--------- Call the meeting to order. It's the town of air board of assessors. Wednesday, June 25th, 2025 at 2:04 p.m. Uh, first order of business, approve agenda.
Uh, anybody had a chance to look at it? Jim, you want to make a motion? I'll make a motion to approve the agenda uh for May I'm sorry for um let's see June 25th 2025.
Uh I second it. All those in favor? I I Okay. Uh approval of May 21st, 2025 meeting minutes. Uh had the chance to look them over. I did and I find um nothing wrong with them. Yep. Uh same
here. Um I make a motion to approve the May 21st, 2025 uh meeting minutes. Second. Second, Jim. And uh I vote I I Okay. Uh let's see. Number four, approval of the
motor vehicle and trailer abatement report for May. Yep. So May, uh we slowed down just a little bit. We had 28 abatements for a total of 2,984. Yeah. Um
Okay. How many of 24 28? So there were 24 of the 2025 calendar year. The other four were uh previous calendar years 23 and 24. Oh, okay. Okay.
Any discussion on that? Okay, I have a motion. I'll make a motion to approve the motor vehicle and trailer abatement report for May 2025 to the tune of $2,984.
Okay, I second it. All those in favor? I uh let's see. Approval of motor vehicle commitment number three. Yep. So this is the third run of bills that the registry has generated for us. Uh there was a
total of 357 bills. Total commitment amount being 92,79487. Okay. I make a motion that we approve the motor vehicle commitment number three for 2025 for uh $92,794.87.
Second. Okay. All those in favor? I I approval of real estate preliminary 2026 commitment number one and number two. Yeah. So now this is for the entire um
um preliminary bills for the first and second quarter. There's the real estate for residential, commercial, industrial. There's the CPA tax and then personal property. So they're voted in the three
different commitments and the total should match the um commitment book behind them. So we have real estate for commercial industrial residential as
uh where are we 13 million20564107. Uh, mine says 13601751. Or is that the wrong page? Uh, 13601 is the I think that's personal property. No, where are we? That was all three of
them, I think. Commercial, CPA. Oh, yes. The 13601751 is the total of the real estate and CPA. Okay. So that is um the 13205
as well as the 396 1110 for CPA. Okay. Any discussion on that? You want one motion for all three or you want three separate motions? Probably whatever you feel is easiest as long as
we vote the the amounts. Okay. Okay. Um, I'll make a motion to um approve the one and two commitment for residential, commercial, and industrial
real estate tax of 13,25,641.7. I second it. All those in favor? I. Okay, that was pretty fast. All right. Any old business? Yeah, we only did one of those three, Nick. Oh, okay. I'm sorry. Yeah.
So, we need to do CPA and personal property. Okay. Okay. Okay. I thought we were going to do them all together. Okay. Motion on the second one. I'll make a motion to approve the CPA
tax for commitment number one and two of let's see 396,11063. I second it. All those in favor? I. Okay. And then the last one.
I'll make a motion to approve the commitment number one and two for personal property tax of 2,176,57745. Okay, I second it. All those in favor? I Okay,
that Okay, any old business? So, I'm not sure if we want to consider this old business or new business. It's not on the agenda for today. Um going to discuss with you guys to figure out how you want to handle it. The tax
advisor did get in touch with me to ask if we've discussed the hospital any further and to let me know as a courtesy that they filed for an AB uh for ATB. So they did not like our denial. They did
file for an ATB uh hearing. Um, I looked at things. I did talk to Robert. Uh, I don't know if we want to consider negotiating. One of the things I'm thinking is, um,
because we can't put a number on a reduction, a percentage. We know they were open. We know that we made our denial based on the fact that they were open on January 1st. They were open on the start of the fiscal year. um there's no real need for a reduction or a way to kind of come up with a
percentage on that. My thought was maybe to in the effort of good faith um reduce their assessment back to 2024. So basically from 2024 to 2025 not have an increase.
Their increase over the year was 9.68%. It was 1,66900. When I look at that, the tax dollars and CPA works out to 43. Hold on, let me get that number.
It is Oh, I thought I had it till here. Let me just get my calculator again. So it's 42,000 in taxes and 1,200 in CPA. So 42 or so 43 32672
would be the tax dollars we would abate. We do have it in um overlay our allowance for abatements and exemptions. um it does bring them back tax-wise
down to lower than what they paid in 2020. So for the last four years they paid more taxes than what we would reduce it to. So it kind of while it doesn't reduce their assessment a lot, it does bring
down a significant tax impact. Um my thought was it's a way to say we tried to negotiate And if they do continue to go forward with the hearing and they decline it, at least, you know, it looks good that in
good faith we made an effort to try to do something knowing it was vacant more than half the fiscal year. Um, I didn't know if you wanted to have me bring that to the tax advisor, see what is said. I didn't know if you wanted to
have another executive session to kind of discuss the hospital further and kind of do something. see, take some time to think on it and have all of us meet in executive session to discuss it in another couple of weeks, whatever works for you guys.
Um, but they did go ahead and file ATB at this point. So, that's the only one that I know of as of right now. It was both that property and the one that had um 198 Grten Road and a couple of the
office suites, the condo suites and 190. So, there were two filings, I believe, for 2400 Grten Road, which is a hospital properties, and then the um office suites. I still don't think I want to do
anything with those. I None of those went up any significant amount. I think we said most of their tax dollars, they were all sitting at a 0 to 1% increase anyways, or 0 to 2%. Um, I don't think I want to do anything with those. those I may still stand my ground. But on the
hospital, I thought as a as an option that might be a way to kind of try to appease them. Yeah. What's your feeling if we go to ATB? Would we win, lose, draw?
No idea. Honestly, I don't know with this one. It's one of those, you know, my feeling on it would be hands down they were open at the start of the fiscal year. they were open as of the assessment date, but where they were closed more than half the fiscal year, I
don't know if ATB will look at it similar to a um, you know, like a supplemental where we, you know, more than half the year. If a property burned down, we're going to take away that property. Things like that. I don't know what ATB is going to
do. They may throw him a bone. Yeah. Well, my feeling is the hospital didn't do the town any favors, so we shouldn't do them any favors. That's that's my thought. Okay. But I don't know if that my thought is that it should be discussed in executive session. Yeah.
And that's that's fine. That's why I kind of brought it up as a this is my thought on it. This was just brought to my attention. I knew it was not on the agenda. It was more of aformational get things to you guys and see what your opinion was. if there's, you know,
another time in the next couple of weeks that you want to meet and discuss it or if you just want to wait until next month after our um our next meeting to do it, it's up to you. Um but yeah, I was just bringing it to you to see what your opinions and your feelings were.
Should um would it must be all right or you think we ought to do it quickly quicker? I haven't even received the ATB filing. The the tax adviser gave it to me as a courtesy. He kind of emailed me asking if we'd talked about it. I said we weren't in a hurry to talk about, you
know, even 26. I said, "I'm not at the point of setting values. I have supplementals. I have new growth. I have permits. I have things I have to deal with before I even look at 26. So, we haven't discussed anything with regard to that reduction or the property
at all." Okay? So, if you want to wait until the next meeting, that's that's your choice. That's perfectly fine. I think that sounds good to me. What do you think, Jim? I think so. And I think it it should be discussed in executive session for a number of reasons, but um
and it would also give Michael a chance to, right? I can email it out to you guys and say this is, you know, what's going to be coming up and yeah, give him time to to think on it as well between now and then. Perfect. Okay, while we do that. All right. So, anything else?
