ed at town meeting.
>>
>> Yet Lincoln would be choosing to forgo our town meeting process so that
>> Civico can push ahead with the project? We severely curtail our ability to
>> influence and ask for concessions by doing so.
>>
>>
>>
>>>
>>>
Link to
deck:https://www.lincolntown.org/DocumentCenter/View/85116/2023-SOTT-HCA-Slide-Deck-wtih-Notes?bidId=
-- Forwarded message -
From: Margaret Olson
Date: Wed, Nov 1, 2023 at 11:40
Subject: Re: [LincolnTalk] the Rural land foundation and the Housing Choice Act
To: Deborah Howe
CC:
;> has). They were able to include sustainability and climate change
>> requirements. Civico is paying the town $1.5M. They were only able to get
>> to this new proposal because the first one failed at town meeting.
>>
>> Yet Lincoln would be choosing to forgo our to
Bijoy,First, there was a Housing Trust vote to approve that Loan. I was there for it. I do not remember if you were on the Housing Trust at that time, but you were certainly made aware of those discussions and that vote, as all Housing Commission and HOWG members were. The record of that vote ca
...That's what I get for calculating something in my head while walking to my car!Even so, building a new affordable apartment from scratch is probably a $500.000 or greater investment at present. Moving from 238 to 298 units on our SHI at a cost of $16,667 each is still quite a bargain.And, that
Good point Allen! That is darn good return for the town. 2/3 town meeting
majority vote certainly didn't hurt in that negotiation!
Kind Regards,
Scott Clary
617-968-5769
Sent from a mobile device - please excuse typos and errors
On Thu, Nov 2, 2023, 1:51 PM Pastor Allen wrote:
> One must reme
Allen,
Your math is also flawed.
$1,000,000 divided by 60 is not $13,333… it’s $16,667
My point is if we rezone areas like the mall under the traditional rezoning
process, they will be required to have 15% affordable housing already. No
money will need to be spent from our limited Affordable Hous
One must remember that if a development has 25% or greater apartments that are "Affordable", then the entire community counts towards the SHI. So, by moving Oriole Landing from 9 (15%) to 15 (25%) affordable units, we increased the official SHI in Lincoln by 60 units - at a cost of roughly $13,333
r $32M. Like
>> someone else has said on this thread, it is indeed troubling.
>>
>> Link to deck:
>>
>> https://www.lincolntown.org/DocumentCenter/View/85116/2023-SOTT-HCA-Slide-Deck-wtih-Notes?bidId=
>>
>>
>>
>>> -- Forwarded me
Here's a bit more background on the Oriole Landing affordable units:
There are 15 affordable units out of a total of 60 units, or 25%
With 25% affordable, all 60 units count towards our SHI (the state's
affordable housing index)
Our zoning requires 15% affordable
At a cost of $1 million the town
After posting, additional data was very quickly brought to my attention.
Apparently, even without a 1 million dollar forgivable loan, the rate of
return on the investment was anticipated to be 14%. That seems
very high, and was the expected return on investment at that time. Yes,
home prices went
The stated numbers in earlier messages in this thread suggest that Civico
earned about $8-$12 million in profits from Oriole Landing. If true, it
still does not necessarily imply that we were ripped off as a town. It
might have been that we needed to provide the $1 million forgivable loan to
make
Yes, for sure those units will remain affordable in perpetuity! But I wonder what a million dollars can build! Can we build 2 multi family homes, each house with 4 apartments that the town owns out right and rent them out at true affordable price of 25-30% one’s take home pay?We gave one million
I did not think Margaret's one-sentence post was trying to mislead or
deflect. I hope we can have a civil conversation and not devolve into ad
hominem attacks.
On Wed, Nov 1, 2023 at 8:21 PM RAandBOB wrote:
> Scott, I think your nasty tone is completely uncalled for. I did read your
> post and t
>From Civico’s own documentation (link below), they estimated the total
development cost per condo was $351K (including acquisition costs). This
means that it would have cost them ~$21M to complete the 60-unit
development. Considering the $1M loan and the sale price of $32M, Civico
made ~$12M in on
I agree with the most recent post on Civico. I live at Oriole Landing and have
since they first developed. It was pretty disgusting how they flipped the place
immediately, and I would like to know what the profit was on that $32M sale.
