might
have a detrimental effect on the negotiating position of the Trust. Mr. Sandeen moved. Ms.
Payne seconded. The Trustees voted in favor of the motion 5-0-0, by a roll call vote (Erickson –
yes, Payne – yes, Sandeen – yes, Prosnitz – yes, Tung – yes).
Ms. Tung stated that the Trust will not reconvene in an open session after the Executive session.
The Trustees reviewed the draft Land Disposition Agreement with Town Counsel.
The Trustees agreed to extend the due diligence period from 60 to 90 days. They agreed to extend
the title review period from 30 to 45 days and to limit the termination terms to situations where
the developer discovers undisclosed material information.
There was discussion on the process of handling issues that arise during the due diligence period,
Phase One environmental assessment, and geotechnical tests to assess the stability of the soil.
The Trustees reviewed the repurchase rights, and closing conditions sections in detail. The group
discussed the role of Town Manager and Select Board in approving and resolving issues. There
was discussion on the response period for change requests and associated legalities. The Trustees
agreed to continue discussions on the LDA in the next session.
Town Counsel will update the LDA with changes discussed in this meeting, and share it with
Causeway’s attorneys on Nov. 8th. They will request Causeway’s attorneys to provide comments
on updated LDA by Nov. 12th morning. Town Counsel will incorporate Causeway’s comments
received and send the revised draft to Affordable Housing Trust by Nov. 13 at 10am. The Trustees
will review the LDA at the Trust meeting on Nov. 14.
The Select Board will review the LDA in an executive session in Select Board meeting on
November 18th.
Mr. Sandeen moved to adjourn the Executive session of Affordable Housing Trust. Ms. Payne
seconded. The Trustees voted in favor of the motion 4-0-0, by a roll call vote (Sandeen – yes,
Payne – yes, Prosnitz – yes, Tung – yes).
The Affordable Housing Trust meeting adjourned at 12:42 pm at the conclusion of the Executive
session.
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List of documents reviewed:
Lowell St Parcel 68-44 Draft Land Disposition Agreement