Not that I know of. Um, like I said, Dom came in the beginning of June, has been diving right into permits and finding new growth for us and closing stuff out that's been open too long. Um, gonna get ready to send him out in
the fields because he's a little bored working on just permits all the time. It's been a a long long month of a year's worth of permits. So, wait till it cools off a little bit. Yes, exactly. That's that's what we're thinking is once once it's nice enough for him to be
out there and not die, he's going to go look at some of my new houses for me. All right. Anything else? Uh, next meeting or we'll go into executive session afterwards. Yeah. Okay.
We don't have anything on executive session, do we? No, we don't have an executive session this time. after the next meeting. Next meeting, we'll go into executive session. Okay. Yeah. Yeah. Up until yesterday, I had I hadn't even heard anything about the hospital.
There was no need for an executive session for this time around. Okay. Uh the 23rd at work, July 23rd. Um, no. Do you have another date? I I do
have a commitment. Uh, I can How about Can you do Thursday? Thursday work for everybody? Thursday is fine with me, too. Either way, whatever you guys uh Thursday is fine with me. Okay. Yeah. I can't do it the week before or the week after. Okay.
the 24th at 2 o'clock. So, Thursday the 24th of July. That works. Okay. You good, Jim? Okay, I'm good. I put it in my calendar because I'm not very good
about remembering. Do I have a motion to adjurnn? I make a motion to adjurnn. Seconded. All those in favor? Part: 2
Go ahead and call the joint meeting of the affordable housing committee and the affordable housing trust board to um order. Now I'm going to go ahead and read the
um remote participation text. In accordance with chapter two of the acts of 2023 suspending certain provisions of the open meeting law, public bodies otherwise governed by the OML are temporarily relieved from the requirement that meetings be held in
public spaces and open and physically accessible to the public so long as measures are taken to ensure public access to the body's deliberation through adequate and alternative means. This meeting of the affordable housing committee and trust will be live on
Zoom. The public may participate remotely by joining Zoom meeting ID number of 818059743 or by calling 9292056099. For additional information about remote participation, please contact Lysa Hershey at a hershey.mma.
us or 978-772-8220 extension 142 prior to the meeting. All right. So, I've called the meeting to order and can I just um I've called I'm going to call can All right, Robert,
forgive me. All right. Can Can I call both meetings still or do I need somebody? I mean, I'm going to call the committee and then I'm going to go to the board. Right. You can call the committee and then somebody from the trust should call them to order. Okay.
All right. So, I just called the meeting to order. Can someone from the trust go ahead and call the meeting to order as well? Is it Bob? Are you trying to say it? So, done. I meeting to All right. Thank you, Bob. All right. Now, in general
business, seeing that it's one agenda, can I is there anything that people want to discuss with regards to the agenda right now? Um, do we have the presentation of the Devon Crest Tenants Association really the only item on the
agenda? Is there any discussion? I move to approve the agenda. All right. So, and Sean seconds it. Let's do a roll call on the trust. All right, bear with
me. Cindy, I Bob, I Pat I Are you shaking your head, Pat? Okay, Sean. I Okay, and I think that's it. I um can I hear a motion on the committee
to approve the agenda? I'll make a motion that the air affordable housing committee approve the agenda of tonight's meeting. Okay, Ken. Thank you. Makes the motion. Can I have a second? Second. All right, Ron. Second. All right, let's get a roll
call. Ken I. Ron I. Dave I. And the chair says I. Okay, got through that part. Um, let's go ahead and I think if there's nothing
else, let's move right into the presentation um by the Devon Crest Tenants Association. And I believe I can hand it over to Connie. Great. Good evening, uh, Madame Chair, to the committee members and the trust members. Thank you for your time this evening.
Uh, as you know, this has been a u a long hard road that the Devon's Crest Tenants Association uh has been on for the last four years and things are coming coming to a head
finally. Um, we, as you know, we were successful in getting the property under contract with Brady Sullivan. Um and uh joining me tonight is Rick Hanken from the Shaki Company's development partner who's teamed up with
DCTA for this uh project. Um so u we're our purpose in meeting tonight is to request uh some monies from the trust as part of the town's local contribution for this project. And as you're all
probably very well familiar, um the uh state when uh funding these projects with with grants is always looking for a local contribution. Um this this project as it as I indicated in the u uh kind of
the summary that was I I think disseminated with the agenda. Um you know, it's a $40 million project. We u have applied for $10.8 million in monies from the state of Massachusetts
and to leverage that uh we're we're looking for the affordable uh housing trust to uh provide some funding. Um we we have gone before the community preservation committee uh I believe it
was in um uh May uh and requested 570,000. Uh we're not trying to double dip. We'll we're looking for a total of 570,000 from both the community pre preservation committee andor the trust.
Timing, however, is critical and um Rick Hanken may may be able to go into a little bit more detail, but as you know, to for the community preservation committee to approve uh funding for this project as a contribution,
it is subject to a town meeting vote in October. And we have a closing date that actually comes up before that October town meeting. Um, and so in order to leverage the state funds we need for the closing, we're looking for the trust to
be able to provide us with some funding. And we we've asked uh we will be asking tonight that the trust consider uh providing funding in the amount of $240,000. Alicia was very helpful in um providing
me some figures. She indicated that as of today's date, there's not $240,000 available to the trust, but there will be come Janu uh July 1st, which is the beginning of the next fiscal year. Um
so, uh and I understand that we would need a a public hearing anyway for any monies that the the trust may consider providing as part of the town's local contribution to this project. Um,
that's all that I I had to say. I'd like at this point to turn the meeting over to Rick Hanken, if I may, Madam Chairman. Um, the uh president and CEO of the the Shocket Company's, our development partner. Rick, thank you. Thank Thank you, Connie. Thank you, Madam Chairman. And of course, thanks to
um all of you folks um to to to come out um tonight and consider our request. Um, also with me from Shockit, um, is Bert Roiger, um, who's our vice president of development and acquisitions, um, with, um, decades of experience, um,
with with state and federal funding and sort of all of the programs that we're get get ourselves involved with. Um, so um, I I think Connie, you summarized, um, where we stand, um, uh, brilliantly.
