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HomeMy WebLinkAbout2017-08-22 AHT Minutes t f . ,r JF�o�lig North Andover Affordable Housing Trust r Meeting Minutes t Tuesday August 22, 2017 # Town Hall ConferenceRoom 2 Present: L. Burzlaff,G. Koehler, R. Bernardin, R. Lawson,J. Fitzgibbons,J. Enright, R.Vaillancourt(BOS Rep), B.Wolstromer Absent:S. Bernard, Guest Yesenia A. GH, Executive Director, Bread&Roses Housing Meeting was called to order at 5:00 p.m. i Motion on Approval of Minutes from the May 11,2017 Meeting Motion made by J. Fitzgibbons,seconded by G. Koehler,to accept i the meeting minutes for May 11, 2017. The vote was 6-0, unanimous in favor. (R.Vaillancourt recused himself) G. Koehler:Inquired as to the status of the approved$1,500 feasibility study regarding the potential project between the AHT and the North Andover Housing Authority and the status of the potential Deed Rider at 30 Troy Rd. L. Burzlaff noted that both issues would be addressed at the September 12, 2017 AHT meeting. Discussion of 13 Annis Street: L. Burzlaff: 13 Annis Street(R4 District)is on the market;the asking price was$342K;according to the listing,it doesn't need a great i deal of improvements, has a nicely sized yard and would be ideal for a family.Should the Board wait until the next meeting Sept. 12 to discuss this potential project? Y.Gil:The property is bank owned.They will only be accepting the best and highest offer. (7)offers have been currently made but Bread &Roses will not go above asking price;the property was foreclosed on at$345K.A buyer has not been determined.The AHT would be buying the property at market cost. J. Fitzgibbons:The market has peaked and 60"/of homes in North Andover are selling for over the asking price;with price reductions it could sell for the asking price. Banks will not accept back up offers;they deal with one offer at a time creating a lengthy process. If you place an offer on a foreclosure,you need to do a Purchase and Sale agreement accompanied by a down payment;they can always withdraw. G. Koehler:Wondered if the AHT could utilize$125K to support the purchase? L. Burzlaff: Discussed whether the Board should take a vote to set a dollar amount cap on a potential offer in the event that the AHT could place an offer on this desirable piece of property. (The Board decided to discuss this at the next meeting.) Purchase of 51 Mair Street: Y. Gil:Yesenia presented a materials packet and pro forma estimating a total disbursement of$310K with a minimum of$87K � returned upon the sale of the property. Estimate included $138,528K for the required construction for the single family rehab including an additional small contingency totaling$143K in total cost. (Acquisition costs are high.)Closing is slated for mid- I September.The proposed construction crew is currently completing 70 May St.Work on 51 May St.would be simultaneous with a closing scheduled for around the holidays. Overall construction costs could be reduced by$10K if the deck construction is eliminated. Demolition, new windows,siding, lead paint removal, new kitchen cabinets, conversion to a new gas heating system and electrical upgrades are driving the overallestimate. L. Burzlaff:Commented the estimate for renovation is considerabiy higher than expected. She noted that the AHT has received l $300K from the CPC over the last 3 years and has only used$100K;adding it can only be used for such projects. L. Burzlaff proposed the Board could potentially entertain allocating$122K of AHT funds and$100K of the CPC monies;(R. Bernardin to update the AHT on the current status of trust funds at the 9/12/2017 meeting) Home Depot may be willing to donate materials toward the project. L. Burzlaff will research this. [This project will be on the Board of Selectmen's agendafor approval Monday August 28, 2017] I i MOTION: R.Vaillancourt made a motion to fund$310,000 for the purchase of 51 May Street,with $200,000 be funded out of CPC funds,the balance being taken out of current AHT funds;with a minimum of$87,000 to be returned post sale of the home plus any additional savings upon closing. R. Lawson seconded the motion. The vote was 6-0,unanimous in favor(J. Fitzgibbons abstained). New Business: 19 Peters Street: G. Koehler inquired about the status of 19 Peters St. L. Burzlaff noted it is in foreclosure and there has been no movement on it. Brian LaGrasse of the BOH will be contacted for an update on the property. 12 Ferry Street: L. Burzlaff: Noted that 12 Ferry Street is currently off the market; noting it would have been ideal for a Veteran's home or senior housing. Historical Society: L. Burzlaff is talking with S. Limpert of the NA Historical Society, regarding the use of their property on the common.The AHT may want to consider senior housing, i.e. 10-12 units at 6-800 sq.ft. each. Hypothetically,the AHT could propose the Historical Society maintain ownership of the property, hire a management company and collect rent dedicated toward the Historical Society.The property is zoned R3 which allows for over 55 housing. ADJOURNMENT:J. Fitzgibbons made a motion,seconded by G. Koehler,to adjourn the meeting at 5:50 p.m. The vote was 7-0 in favor. Next meeting date, pending any new business,will be scheduled by L. Burzlaff. MEETING MATERIALS: Agenda; DRAFT Meeting minutes May 11, 2017; Bread & Roses Housing packet 51 May St., Construction Estimate spreadsheet provided by Levis Companies for 51 May Street.