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Home My WebLink About2019-08-28-LEXHAB-min LexHAB Board Meeting 1620 Massachusetts Avenue,Suite 4, Lexington, MA 02420 August 28,2019 at 7:00 AM Minutes of the meeting held at the offices of LexHAB at 1620 Massachusetts Avenue in Lexington on August 28, 2019. Members present were Bill Kennedy, Les Savage, Bob Phelan, Bill Hays, Gerry Howell, Martha Wood, Henry Liu, Donna Leary and Bob Burbidge and Pat Goddard. Also present were Patricia S. Nelson, counsel to LexHAB, Bob Pressman of the Lexington Housing Partnership. The Chairman, Bill Kennedy, presided. Minutes from the July 17, 2019 meeting were reviewed and accepted. Patrick Goddard reviewed: FARIVIVIEW • Weekly meetings are being held with Triumph. Will be meeting with Lex Farm next Thursday • Triumph is asking to strip the top soil before 9/30/19 start dates. Lex Farm, Executive Director Tim Hines is working with Lester and LexHAB> Liz Field—Triumph representative is working hard in all communications. • First invoice has been processed. Next will be modular equipment. • BUDGET— Disappointed that Mass Housing said we need to be at $350/per square foot. DHCD will not consider this. This funding will not be available to us. Mass Housing $300K will not be a resource. Su Barry put together a meeting next week for the other property on Vine Street. The Board needs to think about other resources. • Farm view is doing well, no obstacles. January 31 completion for Triumph and after that we come in and do final paving • Henry Liu questioned if there were other projects that Mass Housing has supported under$350? FINANCIALS Gerry Howell reviewed Financials P & L—7 months' income is favorable$461,165./this is above from last year Expenses are increasing Insurance policy is paid for this year only. Next one will come in next spring. Grove Street is Uninhabited and it will be a separate policy. Litigation—invoice for three months of work—there will be another invoice for$7K Financial Services—Ryan and Audit Still receiving Fairview solar credits $53K income Reviewed statement of cash flow— • Investment activities reviewed • Capitalized expenses reviewed. Discussed Parker Manor flood expenses and return • Pat Goddard reviewed Farm view expense a$91K—also apart of this expense. Beyond CPA funds. Lester will be the person to approve all change orders . Hoping to keep at 1%-2%. • Bob Pressman questioned if money is being held against two mortgages. The CD has a time period and should be the length of the mortgage. Lester requested the breakdown. Suggested speaking with the Town at fall meeting to request additional funding. • Henry Liu—asked if there were any other projects before the end of the year? How much more is going into Grove Street? Lester indicated$200+was received from Town and that we are running into more costs for Grove Street. • Pat Goddard indicated next week's meeting to discuss two projects for LexHAB. How much funds are available from Town/Community preservation it help with these projects. • Bob Phelan stressed with all our new projects etc...... He foresees a cash flow concern in the next 6 months. We should approach Patriot Bank. Lester would like to speak with Patriot as well. There was a suggestion to use properties as collateral. LEASE UDPATES: Pat Goddard - reviewed the Lease update for LexHAB properties WRIGHT FARM School did not complete as yet. John corrected the deficiencies. Worked well with Colin Smith—all coming together. Aulson will get in in mid-September. Rough Plumbing and Electrical is complete. Rough framing is signed off. Completion date is in The spring 2020. Pat Nelson—still waiting for Town Counsel draft of deed. Need a final sign off from DHCD? EMPLOYEE HOUSING PROGRAM Bill Kennedy reviewed. Great benefit for employees of the Town. Home for program is Hamblen. Presently at 80%AMI. Property to be advertised. Meeting on September 10, 2019 to review with interested employees. Henry Liu suggested capping the number of units for this program. Requesting AMI to go to 100%. Motion to increase income limits to 100%-All in Favor Bob Pressman indicated there is money from Brookhaven which should be used for Vine Street. Last Selectman meeting a discussion took place for budget process. We should put a request in for funding of Administrative/operational expenses. Board of Selectman go through the requests in November. LEHAC Bob Burbidge will speak with Melissa next week. The account was depleted. Asked David Williams from Genesis to replenish the LEHAC account. We should have seen he funds go through on August 19 directly into the LEHAC Fund. Discussed LEHAC —we are as LEXHAB are not a member. Agenda for next meeting would like to invite ELHAC to attend. FARMVIEW Lester Savage needs to send out a neighborhood meeting announcement for Farm view. September 9 at 6 PM. Will ask Bob Burbidge to look into the abutter list. Patrick Goddard—spoke with Elizabeth Valenta from Metro West Home Consortium regarding the HOME Housing Program. Wednesday September 25 at 9 AM. LHA Community room. Pat announced if there was any interest for anyone to attend this. Bill Kennedy will attend. Patrick Goddard summarized where the projects are. NEXT MEETING • The Board scheduled the next meeting for September 25, 2019 at 7 AM EXECUTIVE SESSION The chairman then proposed that the Board go into executive session to consider tenant matters, stating That Consideration of same in open session could have a detrimental effect on the negotiating position A semi-public Body, namely LexHAB,and might also affect adversely the privacy rights of tenants and that The Board not return Open session at the end except to adjourn.