Um, it it's been a long road. Um it was a challenge as you all know to get Brady Sullivan to agree to sell it to a preservation buyer. Um that was the first hurdle. Um the next big hurdles um
was to were to find a way to structure the deal to be able to raise enough money to pay Brady Sullivan for the property and to finish the renovations of 35 unrennovated units.
um as well as all of the other fees and costs and lawyers and all of the other costs um to be able to to close the transaction. Um from the outset um the public support um in
terms of the electeds uh and uh EOHLC uh uh the secretary himself as well as senior staff has been um more enthusiastic than anything I've seen in my career. Um the the the the state as
you know um uh Senator Eldridge was able to get an earmark um to help the tenants a while back to help DCTA. Um and it was um a phone call um a Zoom call with Secretary Augustus, myself and Shane Brady that actually finally got Brady to
agree uh after so many forces had beaten him down. Thank you DCTA. Thank you advocates. thank you faith community um into submission. Uh and so uh on a call with the secretary, he agreed uh to a
price um and we've been working ever since um to try to be able to pay him that price. And and the um the the the challenge um is to find all of the money um to be able to pay him. Um, and you
know, as Connie said, um, from the outset, um, we've been able to secure 10.8 million in state grants to help us to preserve affordability, so to indirectly subsidize the rents uh, and
to um, complete the construction um, uh, which we figure all all all in will be approaching $6 million. Um and the plan is to to to start renovating units the the day we close.
Um as we expect that we will keep three units vacant. We will renovate those starting the day we close. We will then temporarily relocate residents into one of those rehab units and then go work on
those units and then give the resident the option of either staying where they are um or moving back to the unit that's now been renovated. Um in addition to um 10.8 8 million of of of
subsidy going into the the the deal uh in the form of a grant. The state has also agreed um to provide us with 35 uh MRVPs uh uh vouchers which we will project
base so that they will live not with the resident who benefits from them but with that unit for as long as MRVP is available. and we will be committing to take MRVP subsidy for as long as um it's
available and as you all know that allows residents to pay 30% of their income for housing. So it um takes care of the the the the the folks who need deep subsidy um and and just you know
can't even pay a tax credit rent because you know that's 30% of 60%. As opposed to just 30% of their income. Um the the the the capital sources um are going to be um uh most likely uh Fanny
May or Freddy Mack debt, private equity um which is a challenge in and of itself and the 10.8 8 million of state funding. Um, as Connie uh put so well, um, in order to leverage state
funds, uh, every time you walk into the state and are looking for to use these types of funds, they always ask, um, do you have the town's support? And, you know, back when I was young and naive, I would say, well, I can get you
a letter. and that flew for about a minute. Uh and so they're always requiring um uh some financial commitment from the town and that's you know they're reasonable and that's balanced in part you know by ability to
pay. So you know Bert and I are working on a deal where you know the city of Boston wrote us a check for $6.5 million to match $6.5 million from the state. Um obviously air doesn't have those kinds of resources and so the you know they're
they're the state is sensitive to that but but it's very important to them um that that financial commitment um be demonstrated. Um we're trying to get all of our sources
of funding ready to come in the door for an October closing. And my fear is that without um a firm commitment of funds from the town, it's
going to delay the state's willingness and ability to sign on the dotted line for the rest of that money. Which is why we really appreciate you all taking the time to hear us today. Um, you know, one of the thoughts that we hit on as we
were talking about, you know, splitting the 570 and not double dipping, um, was, um, we were concerned that to to to get the CPC funding, we, you know, we can't represent in good faith to the state
until town meeting that we've got the funds. And so that concerned us, but then we came to understand that we could bring this to you all um and and you can unilaterally call a public hearing, I guess. And if I have the specifics
wrong, um, you know, you can tell me, uh, unilaterally call a public hearing and you can approve the funds at that public hearing, which means that we can walk into the state well advance of needing their check to show up with, you
know, a real financial commitment from air. um which is why we're um you know why we're here now and asking as Connie said um for 240,000 which would um and we would tell the state that
you know that's certain and they would that would be enough to get them moving because we would also say that we are hopeful for and asking for um another um 330,000
um from from CPC, but we've got to wait for town meeting and obviously if that comes in, it will go right into the deal. Um so um that's sort of where we are. Um uh why we're here. Um I I'm I don't know
what what other questions you have, what other information you'd like us to provide. Um Connie, did I do what I was supposed to do? You did. Okay. Yes. Great job. Thank you. Bob Williams. So may maybe if we could open up mad
madam chair to the uh the members of the committee and trust. May I ask what and I think Connie you may have shared this before but what is the the total cost that for the whole project you said there's 6 million
required for renovations plus the what's the purchase total purchase price? So the the the the the it so the the the the total cost uh for the entire deal we call it total development cost TDC in our business will be around $40 million.
Um you know I I I've been the the the the the seller uh from the outset has been quite squirrely about confidentiality. Um and he knows that at some point um the purchase price will need to be
disclosed widely and publicly. Um I tried really hard to get his consent uh for me to share it today. um and and he did not give me that consent and and so
um you know I wish I could give you the full sources and uses and obviously um sooner rather than later we will completely open our books so that you can see exactly you know what's going where and who's getting what.
Um, do you have a um agreement with the state yet on the 35 um vouchers and can we see a copy of that agreement? We would need to see how long they're for. I mean, in perpetuity,
what is the anticipation of? Right. So, so our use agreement, we expect that that the regulatory agreement, the the affordability covenants that we will sign with the state will be perpetual and we expect that part and parcel of
that will be a commitment that we accept these vouchers um for as long as they're offered and as long as the terms are materially similar. So, you know, if if they pay 2,200 a month today and in 20
years the 20 year first 20-year contract expires and they say, "Sorry, we're only going to pay you a thousand." Um, obviously we can't commit to that. But as long as they the terms are substantially um similar to um where we commit, we expect from past experience,
Burke, correct me if I'm wrong, that the initial contract will be for either 15 or 20 years. How is the MVP? I'm sorry, just quickly, how is the MVP voucher program funded? Is that funded through HUD? It's the
state state, which is good news, right? Because we're all concerned about voucher. And the answer is we don't have an agreement yet because we've got all these moving parts and and and and Bert and I have been working really hard to
get the state to assign a closing attorney because we need to draft for everybody's benefit the affordability covenant. And whatever we all think about what that's going to look like,
the the state is going to be, you know, it's going to be they're going to be the ones drafting it. We need um we're going to get we anticipate um the equivalent of what's called an AHAP, an agreement for a HAP contract.
