HomeMy WebLinkAbout2024-12-20-AHTBT-min-exe
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Affordable Housing Trust
Meeting Minutes of December 20, 2024 9:45 am, 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, Linda Prosnitz
Absent: Tiffany Payne
Staff present: Kiruthika Ramakrishnan, LUHD Office Manager; Jillian Barger, Town Counsel
Ms. Tung chaired the Executive session that started at 10:10 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 consider 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 Affordable Housing Trust with respect to current discussions on the Land
Disposition Agreement for Parcel 68-44. Mr. Sandeen moved. Mr. Erickson seconded. The
Trustees voted in favor of the motion 4-0-0, by a roll call vote (Erickson – yes, Sandeen – yes,
Prosnitz – yes, Tung – yes).
Ms. Tung stated that the Trust will not reconvene in an open session after the Executive session.
Ms. Barger shared that she had sent a draft of LDA back to Causeway with most of the comments,
and expressed concerns about ensuring the affordable housing restriction is perpetual and
project is financeable. She also asked for a remedy to be included in the affordable housing
restriction to allow for exercising a remedy without going to court. Ms. Tung shared that
Causeway had reached out to her about pushback from their lenders. Causeway had agreed to
discuss these substantive issues further.
Ms. Barger clarified the timeline and protections for the project, stating that the property would
be owned by the Town until closing, after which the affordable housing restriction would be
recorded.
There was discussion on the potential for the Town to repurchase the property if the project fails
to meet its deadlines or if it was used for a different purpose.
There was discussion on the financing process for the project.
Ms. Barger will send updated draft of LDA to Causeway, reserving rights for additional changes
and share the document with Trustees. Ms. Barger will prepare a subordination and non
disturbance agreement and draft affordable housing restrictions and share it with the Trustees
for their review.
The Trustees plan to have the final documents ready by Jan. 15th 2025 for the Jan. 27th Select
Board meeting. Ms. Tung and Mr. Sandeen will be available for potential non-attorney
conversation with Causeway over the holidays if requested.
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Mr. Sandeen moved to adjourn the Executive session of Affordable Housing Trust. Mr. Erickson
seconded. The Trustees voted in favor of the motion 4-0-0, by a roll call vote (Sandeen – yes,
Erickson – yes, Prosnitz – yes, Tung – yes).
The Affordable Housing Trust meeting adjourned at 11:52 am at the conclusion of the Executive
session.