They really cut corners in developing the units; maintenance
That specific sentence being quoted needs to be taken in context of the
full paragraph from my email:
"However, because Civico has said they do not want to go through town
meeting again (slide 34 of the SOTT deck linked below), the HCAWG wants to
rezone the mall area through HCA, even though the a
You are mistaken Ruth Ann. Those are not my words. Please reread the the
post and make proper associations. And regardless, that statement was a
small fraction of the posters facts and I don't believe to be any part of
her point. Where you gave no answers to the post, it came across as a
diversion.
Ruth Ann and Margaret are absolutely right (aside from Ruth Ann accidentally
converting 15 units to 15% in her comments below).
I was deeply involved those discussions at the time. That $1M "loan" was
intended to ensure that those 15 affordable units would remain affordable in
perpetuity, rega
Scott, I think your nasty tone is completely uncalled for. I did read your post
and this is what the final sentence said:
. Let's remember we gave Civico a $1M no-interest loan for the 15 affordable
apartments in Oriole Landing, and they turned around and sold the building for
$32M. Like someon
d sold the building for $32M. Like
>>>> someone else has said on this thread, it is indeed troubling.
>>>>
>>>> Link to deck:
>>>>
>>>> https://www.lincolntown.org/DocumentCenter/View/85116/2023-SOTT-HCA-Slide-Deck-wtih-Notes?bidId=
>>&
ead, it is indeed troubling.
>>>
>>> Link to deck:
>>>
>>> https://www.lincolntown.org/DocumentCenter/View/85116/2023-SOTT-HCA-Slide-Deck-wtih-Notes?bidId=
>>>
>>>
>>>
>>>> -- Forwarded message -
>>>
.
>>
>> Link to deck:
>>
>> https://www.lincolntown.org/DocumentCenter/View/85116/2023-SOTT-HCA-Slide-Deck-wtih-Notes?bidId=
>>
>>
>>
>>> -- Forwarded message -
>>> From: Margaret Olson
>>> Date: Wed, Nov 1, 2023 a
d and sold the building for $32M. Like
>> someone else has said on this thread, it is indeed troubling.
>>
>> Link to deck:
>>
>> https://www.lincolntown.org/DocumentCenter/View/85116/2023-SOTT-HCA-Slide-Deck-wtih-Notes?bidId=
>>
>>
>>
>>>
gt;
> https://www.lincolntown.org/DocumentCenter/View/85116/2023-SOTT-HCA-Slide-Deck-wtih-Notes?bidId=
>
>
>
>> -- Forwarded message -
>> From: Margaret Olson
>> Date: Wed, Nov 1, 2023 at 11:40
>> Subject: Re: [LincolnTalk] the Rural land fou
.
Link to deck:
https://www.lincolntown.org/DocumentCenter/View/85116/2023-SOTT-HCA-Slide-Deck-wtih-Notes?bidId=
> -- Forwarded message -
> From: Margaret Olson
> Date: Wed, Nov 1, 2023 at 11:40
> Subject: Re: [LincolnTalk] the Rural land foundation and the Housing
>
Apologies,
Weird, did not intend to respond to this part of this email thread, nor to all
of you!
ThanksMichelle BarnesSouth Great Road
Sent from Yahoo Mail for iPhone
On Wednesday, November 1, 2023, 11:47 AM, Michelle Barnes
wrote:
Ok, thanks. Pretty troubling all around!
Sent from Yahoo
Ok, thanks. Pretty troubling all around!
Sent from Yahoo Mail for iPhone
On Wednesday, November 1, 2023, 11:39 AM, Margaret Olson
wrote:
By law all property has a "by-right" use. In the case of the Mall the base
zoning is B-1, so the current by-right use is retail, businesses, and
professi
By law all property has a "by-right" use. In the case of the Mall the base
zoning is B-1, so the current by-right use is retail, businesses, and
professional offices.
On Wed, Nov 1, 2023 at 9:41 AM Deborah Howe via Lincoln <
lincoln@lincolntalk.org> wrote:
> Speaking as a concerned citizen:
>
>
29 matches
Mail list logo
