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Home My WebLink About2023-10-25 Finance Committee Minutes2,9pq FF C i ' ; kyG Chair Ed Ross (remote), Vice Chair Joe Carnahan, Geoffrey Coram, Endri Kume, Joe McDonagh (remote), Marianne McLaughlin -Downing, Emily Sisson, John Sullivan, Mark Zarrow, Members - Not Present: Others Present: Senator Jason Lewis, Town Manager Fidel Maltez, Chief Financial Officer Sharon Angstrom (remote), Community Development Director Andrew MacNichol, Senior Planner Mary Benedetto, Economic Development Drlector Ben Cares, Assistant Town Manager Matt Kraunells, Director of Operations Jayne Wellman (remote), Select Board Members: Mark Dockser, Chris Haley, Jackie McCarthy (7:43pm), Karen Gately Herrick (remote) Carla Nazzaro, Matt Holman, Brook Chipman, Tara Gregory, Andrew Gregory, Krithica Kantharaj, George Kastoufis (remote), Fausto Garcia (remote), Tony Darezzo (remote), Laureng (remote), Cathy Zeek (remote), Christie (remote), Peter (remote), David Zeek (remote), Paul Humphries (remote), Ilka Walkley (remote), Rob (remote), L E Stone (remote), Charlotte Sottile (remote) Minutes Respectfully Submitted By: Jacquelyn LaVerde Topics of Discussion: This meeting was held in-person in the Community Room of the Reading Public Library and remotely via Zoom. Vice Chair Joe Carnahan called the meeting to order, as Chair Ed Ross was attending the meeting remotely. Remarks from Senator Jason Lewis Senator Jason Lewis commended Reading on its thoughtful and collaborative approach to local economic development, and for being an early adopter of Chapter 40R Smart Growth Development. Recently, the Town has received numerous state grants including: a multi- million dollar project on Route 28; $2.1 million Municipal Vulnerability Preparedness grant for flood reduction and wetlands restoration; passage of MLP Green Communities bill to enable Reading to join Green Communities; $500,000 Complete Streets grant for safety Improvements; $250,000 for improvements to Walkers Brook Drive; $25,000 grant for consultant services to create an arts and culture action plan; two recent housing choice grants for $95,000 for consultant services to help with implementation of MBTA Page I 1 Town of Reading Meeting Minutes all Board - Committee - Commission - Council: Finance Committee Date: 2023-30-25 Time: 7:00 PM Building: Reading Public Library Location: Community Room Address: 64 Middlesex Avenue Session: Forum Purpose: Financial Forum Version: Final Attendees: Members - Present: 2,9pq FF C i ' ; kyG Chair Ed Ross (remote), Vice Chair Joe Carnahan, Geoffrey Coram, Endri Kume, Joe McDonagh (remote), Marianne McLaughlin -Downing, Emily Sisson, John Sullivan, Mark Zarrow, Members - Not Present: Others Present: Senator Jason Lewis, Town Manager Fidel Maltez, Chief Financial Officer Sharon Angstrom (remote), Community Development Director Andrew MacNichol, Senior Planner Mary Benedetto, Economic Development Drlector Ben Cares, Assistant Town Manager Matt Kraunells, Director of Operations Jayne Wellman (remote), Select Board Members: Mark Dockser, Chris Haley, Jackie McCarthy (7:43pm), Karen Gately Herrick (remote) Carla Nazzaro, Matt Holman, Brook Chipman, Tara Gregory, Andrew Gregory, Krithica Kantharaj, George Kastoufis (remote), Fausto Garcia (remote), Tony Darezzo (remote), Laureng (remote), Cathy Zeek (remote), Christie (remote), Peter (remote), David Zeek (remote), Paul Humphries (remote), Ilka Walkley (remote), Rob (remote), L E Stone (remote), Charlotte Sottile (remote) Minutes Respectfully Submitted By: Jacquelyn LaVerde Topics of Discussion: This meeting was held in-person in the Community Room of the Reading Public Library and remotely via Zoom. Vice Chair Joe Carnahan called the meeting to order, as Chair Ed Ross was attending the meeting remotely. Remarks from Senator Jason Lewis Senator Jason Lewis commended Reading on its thoughtful and collaborative approach to local economic development, and for being an early adopter of Chapter 40R Smart Growth Development. Recently, the Town has received numerous state grants including: a multi- million dollar project on Route 28; $2.1 million Municipal Vulnerability Preparedness grant for flood reduction and wetlands restoration; passage of MLP Green Communities bill to enable Reading to join Green Communities; $500,000 Complete Streets grant for safety Improvements; $250,000 for improvements to Walkers Brook Drive; $25,000 grant for consultant services to create an arts and culture action plan; two recent housing choice grants for $95,000 for consultant services to help with implementation of MBTA Page I 1 Communities; $100,000 for redevelopment of Newcrossing Road; and $2.6 million Mass Works grant to help fund intersection, streetscape, and safety improvements along Haven Street. In other good news, at the Massachusetts School Building Authority (MSBA) board meeting today, the MSBA voted to increase the construction reimbursement cap per square foot from $432 to $605. This will have a huge impact on the Killam School project when it gets to the project scope and budget approval stage. Mark Dockser called the Select Board to order at 7:17 pm. Roll Call: Karen Gately Herrick (remote), Chris Haley, Mark Dockser. (Jackie McCarthy later joined