HomeMy WebLinkAbout2020-05-14-LEXHAB-min LexHAB Board Meeting
May 14, 2020 3:30 PM—HELD BY Remote Connection
Open to Public
Minutes of the meeting held virtually due to COVID—19 on May 14, 2020 at 3:30 pm
Members present were
Bob Burbidge, Bill Kennedy, Les Savage, Bob Phelan, Donna Leary, Gerry Howell, Henry Liu and Bill Hays.
Also present were Pearlene Varjabedian, Housing Manager and Karen Iverson, Financial Administrator,
Patricia S. Nelson, counsel to LexHAB and Sue Barry, Selectwoman, Bob Pressman of the Lexington
Housing Partnership, Tara Mizrahi of Affirmative Investments. Absent was Martha Wood.
The Chairman, Bob Burbidge presided.
Minutes from the April 2, 2020 meeting were reviewed and accepted as amended.
All in favor by Roll Call.
REFINANCE OF 300 Woburn
Pat Nelson discussed.
• Working with Patriot Bank. 5% 15 year fixed rate. Amount of new loan to be$600K
• Paying off$357K as of March 2, 2020
Need to take appropriate votes as lender is requiring for proper authorization. Motions made:
To Approve a loan from Patriot Community Bank in the amount of $600,000.00 at 5%
interest for a term of 15 years
That LexHAB enter into a financing arrangement with Patiot Community Bank that
includes a mortgage on 300 Woburn Street, Lexington and other security agreements
That LexHAB authorize Robert Burbidge, its President and Chair, to execute a promissory
note, mortgage and other financing documents as required by the lender,with such terms
and conditions as he determines in his discretion to carry out the financing arrangement;
That the signing and delivery of any financing documents by Robert Burbidge on behalf
of LexHAB shall be conclusive evidence that same have been approved by the LexHAB
boa rd.
All four motions made, all in favor by Roll Call
18 Range way was discussed.It was reported that the Town executed a deed to transfer the property to
LexHAB.
Lexington Code The Task Force reported that they are working on a revision of LexHAB's
page in the Lexington Code to update its provisions and provide for new programs such
as the new Employee Housing program. They expect to bring the revised version to the
Board for approval at the Board's next meeting.
Bob Burbidge discussed Article 10C—CPC Funding. Consent Agenda regarding 116 Vine Street Design
Funds. This will be shown at Town Meeting. Article 19(C) =Affordable Housing Stabilization Funds.
Discussion of Town warrant article to o allocate $111,000.00 paid by Brookhaven to LexHAB for use on
renovation of existing units.
Pat Nelson announced that the Dana Home Foundation approved our Grant request. Initially they will
grant$25K for the Senior Housing showers. The second $25K is on hold for further review in the fall.
We are still awaiting to hear from the Community Endowment Funds of Lexington.
FINANCIAL REPORT
Gerry Howell and Karen Iverson Reported
• Revenues are up as most tenants are paying their rents timely. Lexington Housing Authority is
up to date in providing proportional rates.
• Interest from Fidelity Municipal may be less
• Repairs and Maintenance substantially less than previous year
• Update on deferred maintenance
• Karen Iverson stated that there were no capital repairs in April due to limited access during the
pandemic. We will most likely see the numbers increase.
• Bob Phalen indicated that we have all worked together to try and reduce and repair only urgent
matters at this time.
•
Motion made to accept Treasurers report. Motion approved. —Roll Call
WRIGHT FARM
• Lester reported on status of renovations. Plumbing and electrical work by the Minuteman students
won't start until the fall. . This property will not be ready until December/January 2021.
FARMVIEW
• Coming along. Binder coat is down. Wagon Wheel will be doing the exterior landscaping.
• Bob Phalen reviewed the engineering and the trash fencing.
• Final painting will be done inside. Should be complete July 1.
Tara Mizrahi, mentioned the Mask Coalition and Pearlene will follow through with offer to provide
tenants with complimentary masks.
Bob Burbidge indicated that with the present Covid 19 situation we will be meeting only when
necessary.
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
Of a semipublic Body, namely LexHAB, and might also affect adversely the privacy rights of tenants and that the
Board not return to open session at the end except to adjourn. Meeting adjourned by Roll Call