1994-04-07 and 19 Reading Housing Authority Minutes - Executive Session

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READING HOUSING AUTHORITY Minutes of the Meeting of the Executive Session of A ril 7 and 19, 1994 The Board convened in Executive Session at 8:00 P.M. on Thursday, April 7, 1994, with acting Chairman, Mr. Reynolds presiding; Ms. Galvin and Mr. Allen as quorum. Mr. McIsaac also joined the Board at this point in the meeting. Also in attendance were the Executive Director, Ms. Plansky along with the developer, Mr. Andrew Dol en and his attorney, Mr. Brad Latham. Ms. Sally Hoyt, Reading Se ectperson, was also asked to join the meeting. Mr. Dolben presented an overview of the project which is: - Located on 10 acres of land between Summit Towers and Hopkins Street; - Bear Hill Limited Partnership were only respondents to 3/93 RPF prepared by Town; - P &S has been signed with Town; engineering and site plans have been prepared; question on title issues have been resolved; - Preliminary application prepared for CPDC - Looking for agreement for "inclusionary" language from RHA. - Current proposal is for 11k buildings with 14 units each - The bedroom distribution was proposed to be: 1 BR - 30% (48 units); 2 BR - 55% (88 units) 3 BR - 15% (24 units - Selectmen have reduced this to 0 %) - Units to contain washer /dryer hook -up; gas fireplace, gas heat; electric air conditioning; refrigerator, range, dishwasher, hood but no micorwave units; - Contemporary NE architecture; - Clubhouse and administration building with gym, exercise room, pool and shower /bath areas; - Proposed ballfield for neighborhood use; - Abutters have problem with 160 unit development due to traffic and safety issues which Mr. Dolben felt were unfounded and could be addressed; - Units will be rental to start and will convert to condos as soon as possible (projected 3 -5 years); - Upon conversion to condo will: Tenant buy unit at discount; tenant stay until lease is up; total sell -out will take 2 -3 years; - Normal turnover in apartments is 35 -40% /year; at that time he developer would paint, clean -up and convert for sale; - The reduction in number of 3 BR units is to lessen impact oa schools; The Board discussed several issues: - Viability of project if units are reduced to 100. Mr. Dolben said that the amenities would be eliminated; no bal field for public; no on -site management; project is more attractive nd better maintained with in -house manager. Board proposed several options to the developer for his review: 50% of linkage units for first time homebuyers; 50% for RHA as gift; - Units during rental period would be same as language for former Schoolhouse: rental subsidy and if none available, develope would act as subsidizing agency until condo conversion.