at 7:43 pm) Remarks from Town Manaaer. Fidel Maltez Town Manager Fidel Maltez welcomed attendees to the shared Financial Forum/Economic Development Summit. He noted that the Planning staff has been working on the eastern gateway for quite some time, which has expanded to include Walkers Brook Drive. The $250,000 grant for Walkers Brook, along with the latest grant received for Newcrossing Road, are helping to continue that vision. The area shows significant potential for growth, and is something the Town will continue to advocate and plan for. Aligning these projects around MBTA Communities would be beneficial. MBTA Communities, which was started under the Baker administration, is a first step to addressing the housing crisis. Housing prices have boomed in Reading and the metro Boston area, which has priced middle bracket people who are trying to enter the housing market out of Reading. Housing capacity needs to be addressed, as it has a direct impact on affordability. The hope is to create transit - oriented development focused around the Commuter Rail station, and the MBTA Communities process can be a tool to increase the housing stock available in Reading. Senior Planner Mary Benedetto outlined factors in the Boston region that has led to the housing crisis, and how and why the state came to create the law that ensures municipalities are allowing multi -family housing to be built by -right. Reading does not have any zoning that currently complies with the new law. Historical changes to zoning were Intended to slow growth and make it more difficult to build new homes. A review of the 2006 housing master plan stated goals that were perfectly in-line with MBTA Communities. However, it also predicted that future housing production would be single- family houses on average half -acre lots, that will likely result in high housing costs and fewer opportunities for low to moderate Income households due to zoning. Ms. Benedetto provided a detailed explanation of the MBTA Communities law, Reading's current zoning and why it does not comply with the law, zoning capacity, Income needed to afford a home, housing stock, development by housing type in Reading and compared to the rest of the state, survey results on multi -family housing, potential locations for the MBTA Communities compliant district, zoning controls, zoning elements, community workshop findings, process next steps, and frequently asked questions. O&A Session on MBIA Communities Residents were given the opportunity to ask questions. Staff provided answers that addressed: multi -family and mixed use still allowed under 40R Smart Growth; Impact on schools; promoting and maintaining affordable housing stock; potential for commercial development in business districts; non -conforming structures and non -conforming lots; locating the entire district within the half -mile radius of the depot; Impact on infrastructure; and parking requirements. Discussion on Community Preservation Act Community Development Director Andrew MacNichol and Economic Development Director Ben Cares provided an overview of the Community Preservation Act (CPA), and reasons to Page 1 2 consider Its adoption In Reading. The CPA is a property tax surcharge, that can range from .5% to 3%, with some exemptions that can be considered, that provides direct funding for Open Space & Recreation, Historic Preservation, and Affordable Housing. For example 1% surcharge would cost the average Reading taxpayer approximately an additional $84 annually. The state provides a matching distribution to communities who have adopted the CPA from the Community Preservation Trust Fund. If the Town opts to adopt CPA, it will first have to build a study group, conduct fact finding, explore community needs, determine a possible surcharge amount, conduct outreach, and achieve consensus for adopting. The Town would then vote on a ballot question, and if adopted, the funds would be overseen by an established Community Preservation Committee. On a motion by Mark Dockser, seconded by Karen Gately Herrick, the Select Board voted 4- 0 to adjourn at 9:21 pm Roll call vote: Karen Gately Herrick - Yes, Mark Dockser - Yes, Chris Haley - Yes, Jackie McCarthy - Yes. Future Agenda Items Marianne Downing noted that at their last meeting, the Select Board discussed the make-up of the Town Manager Selection Committee and the possibility of a Finance Committee member being included. The Select Board decision is not yet finalized, but FINCOM might need to schedule a meeting to vote on a member for the screening committee. Approve previous meeting minutes On a motion by Emily Sisson, seconded by Geoffrey Coram, the Finance Committee voted 9-0-0 to approve the meeting minutes of October 11, 2023 as presented. Roll call vote: Joe McDonagh - Yes, Ed Ross - Yes, Geoffrey Coram - Yes, Emily Sisson - Yes, Marianne Downing - Yes, Mark Zarrow - Yes, John Sullivan - Yes, Endrl Kume - Yes, Joe Carnahan - Yes. On a motion by Geoffrey Coram, seconded by Emily Sisson, the Finance Committee voted 9-0-0 to adjourn at 9:27 pm. Roll call vote: Joe McDonagh - Yes, Ed Ross - Yes, Geoffrey Coram - Yes, Emily Sisson - Yes, Marianne Downing - Yes, Mark Zarrow - Yes, John Sullivan - Yes, Endri Kume - Yes, Joe Carnahan - Yes. Page 1 3