06:20The committee was approached by a tax advisor concerning an Assessment Tax Board (ATB) hearing filing from a hospital, following the denial of a tax reduction request. The hospital, operational since the fiscal year’s start, sought to revert its assessment to the previous year’s level, avoiding a 9.68% increase that would result in approximately $43,000 in taxes and $1,200 in CPA taxes. The committee debated whether to negotiate with the hospital or proceed to the ATB hearing. One member voiced skepticism, arguing against concessions, stating, “the hospital didn’t do the town any favors, so we shouldn’t do them any favors.” Consequently, it was agreed that further deliberation would occur in an executive session, with a meeting scheduled to ensure review and preparation.

03:25Simultaneously, the meeting addressed the Devon Crest Tenants Association’s (DCTA) affordable housing initiative. Connie from DCTA outlined their request for $240,000 from the trust as part of a $40 million project aimed at renovating 35 housing units. The project has already secured a contract with Brady Sullivan and seeks additional state and local funding. Rick Hanken from Shocket Company highlighted the necessity of local contributions to secure state funds, underlining the urgency of obtaining commitments ahead of an October town meeting vote.

43:58Hanken detailed the project’s timeline. The entire renovation process could extend over 18 to 24 months, with a focus on maintaining occupancy to avoid costly hotel accommodations. The financial structure was discussed, with private equity playing a role due to state requirements for specific professional involvement.

24:44The project aims to preserve housing for 114 families, with 35 units designated as affordable. The remaining units would be deed-restricted for those earning no more than 80% of the area median income. This approach raised questions about the displacement of higher-income tenants, with assurances given that they could remain until voluntary departure.

35:12Concerns about the project’s financial viability were raised, particularly regarding the cost of renovations, estimated at $150,000 per unit, and how this compares to local market rates. The need for a substantial local contribution was emphasized, with past project failures cited as a cautionary example.

The committee recognized the importance of clear communication regarding the project’s implications, particularly concerning the voucher system that would cap tenant payments at 30% of their income.