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HomeMy WebLinkAbout2024-11-21-AHTBT-min-exe 1 Affordable Housing Trust Meeting Minutes of November 21, 2024 1:00 pm, Executive Session Hybrid meeting on Zoom and attended in-person in Parker Room, Town Office Building Affordable Housing Trust Board Members present: Elaine Tung, Chair; William Erickson, Mark Sandeen, Tiffany Payne, Linda Prosnitz Staff present: Carol Kowalski, Assistant Town Manager for Development; Liz Rust, RHSO Director; Jillian Barger, Town Counsel Ms. Tung chaired the Executive session that started at 1:39 pm. 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 real property in connection with Lowell Street Parcel 68-44. The Affordable Housing Trust Chair stated that an open session might have a detrimental effect on the negotiating position of the Affordable Housing Trust. Mr. Sandeen moved. Mr. Erickson seconded. The Trustees voted in favor of the motion 5-0-0, by a roll call vote (Erickson – yes, Sandeen – yes, Payne – yes, Prosnitz – yes, Tung – yes). Ms. Tung stated that the Trust will not reconvene in the open session after the Executive session. The Trustees discussed concerns about the Town’s right to repurchase terms as it is stated in the LDA. They discussed three potential options to address the issue, including recording a restriction at the time of the deed, revising the Land Disposition Agreement (LDA), and/or incorporating changes into the Mass docs form promulgated by the State which would be signed by all the lenders as well. The Trustees considered a phased approach where the developer would report annually on their compliance with affordability with potential remedies for the Town if there was non-compliance. Ms. Barger explained the different options and remedies for the Trust’s conside ration. There was detailed discussion on the potential remedies. Mr. Sandeen proposed another meeting to discuss these issues further and to gather more data. Ms. Barger mentioned that 19 out of 22 issues on the issues list identified in the prior version of LDA had been resolved in their favor. The Trustees discussed the expectation of a local contribution to the project in terms of the Low Income Housing Tax Credit application. Ms. Rust shared the QAP criteria used by EOHLC for their funding, emphasizing the importance of local support and contribution. Ms. Barger will update the LDA based on the discussions from this meeting. The Trustees will review the updated LDA and provide feedback. Ms. Barger will send the updated LDA with redlined changes to Causeway's attorney, reserving rights for the Trust, and propose an attorney's call to discuss open issues. Ms. Barger will discuss with Rebecca Hawley at EOHLC about the potential financing issues related to the repurchase agreement and the financial feasibi lity provision. 2 Mr. Sandeen moved to adjourn the Executive session of Affordable Housing Trust. Ms. Prosnitz seconded. The Trustees voted in favor of the motion 5-0-0, by a roll call vote (Sandeen – yes, Payne – yes, Erickson – yes, Prosnitz – yes, Tung – yes). The Affordable Housing Trust meeting adjourned at 2:40 pm at the conclusion of the Executive session.