Um, one of the nuances that that almost killed this deal along the way was we had assumed that on the day we closed we would get 35 vouchers and that they would pay the the
the the full MRDP rents from day one. Well, we discovered along the way that the voucher rents and will not kick in until a resident
has been moved to a temporary unit, their unit has been rehabbed, they've been moved back, and the housing authority has inspected and approved the unit. the unrennovated units in their current condition, we don't believe would qualify to get subsidy in in their
current state. So, we're going to have to renovate them before they will give us the subsidy contract. So, so that's a that's a ton of lost income, right? U. So instead of getting, you know, a $1,000 a month increase on day one, um
the the current residents will continue to pay what they're paying until they get moved back and then the rent will go up. So but but but so we're not going to have we would have a contract before we started renovating these units. We wouldn't just be renovating the units
hoping they give us a subsidy at the end. we would have a contract that shows once we meet housing standards, they would start paying, but that also needs to be negotiated. So again, we're pushing on the state to start to start drafting, right? We need them to assign
lawyers and and and get going because we're burning daylight. How long would the these renovations of these units take? So, you want me to answer that, Rick? I mean, sure. in individually the unit
should take less than eight weeks. We're anticipating probably even half that time uh on a perunit basis. There's a bit of time moving people in, moving them back, getting uh sign offs and approvals from various uh town boards that need to qualify the unit as being
habitable, all that kind of stuff. But the real issue is um they won't all be done on on the same day. We have to cycle folks through. So the overall process um would likely take uh um I forget where we've last left off on our
calculations. Probably about a year and a half I think is where we we last ended up on on calculating if you do a whole bunch of units in succession at 8week uh periods um where we end up. I have a whole calculation of that somewhere. But
uh and the reason it's taking so long is because we're trying to be minim minimally disruptive to the current residents. Yeah. And we're trying to maintain occupancy
because people need the housing. So, the program is uh that we will have three units at a time being renovated. And we've gone round and round on the math and how long it takes to to renovate and
how long it takes to move them in and how long it takes to move them out. And our best guess is it'll be, you know, 18 months to 24 months to go through three units at a time. um we think that our contractor can work
faster. Um then critical path becomes how quickly can we get, you know, an overstretched housing authority, right, who's overworked like everybody else to to get
in and certify the unit so that we can move them back and and and you know, keep moving. So that that's that's the program. The the key, Bob, is, you know, we're we've got three vacant units. We're not our our intent is not to evict
any of the current tenants. So, with three vacant units, you you've got to move tenants to one or two or three of the vacant units, renovate the units that they came from, put them back in the renovated units, and then recycle those three vacant units again for another three tenants. So, that that's
what's going to take the time to do. I mean, the alternative would be sending a whole bunch of families into hotels for for a couple of months and only not only would it be very disruptive to the families, it would be hugely expensive. So, um we'd be spending a significant
portion of our budget on hotels that could be going into making the units uh rehabbed better. And and this is something that that that you know we've done a dozen times. Our contractor has done a hundred times. Um, and this one's
relatively easy. Um, because when you think about, you know, the the the layout of the units, um, you know, packing people and moving them isn't that hard. There's no stairs. There's no elevator. Bert and I went through a occupied rehab of 97 units in downtown
Boston. Five floor, five walkups. Um, that was an adventure. So, this is this is easy. Anybody else from the trust? Colleen? Yeah, I just have a quick question. I'm
want to make sure I understand the the what you said about the vouchers and how you know you'll have a contract for 15 to 20 years and then if it is not equivalent in price then that would go away but the units
themselves would still remain. Yes. restricted affordable housing. So that's not going to impact because the money even though it's coming from the trust came from CPC and so that's a restriction. The uh the the restriction
on the units would be as Rick said in perpetuity and in reality I think there's some state law that doesn't allow it to be drafted as perpetuity. It has to be read 99 years or something like that but we'll all be dead. So, um, someone else can deal with that problem.
And, um, the the subsidy is really to increase the range of who can live in those units. It's widening the window of who can afford to be there. Okay, perfect. Thank you for explaining. So, are you saying that the deed restriction
would be for 15 years for the lowinccome 60% AMI because you don't know? Nope. Will be for 99 years. But where's the subsidy coming from? A separate program. So the 99-year sub restriction would say for 99 years these
units need to be occupied by people below 60% of median income. But the way the rent setting in the state regulations works, that creates kind of a window, if you will, of people between, say, 50% of median income and 60% of median income that can afford to
pay the rent. That gets you in a 60% of median income unit. By having this the the uh uh voucher, you're opening that window of who can afford to live in that unit from people at 60% income
essentially all the way down to zero. Um uh and and the subsidy program picks up the difference of what uh a portion of their income is. they would be paying 30% of their income, whether that's a third of 60% or whether that's $10,
depending on what their income is. Um, they'd pay a third of their income to live there and the state would pay the other balance of the rent due on that unit. I guess what I was asking was um if the um voucher program disappears
um in 15 years, they would still have a deed restriction. Have you run the numbers on the project that it could support those deed restrictions because somebody has to come someplace? Yes. No, they would still be able what would happen,
you know, if if someone was at 50 55% of median income and lived there when the voucher went away, there probably would be no difference in their life. It wouldn't really change much. Um, if someone had had, you know, an income of
$5,000 a year and lived there and the voucher went away, they probably couldn't afford to live there anymore when that program wrapped up and someone else would move in that that would be a 60% of median income person still and
able to afford the rent. just the the the uh breadth of people you could market the unit to if the voucher goes away would become a narrower income band than than with the voucher in place, but but still within the 60% of AMI. Still
within the 60% of AMI. Is that making sense? It gets a little complicated. I agree. No, it totally makes sense. I just um so what what do you think you'll have a commitment on how long we can definitely
count on the vouchers because I think what we're selling is the vouchers to a certain extent they I think the term would be either 15 or 20 years and they typically renew at the end of that but you can't renew now
you have to renew when year 15 rolls around. We will we will get and we will work for the longest possible contract. Yeah. Rick, can you can you repeat that because I we had an echo.
Sorry. We we will we will push the state for whatever the longest statutoily possible contract is that they have because it's in everybody's interest. Um um so um you know that's our goal and
that's all part of and that's you know again it's why we've got to get to the state because a lot of these things are going to be conversations. Um and remember the 10.8 8 million um
indirectly buys down the rent so that we cap 35 units at 60% of AMI because without that 10.8 8 million.
We'd have to raise more private equity and the only way that we could raise the private equity is to give them a return and then we can give them a return is to charge higher rents. So So part of that 10.8 is is buying down the units to to a
maximum of 60%. So, if we were to uh go ahead and say, "Let's give you your $240,000 and hold well, we would have to hold a public hearing, of course, and all that." Um, you still got some other, you know, like
obstacles like CPC money that has to be voted on. Um, you know, like you don't have a you don't have a deal yet, so to speak. There's one step in the deal. So, what would happen? number one with a 240,000
that we would that that this trust would um you know earmark for you and you know help me out here you know like what has to happen help me out. So do you mean if the deal doesn't close?
So if the deal doesn't close you you you you your check only gets written. We'll come in with the Fanny May mortgage and the private equity and it would come in at closing and if there's no closing you don't write a check.
You're on mute. Bob, you're on mute. Of course. Right. So, so the the the the what what what what is uncertain and and is will the state sign off on everything
without a firm commitment because will the state write their check for 10.8 when if if we were to go to uh back to the state and say, "Look, um we think we're going to be able to get you a a non-trivial non-trivial amount of of
financial support from the town, but we're really not going to know till like a week before we close um when there's a vote." Um I don't know what they will say. Look, if I were a betting man,
they'd say, "Screw it. we're giving you my the money anyway. This this project is too important. We're not going to lose it over that. But I just don't know. Uh again, I know that they're very it's very important to them to see that. Um which is why from a
timing standpoint, getting all of our ducks in a row, you know, the sooner we have a a firm commitment, the easier it's going to be for us to get the rest of that money in the door. Does that make sense?
