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HomeMy WebLinkAbout2009-10-21-LEXHAB-min Meeting Minutes for October 21, 2009 Present: William Hays, David Eagle, Gerald Howell, Martha Wood, Lester Savage, Patricia Nelson Minutes: The September 22, 2009 meeting minutes were approved as read. Gerry moved to accept, Dave seconded, so voted. Treasurer’s Report: Approved as read Dave Eagle: Updated the board on the status of 300 Woburn Street. The outside work is nearing completion. The crew is gearing up for the plumbing and the interior work. 1001-1003 Mass Ave: We are currently in the process of getting approval to replace the windows. Dave th attended the November 5 meeting for the Historical district commission to show them samples of the Anderson windows. The board voted to approve the windows if Dave gets approval from the Historical nd District Commission. Dave motioned, Lester 2 and so voted unanimously. Sally Springer an owner at Muzzey Condominium came before the board to discuss her efforts, now in the early stages, to find solutions for replacement of exterior windows. New Intake Arrangements: It was reported that the DHCD has approved LexHAB’s marketing plan, which includes new intake procedures, for those properties which received CPA funding. The Lexington Housing Authority will maintain the pool of applicants, conduct the lottery, and market the apartments under a contract with LexHAB. Affordable Housing Restrictions. The board unanimously voted to adopt affordable housing restrictions for Unit 104 Emerson Gardens, 1001-1003 Massachusetts Avenue and 300 Woburn Street, per the attached Vote. Purchase and Financing of Unit 142 Emerson Gardens Condominiums. The board unanimously voted to authorize William C. Hays to execute documents in connection with the purchase and acquisition of Unit 142 Emersons Gardens Condominiums, per the attached Vote. Town Meeting Update. Bill and Dave gave updates to the board on the Town meeting discussions. th Next Meeting was scheduled for November 19 @7:30 in the LEXHAB Office. Upon motion duly made and seconded it was unanimously voted by roll call to go into executive session to discuss a matter with no intent to return to open session. Executive Session Unit 346 Muzzey The application was accepted by the Board for this Unit. 454 Marrett Road. The board had discussions on the acquisition of 454 Marrett Rd.. Dave recused himself from these discussions. The board voted to approve the submittal of an offer, of $400,000, and authorized Bill Hays to execute all documents in connection with the purchase on such other terms as he determines. Approval was subject to a positive review of the property by Martha Woods and Pat Nelson at 8:30 am on Friday. (Martha and Pat subsequently reported positively on the purchase.) Unit 104 Emerson Gardens. The board has agreed to give tenant Dimitrios Bokas a 60 day notice to vacate. Meeting Adjourned at 9:11 pm : VOTE FOR AFFORDABLE HOUSING RESTRICTIONS UNIT 104 EMERSON GARDENS CONDOMINIUMS 1001-1003 MASSACHSUSETTS AVENUE, LEXINGTON 300 WOBURN STREET, LEXINGTON VOTED: That the Corporation confirm the purchase of the following properties: Unit 104, Emerson Gardens Condominium, 1001-1003 Massachusetts Avenue, Lexington, Massachusetts; 300 Woburn Street, Lexington, Massachusetts (the “Premises”); VOTED: That the Corporation agree to a perpetual Affordable Housing Restriction (“Affordable Housing Restriction”), limiting the Premises to use as affordable housing, with the intent that such Affordable Housing Restriction be in form sufficient for purposes of qualifying to receive Community Preservation Act funding and otherwise agreeable to the Selectmen of the Town of Lexington; VOTED: That, William C. Hays, the Chairman of the Board of Directors of the Corporation, be and hereby is authorized and directed, on behalf of and in the name of the Corporation to negotiate, enter into, execute and deliver an Affordable Housing Restriction, in such form as he deems advisable, the execution and delivery of which shall be conclusive evidence that the same have been authorized and approved by the Board of Directors and that the action of said Chairman in executing such Affordable Housing Restriction is in all respects ratified, confirmed and approved. VOTES FOR ACQUISITION AND FINANCING OF UNIT 142 EMERSON GARDENS CONDOMINIUM VOTED: That the Corporation purchase the following property known and numbered as Unit 142, Emerson Gardens Condominium located in Lexington, Massachusetts for the purchase price of $ 295,000.00 and upon the terms and conditions contained in that certain Purchase and Sale Agreement dated October 21, 2009 by and between the Corporation and Paul D. Kroft and Michelle Yeh (the “Property”). VOTED: That the Corporation finance the purchase of the Properties by entering into a certain financing arrangement (herein, the "Financing Arrangement") with Patriot Community Bank of 237 Lexington Street, Woburn, Massachusetts (herein, the "Bank") in connection with which the Corporation shall (I) borrow from the Bank 100 % of the cost of acquisition (ii) secure such loans by granting to the Bank mortgage(s) and security agreement(s) in and to the Properties; VOTED: That, William C. Hays, the Chairman of the Board of Directors of the Corporation, be and hereby is authorized and directed, on behalf of and in the name of the Corporation to negotiate, enter into, execute and deliver, by and on behalf of the Corporation, Commercial Real Estate Promissory Notes, Mortgages and any and all other certificates and certifications, indemnifications, documents, instruments and writings necessary or desirable in connection with the Financing Arrangement (the foregoing documents being hereinafter referred to collectively as the "Financing Documents"); such Financing Documents to be in such form, to contain such terms, conditions, representations, warranties, indemnifications and provisions as William C. Hays, the Chairman of the Board of Directors, in his sole and absolute discretion, deems necessary, proper, desirable or convenient in order to carry out the Financing Arrangement, in order to carry out the obligations of the Corporation to the Bank in connection with the Financing Arrangement and the Financing Documents, or to evidence the transactions contemplated hereby or thereby, the execution and delivery of the Financing Documents shall be conclusive evidence that the same have been authorized and approved by the Board of Directors and that the action of said Chairman in executing such Financing Documents is in all respects ratified, confirmed and approved; and VOTED: That, William C. Hays, Chairman of the Board of Directors of the Corporation, be and hereby is authorized and directed, on behalf of and in the name of the Corporation, to execute, acknowledge and deliver any and all other instruments, certificates, affidavits and documents and to take any and all actions which he deems necessary, desirable or appropriate to effectuate the Financing Arrangement and the obligations of the Corporation to the Bank in connection with the Financing Arrangement, in each case in such form as may be approved by said Chairman; that the execution and delivery of said documents so approved by the Chairman shall be conclusive evidence that the same have been authorized and approved by the Board of Directors of the Corporation and that the action of said Chairman in executing such documents or in performing any acts related thereto or contemplated herein is in all respects ratified, confirmed and approved.