Yes. Yes. Okay. Look, I may be hurting my cause. I'd be lying to you if if I said if you guys don't give us any money, there's no deal. The state's going away. I mean, I I I I I would hope and pray
that wouldn't happen. But it certainly greases the wheels and increases the probability of getting this thing with so many complexities to go if we can have some an actual firm commitment, you know, well ahead of the state having a pony up its money. Okay, Rick, I yeah, I
think we understand that, you know, you need town funds to show that leverage from the town supporting it to get the state money. All right. Um, Ken, I do see your hand up. However, let me go ahead and just make sure that if anybody else from the trust has got any other
questions. Hi, this is Sean. I just um I think Alicia mentioned this, but I just want to kind of clarify. Is there any way that we could get from the state, you know, they're looking for a commitment
from us and a and a um guarantee. Can we get a letter from them stating that they're going to give you the 10.8 or like We're working so hard on that. I wish I had that. I'm still up all night every night wondering if they're going to show
up. Bert. Bert, go ahead. Yeah. No. Um, we've had uh extensive conversations back and forth with them. We expect to be getting a letter soon. We don't have the letter yet. Um, uh, very difficult. It is a very much
chicken and egg kind of process and trying to uh get enough information to them to make them uh uh give us a letter. We are operating outside of their regular funding rounds. They've given us special uh privileges to operate. They typically do one funding
round a year and if you don't uh win in that one, you come back next year and try again and they've waved that for us. So, we're we're uh in a good position and that we have uh uh essentially an ongoing conversation with them to get this funded and closed. Um normally they
won't pick up the phone and talk to folks that do what we do. They just say get in line, send your application, you'll either get a yes or a no, and if you get a no, come back next year and try again. So um a short answer is we don't have that letter for you but but we uh expect to
do it and what the typically is done in these situations is both sides write their letters on a conditional basis. So they all pin it on the other guy to come through with their letter and therefore you can all feel comfortable about writing your letter because it's totally contingent upon the other people
performing. And then just a followup is there what is the minimum local um what is the minimum that the state's looking for uh a local requirement? That's the that's the million-dollar
question. Yeah, there is there is no real amount. They will look to see uh that it's something substantive. Uh we we did a project in a small community uh a year or two ago and we were also asked for a community match there and the
town's first response was well we will repave the sidewalks up to your project. Uh that failed. Um the second response was we would give you um I can't remember what they were doing but they kept trying to have us sort of inind contributions and the uh and the state
kept saying no that doesn't really uh satisfy what we want to see. Um, ultimately they did come up with a cash contribution and I I don't remember what the amount was there, but uh, you know, the states got a lot of information in front of them. They they know what all
town's capacities are and they're not looking to be unreasonable. They but they want to know that it's not a um a blowoff kind of uh contribution that it's a a real effort on the part of the town. And and Sean to answer your question more directly that the state
will not give us a figure that you know so and they will generally accept any figure that's that's you know a reasonable effort. Yes. Like I said if you wrote a $5,000 check they might say that's not quite what we're looking for. But um
there is no real answer to this. All right. Um, anybody else from the trust? I by by the way the um the total contribution of 570,000 that we're looking for from the town wasn't a
figure that was pulled out of the air um and I think Rick and Al could better confirm this, but the renovation costs were earmarked at about 5.7 million for the 35 units. So the the
570,000 becomes 10% of what it's going to cost to renovate those units and that that would be a big help. All right. Thank you for that, Connie. I know that it was like 5,000 per 114 units and I
think well we we were asked to kind of juggle that around a little bit so that we could justify it for just the 35 units and then it it just kind of hit us in the face that the the renovation costs were 5.7 million. So it um it didn't didn't take rocket science rocket
science to figure out that 10% was what we're looking for from for a match from the town. Okay. So really it's you're focusing still on the 35 units, not all 114. The 35 units for the the local
contribution by the town. Yes. Okay. And I'm sorry, just to not to harp on that, but so your estimate for to renovate each unit is somewhere in north of $150,000 per unit. So, so there's a
whole bunch of stuff. Um uh so so in addition to renovating the units as we sit here today the expectation is that it's5 or 110,000 a unit to renovate 29 of the
35. Um there'll be six units that will be renovated um to be handicapped accessible. Um, and the estimate there is that those, believe it or not, will cost 180,000 a unit. Um, the rest of
what's in that scope, uh, has to do with, um, uh, cleaning up some some landscaping, fixing some crawl spaces that that that Brady fixed to provide moisture. Yeah, there's a number of shared elements, roofs,
basement, that kind of thing, which aren't specific to individual units that need uh issues addressed with them. And trust me, we've beaten that budget to within an inch an inch of its life. Um and and um you know, the the the the
there's no there's there's no fat. It's it's it's it's it's a very very tight deal um for lots of reasons. um uh uh uh you know, not the least of which is that that we've got instead of public sources for the whole
deal, low-inccome housing tax credits, um we've got private equity um that that that that you know is writing the check and and they're limited as to how big a check they will write. So um you know
it's uh trust me um I say go get a guy in a truck, right? How could it cost that much money? And and you know, once you take state money in this magnitude, um you've got all
kinds of extra hurdles to jump through. Um including you need a specific kind of architect that's trusted by the state. You need the right engineers. It it it it I wish it were as easy as getting a guy in a truck because, you know, we all
know what if we if it was our house, what we could rehab it for and it probably wouldn't be, you know, over 100,000. And um in the uh cost for that, did that include the units that have already been renovated by Brady in case he didn't
bring them up to code? No. And we we've been through virtually all of the 114 units. And we were really we we when we initially underwrote our construction budget, we expected that there would be
non-trivial amounts of rework that would need to be done in the event that Brady didn't do good work. Um, we were very pleasantly surprised and and we really don't believe that except for you know routine
maintenance and and you know replacing you know a dishwasher if it breaks or something like that. We're not really going to do anything have to do anything on those units. How many units? 114 units is is the number you're using
for the um for the 40 million. Yes. So you're paying So it's 350,000 a unit. Is that one side or two sides of a duplex? Um that's uh per unit average. It's an average on per unit because there are
some sixunit buildings, there's some twounit buildings. So there's a mix of different buildings. So if you have a dupe I I understand. So, a duplex two units. Yeah. That's is that 350,000
per side per per door. If you divide 114 by I'm sorry. Yeah. Really? So, 700,000 a building? Yeah. On a duplex. Yeah. And and that too, you sit here and I you know, it it it it blows your mind. Um
but um in a town where the average price is about 550. Yes. The that's for a four bedroomedroom colonial 2 and a half bath one acre of land. Um and a lot of that is in the the rehab. Um remember this is the total
development cost. Um what's amazing is um and and we find this what one of the things that the state loves about this deal is that the
total development cost per unit is only $350,000 only. Right? And and we all sit here and say only. Um if Bur and I were to go out and you I think you're seeing this on your your your other deal. Um, if Burton
and I were go and and and try to build 50 or 60 units using low-inccome housing tax credits anywhere in the state, total development cost is going to be north of 800,000 a unit. So, the state loves the idea that they can invest in this
housing and preserve this housing as affordable for the long term for only 350,000 a year. Yeah. So, okay. I mean, how I scratch my head all the time, too. I I can think of other sections of town where that would work, too.
I mean, it's it's really kind of absurd when you come down to that price. They're not worth the building's not worth 700,000 even all fixed up. So, how do you in the end, how is this a
positive for you as a group? Um it's um it's barely positive at this point, I'll tell you. Uh and I'm not complaining. Um so so it's um well, first first and foremost, it preserves housing for 114
families. That wasn't really my question. My question was how is this a good deal for the for you know, for the developer? Yeah. So So So the you know we will we will collect rents,
we will pay operating expenses and we will um uh uh uh pay debt service and what's left will go to our private equity investor and the investor will get
something like uh five or six% a year. So, if the investor put in 10 million, they get what? 60,000 a year. Um, yeah. Is that right? No. 600,000. Sorry.
600,000. Um, and then part of the other great part of this deal is that the tenants association will have an option to buy at the back end. And it's projected that when it
gets sold, the combination of the annual distributions and the sales proceeds they'll keep above the mortgage will get them somewhere in the high singledigit 10-year return on average annual return
investment IRA internal rate of return which is not to your point not a very good number in in in in typical uh private equity in typical real estate finance, right? People are looking for
mid- teens. Unless you can give me 15%, I'm not interested is what most people say, right? This fund is a um double bottom line fund that basically aggregates banks money so that banks can get credit
under the community preservation act. Right? So banks have to put money back into the community. So they instead of finding their own deals, they write checks to these guys and they put it out. So they will accept a way below market return. Um I So you said it will preserve
housing forund a for 114 families, but that's not actually true, right? Because over 70 of those units are going to be can be market rate and only 35 of them are going to be affordable. No. Go
ahead, Rick. So the the the the other 79 units um will be deed restricted at for people that make no more than 80% of area median income and the rents will be capped at 30% of
80% of area median income. Um the state will not let us displace people. So, you know, if somebody's making 120% of area median income, they can stay as long as they want, but when they leave,
we will have a waiting list of folks who make 80% of area median income or less. And the, you know, within 3, five, seven years hopefully, um, the entire property will be occupied by 114 households
making less than 80% of area median income. 35 of those making less than 60% of area median income. Okay. And does that mean then that the um does that mean that the rents that
people are currently paying which are way above average for this area that they would be reduced or will they just stay where they're at and go up from there? They will they will stay where they are. Um and the the the um they
they will stay where they are. Um and right now the way that area median income is calculated um the rents are below 30% of 80%. the rents that he's getting.
Um when when uh all of uh what as we start to swap people in who are qualified for 80%. Um it it it its total housing cost has to be 30%
of 80%. Um what do you mean by that includes which includes you know a discount for utilities. So, um, it it right now get the the the the ratio of what he's
getting to the 30 of 80 rents. Um, no one's going to get a bargain. However, rents will only be able to be increased every year by the change in um area
median income. So, they're getting the benefit of if the market runs away, they're they're they're capped and they'll never pay more than 30% of 80%. And that that 30% of 80% includes utilities.
So, it's not just just rent, it's rent plus utilities, right? Did Did Ken have an question? Ken had to leave. He had another meeting at 7. I forgot about it. So, I do apologize to Ken um with regards to that. I did ask him if he
wanted to leave me the me the question um but he has not because he went to the 7:00 meeting. So, I have a quick question. Will you have um the commitment before closing from the state on the vouchers, the deed
restriction and all those things? Yes, that's part and parcel of that's going to be this high. We wouldn't until all that's secured. Okay. I um I've got a just a couple questions
um because learning something else new today. Uh you did state that the vouchers you know when they you know they're for like 10 maybe 15 years there's going to be a separate
program that will kick in. Do you know what that program is after for the subsidy? The the the the the the what what's happened since the beginning of time and knockwood keeps happening is you get to year 15 and you just sign a
new 15-year contract for the for the vouchers, right? But that's again, you know, you're putting eggs in a basket. What if they don't renew it? Then the units are still deed restricted. Correct. 79 at 30 of 80 and 35 at 30 of
60. Right. So where does the other subsidy I think Alicia asked that when you subsidies coming in now at closing and and the transaction would just collect those rents at that point in
time the the if the voucher goes away the subsidy for the other folks is what we call it's a self-pay unit. The rent has been reduced by a capital subsidy, but there is no operating subsidy coming to the tenant to pay the rent. They are
paying the rent themselves entirely, but they're paying a below market rent. What the subsidy does is reduce the below market rent even further for other people to be able to afford an even lower rent. So those 79 units that are
paying again still below um the you know the 30% of the 80%. Um th those individuals are really helping with the additional subsidy
should those vouchers go away. Yes. Cross subsidizing to make to make to make the total rent collections be okay. Okay. One more question. Um, have you in your budgets, will you be able to show us the budgets for
running the property? Will there be I if it was a condominium, there would be uh condominium fee that goes into a fund to take care of renovations and things like that. Will there be money put in there? And will you be starting out with a fund
beyond the renovations? And can we see those budgets? Uh, yes and yes. Um, so we um when when when we want to leave the closing table
with enough money between the construction budget and an initial deposit to a replacement reserve, plus we're going to be depositing $500 per unit per here which
will go up by 3% a year into replacement reserves. So the sum of that number is going to be um I forget it's going to be it's going to be $7.5 million.
So when we leave the closing table, we will have $7.5 million available to make sure that we can take care of the property for 10 years till the sale. That's about $65,000 per unit
if my math is right. And what will you leave once you sell it at at the 10year mark in that reserve? Um what typically happens is the buyer because they're using a bunch
of public sources generally um the buyer brings its own reserves and and so whatever is left over if there's anything left over usually reverts back to the seller and is replaced by new reserves. Right? So,
so I'm raising capital and part of my capital is going to put a bunch of money into reserves. The next buyer will do the same thing, right? The the Brady is not leaving anything behind that he might have reserved, right? And and so we're very
cognizant. We're we're long-term owners. I've never sold anything. I've sold one deal in my entire career, 44 unit deal in Cambridge. So, we care about taking care of the asset and making sure that we don't short change it and that we're
not going to have to go back to our investor or write a check ourselves because, you know, we forgot to put away money for a roof that's going to go bad in in in 10 years. So, everything that we did with our construction contract and with our Yeah. development budget
was for making sure that we can take care of this thing well for 10 years. So great question. I then my question it goes right after that after the 10 years does the Devon
Crest Tenants Association know who they could possibly ask for to purchase? I mean look at the difficult time you've had with Brady Sullivan. Um what's going to end up happening after again you leave within the 101 15 years? one, you
got, you know, issues with the vouchers, but then you also need to have the association step up and try to find investors. I know. So the the the the part of what we're going to do over 10
years is help train the tenants on how to operate multif family uh uh housing um and how the whole financing programs work. The as we sit
here today, the expectation is that the tenants will use all sort of public sources with low-income housing tax credits providing the lion share of what they need above
whatever they can borrow. Um the um part of why it was harder now is because of something called the 10-year hold rule. If Brady, if we had bought this
directly from Tachi, who held it for ever, um we could have bought it. DCTA could have and would have, and this was the original plan, would have bought it using low-inccome housing tax credits.
Unfortunately, the law says that unless you've held a property for 10 years, you're not eligible for low-inccome housing tax credits. So, that's part of the the the rationale behind a 10-year hold. So the the the you know the the
DCTA can close into a tax credit deal you know the day after 10 years that we've held it. So that's the expectation. Uh no one knows what the world's going to look
like in 10 years. Will there be a written in cap on what the DC tenants the Devon Crest tenants association need to will pay for the property? I mean, will there be a structure for getting a price for it for when they buy it?
Another great question. Uh, we are working uh feverishly on an option agreement as we speak. Okay, that gets so so DCTA will have a you know unequivocal option and to your point uh
Alicia the the the at what price and so that's what we're sort of talking through um you know and it's balancing what the equity uh partner needs for a return
versus, you know, how much upside they're going to be willing to give up, right? Because at the limit, you say, you know, if if if we paid $10 million today and it's worth 30 million in uh uh when we expect it to only be worth 20
million in 10 years and it's worth 30, boy, big windfall for the investor. So, how do we come to terms with the DCTA to somehow share that extra reward when thinking about the fact that it's the
folks who are writing the equity check who are taking all the financial risk? So, we're working on that. Well, deed restrictions, I mean, on owner units are very clear about what the capital gain can be on that. And so, um, just I mean,
if you can do a percentage or something like that, it has to be because a a restricted unit is worth less. Not not that it doesn't take a lot of capital to put it to put it together, but it's worth less on the market because it
makes less of an income. And so that has to be really measured because I really see where the failure can be is if you get the numbers wrong and the property can't support itself. the um no all all all true and and you
know we're talking through that and trying to come to something because remember at the end of the day um it it's it's the the the the person who's writing the really big you know eight figure check that's going to have now they're double bottom line and so you
know they're not going to be crazy greedy but they're going to have to agree with something that works for them um you know that that that they can make their return Um, so we're working on that and I'm very confident that we'll come to something that that that works.
Um, and remember, um, we don't know what the world is going to look like. We don't know what sources of funds are going to be available. We just don't know. Um, but what what so the when we started this whole thing, there
were two goals, DCTA ownership and preservation. And unfortunately, because of the 10-year hold rule, we couldn't get both at the same time. So, right now, we're going for preservation with the expectation that we will get
DCTA ownership in 10 years. If somehow programs don't exist, DCTA doesn't exist, who knows what'll happen. What you can be comfortable with is that those deed restrictions, right, survive
whether DCTA buys it or whether anybody else buys it. So the preservation is is perpetual. Well, I think something that I think would be a much easier sale for the
community is those what we're buying is those um vouchers and having a clearer understanding and maybe even the tie of the vouchers to the town um as well as
the units is is something that would you know that's just a thought. I I'm just speaking out. I'm not, you know, let let us know how that would work. Again, we're we're happy to talk through that. Look, we want to make we're trying to make all we're trying to make it with
everybody that we talk to, debt, equity, the state, you all, we're trying to make this all as easy as possible for everyone. So, we're open to anything. Um, so so you know, you what whatever you
would suggest. I mean the the the the subsidy will live with the units, right, which are here and air. They're not mobile, right? So it's not like if you got some mobile vouchers, they could take them to Arizona and now you've lost it. So you do have those units as long
as MRVP exists. And and Rick, quick question. When you say with the units, I just want to make sure it's going to be with the actual building, not the Devon Crest Tenants Association
as being the, you know, the manager or whatever. It's going to be with the permanently with the actual unit. And if somebody is occupying one of those units and they leave, right, we take somebody off a waiting list who income qualifies,
they move into that unit and they get that subsidy. Yeah, I I understand project based. So, okay. All right. Um, any other questions? Um, I know that we've got a call-in user one, but hold on a second before I do that. Any other
questions from the trust, the board, the committee? Bill, are you raising your hand? No. Okay. Um, and I see, like I say, a call-in user one or an iPhone 2. Don't know who those individuals are. So, I
didn't know if there was anything from the public. I I think, you know, again, we've got Oh, I call user number one. Go ahead. I'm just I'm just a member of the public and I've been working with the DCTA
people and I really thank you for considering this project. Thank you so much. This housing is so Thank you. Okay. I'm sorry. Who is it? So that Cindy can take it for notes. Who am I speaking to? Cara from Actton. Thank you.
Oh, okay. Cindy, do you do you know Tara from Actton? Okay. Okay. All right. Any anybody else? All right. Because I think we've got, you know, I mean, I believe the the
trust has got enough information. The board is here, you know, the committee is here to go ahead and assist the the trust board as well with some of the questions and answers. We know how to get in touch with Connie, um, which we will definitely do. And if we have any
other questions, uh Rick and Bert, um again, we can go ahead and and reach out. I know that you're getting some documents together hopefully for July, um July 2nd for CP the CPC meeting again, the other hat. Um but I won't
really bring that up. Um and with that to let you know that you met with the CPC in June, June 4th. So, um um we'll have a second. CPC is July 2nd, I believe. That's right. Yeah. But you
said that you met in May um at the beginning of the the presentation. You met us in the beginning of June and and now we have this. So with that um so is the madam chair is the next step for the
trust to schedule a public hearing or is there to be another interim meeting? They yeah the trust needs to go ahead and discuss it amongst themselves and I know that one of the things on the agenda is to state when their next
meeting is. Um, I will believe, you know, I'll I'll have the trust talk amongst themselves whether or not July 30th may be too late if they might be able to do something earlier. I know that the committee is going to be meeting July 19th at 10:00. So, we'll,
you know, be discussing on how we can reach out and help out the uh the trust because again, that was something that the committee wanted to make sure we had funds. So to answer your question, the next step is the commit the the trust board needs to meet and they have to
figure out exactly when they're going to be meeting. Once that happens, then they'll be back in touch with Deep. Okay. All right. Great. Thank you. Okay. All right. Is there's nothing else then? No other questions and comments. Um I'm
just going to go ahead and say thank you so much again for um the presentation. there's always like say something new that's brought up um and we'll go ahead and um look at look at all and review it. So
with that thank you madam chairman and chair chairwoman and thank you to all of your committee and trust members as well. You got it. It's a good group. All right. Thank you all. Stay cool. Thank you all. Thank you Bill. Take
care. Thanks everyone. Thanks. Take care. Thank you. Thank you. So before my trust leaves too quickly. Well, we Yeah. Go ahead. Does Did we adjourn? No, we have not adjourned yet. Okay. Yeah. No, we
haven't. And neither has really I'm seeing people drop. Um Yeah. And neither has the committee because we need to finish the agenda. Okay. Um, but yeah, um, I think, you know, go ahead, Alicia. Alicia, I'm
just curious as to what you think about all this. Do you think this is a good deal or do you think, you know, like it does sound like unbelievably expensive to to the cost they're talking about to uh to to renovate these units, but you
know, he answered that question, but what do you think about this deal for the town and uh for the people in Devon's Crest? Who were you asking? you. Oh, so um I ju I quickly did the numbers out for um the project on Fitsburg Road, which is new
construction from the ground up, and that's about that's actually a pretty good deal at $566 a unit. Okay. Building affordable units, you're building in the subsidy. So, it is um expensive.
um for those 106 units, the CPC has um put up 400 has committed 400,000 for that. Um and that was for phase one. Um now I think the vouchers, this is why I
keep pushing on the vouchers, but it's it's a question on how long the vouchers are for and how they're written. But vouchers that subsidize families in in the town, those families
would pay only 30% of that. Um, so they would the the voucher pays a like the two 2400 a month, but they but the family plays 30% of that, okay, of their
income. So So that brings money in and that is very valuable. 35 vouchers are valuable for the town. Um, and that's why I keep going back and forth on this. I think we need to have a full committee
and we need to get our committee Jeff has stepped down because he was the representative from the planning board and he stepped down from the planning board. So, we need to get our committee put together. we need to discuss it amongst ourselves and then we need to
vote whether we want to move on to a public hearing and things like that. Um and what we would need from them to be able to move forward like you know how the f vouchers are structured when when would they get the money if we voted for
it tied to vouchers and um and deed restrictions things like that. So, the deed restriction has value. Um, I I still question it's really hard
to have private equity that wants to make a a profit on a fully restricted project. Usually, it's a nonprofit that runs them. So seeing the budgets and seeing the
numbers are important. We've got Dan Carl Car Carlson, the lawyer. Um, okay. Showed up. Um, Dan, is there anything that you wanted to add? Uh, no, I didn't have anything to add at
this time. Thank you. Thank you. All right. Okay. So to for you know to answer your question Bob um really the the trust needs to go ahead and meet and discuss
and let Alicia run her numbers and um again Colleen is the CPC um committee member on the trust. So with that, she she does know that we have asked for uh documentation for July
2nd because before we can move forward, we definitely need to know what we're going to be funding. Alicia is correct that if we do have the vouchers, the vouchers will help the town. So you could almost
do a funding given the funding on conditions. and they've even said it, you know, that it's all um conditional on a conditional basis. And that's how it's going to be for the state, that's how it can be for
the trust, and that's how it can be also for CPC, you know, because again, um it's all based on the conditions that it stays affordable. And you know there can be specific you know concerns of all
right they're going to train you know the Devon's Crest Tenants Associates on how to take over in 10 years. Um who knows again if that's going to be still in existence. You know it's things like that where um again CPC does have grant
agreements that they have to you know confirm with. So you you're the trust is going to have to meet and my my my question is I think you guys need to meet before July 30th. That's all. And I'd like to say that anybody who
thinks they might want to step into the position of chair, please think about it, reach out to me or nominate yourself right now. So, um, I wanted to step out of the position of
clerk. Okay. I was expecting this to be my last clerk. Thank you for letting us know. Yeah. Uh, you know, if it if it becomes a super issue, we can renegotiate and I will work for
chocolate. Look, I got some Dub Bar for you. I don't think that's going to be good enough chocolate. Do we have a new planning board? Not yet. And this happened very quickly.
Gotcha. So, we will be requesting a new planning board member at the next planning board meeting. And um everybody think about your schedule. We only have four of you here right now. We have um Chris Valentine who'd like to
step up as a member. Um I know that Jeff wouldn't mind being at large member. Um so and we need a planning board member so we can take a look at all that. And
does anybody have any ideas of when they would like to meet? July gets tough. Everybody goes on vacation. Well, I think it's absolutely essential that we do it before the 30th. That's just too tight on time. And we do not
need an entire month to just spin our wheels and think about this. Let's just get together in another couple of weeks. Um I probably not next week because that's the July 4th week weekend, but maybe the
9th. Um and and just get this Yeah. Questions. What's that? I just say we need to make a decision. Yeah. Yeah. I just feel that with four people, we can't make the
decision with only four people here. Um I agree. But if people don't show up, I don't know what else to say. I'm tired of people not showing up and we just drag and not make decisions. Well,
let's reach out to a couple people and see if we can expand the board a little bit and make sure they're on up to speed on it. Um, I am not going to be here the 9th. Um, but we could do it a different day in that week if people wanted to do
it a different day. Well, the 9th is a Wednesday, isn't it? Yes. Oh, I can be here the 9th. Okay. Sorry. That would be my preference for personally. Okay. July 9th. So, I'll do a poll tomorrow. I'll write notes to everybody
and see if that's going to work. And I'll check with Carly and Max and see if it'll work. Okay. All right. And does the um does the board mind if I step in and help Alicia, you know, um and try to find
some additional members? Um absolutely. Go for it. Okay. All right. I'll go ahead and and and maybe someone who wants to be chair. Yeah. Thank you so much, Colleen. Not me. Not me.
All right. No problem. Um, as long as you know, I see Cindy shaking her head. Pat and Sean, is that going to be okay? Absolutely. Okay. All right. Thank you. All right. Um, so Alicia, I'll meet with you and we'll go ahead and um try to
figure out. So I think the um group will be meeting on the um as it stands right now. We'll try to get it on the 9th. I'll help you with Max and with Carly and then we can discuss. Thank you. Okay. And we'll vote we'll make a vote
on whether we want to move forward, whether we want to have a pepper hearing, all those kinds of things. So that would be good. Um, is the hearing required? I I would have assumed that it would be. Yes. Robert Chicking has said yes. I So, yeah, that's why I think it's
important to do it fast because we've got to get a hearing in. Yeah. Right. And and for an announcement, you need two weeks prior to make that announcement. So, it has to be twice inside the newspaper. Well, the other thing that I would like to do is I'd like us to reach out maybe to council on
how what what kind of, you know, requirements we would be putting forward for we would give this money contingent upon a public hearing or or even we'll move forward to a public hearing and then what kind of requirements we would
give put on the the the um agreement. Correct. Yep. And that's why Robert's here. So, he knows that we've got to get in touch with town council. All right. Um, if there's nothing else,
um, I'd like to go ahead and just make sure. Okay. So, the trust is going to again work on the meeting on the 9th and then have another meeting on the 30th, per se. And then, um, the committee, we've got a meeting on July 19th at
10:00. Um, that will be in person at town hall. All right, Ron. I don't know what happened to Dave. And I'll make sure that everybody gets the announcement. Um, if there's The 19th is a Saturday. Are you sure you mean 19th?
The 9th. Oh, no. It's the 18th. It's the 18th. Okay. Thank you. Sorry, typo. Thank you. It's a typo. Okay. So, there is a amendment to the agenda. Um, yeah, it's the 18th and I already have the room reserved. So, it's all set. Okay.
So, we've got that. And if anybody can make it, um, you know, if the anybody from the trust wants to come, um, again, it's in person. It's an open meeting at town hall. Um, if there's nothing else, the committee, again, most of my
committee members are gone. Can I get a motion to adjourn the meeting, Ron? Motion to adjourn the meeting. Well, hold on a second. All in favor from the committee, I I Okay, go ahead,
Rob. Go ahead, Bob. I make a motion. Yeah, I move to adjourn. You got it. So, the trust now is also adjourned. All right, everybody. Thank you so much for all this. Um more information will be coming one way and